Outlook 2023 Philippines

MANILA

DEMAND & VACANCY

NET ABSORPTION (SQM) AND VACANCY RATE (%)

FORECAST

18.0%

600,000

 Manila’s first year of negative net absorption was recorded in 2020. The market rebounded in 2021, albeit with significantly lower levels of demand than pre-pandemic.  In 2022, full-year net absorption is expected to reach 200,000 sqm.  For 2023 to 2026, an average annual net absorption of 470,000 sqm is expected.

16.0%

500,000

14.0%

400,000

12.0%

300,000

10.0%

200,000

8.0%

100,000

6.0%

0

4.0%

-100,000

2.0%

-200,000

0.0%

2020

2021

2022F 2023F 2024F 2025F 2026F Net Absorption Vacancy Rate

Source: Cushman & Wakefield

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