Outlook 2023 Philippines
KEY MESSAGES BRISBANE MANIL
An average of 191,000 sqm of new supply is expected in the next five years, significantly lower than the 709,000 sqm average in the last five (5) years prior to the pandemic. There is, however, no known
After registering negative net absorption of 69,000 sqm. in 2020, demand is expected to return to positive territory. Average net absorption from 2023 to 2026 is 470,000 sqm, 30% lower than the average net absorption of 676,000 sqm from 2015 to 2019.
Rents are expected to grow by 0.4% year-on-year by the end of 2022, the first positive YoY growth figure since Q1 2021. From there, rents are expected to grow on average by 2.3% per year up to 2027.
New entrants from the IT-BPM sector are expected to flock into the country in 2023. This
includes prospects that Cushman & Wakefield is already talking to at the moment, with take-up expected mid-2023.
projects scheduled for completion for 2027.
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