Monday, June 5, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Biz Plus

Real estate vacancy rate seen widening as more POGOs exit

Jenniffer B. AustriabyJenniffer B. Austria
February 9, 2021, 7:55 pm
in Biz Plus
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

Leasing rates will bottom out this year as vacant office spaces and residential units are expected to widen on the prolonged impact of the pandemic and continued exit of companies engaged in offshore gaming, consultancy firm Colliers Philippines Inc. said Tuesday.

Colliers Philippines said office vacancy would reach 12.5 percent this year as more Philippine offshore gaming operators moved out and business process outsourcing companies rationalized their office space requirements.

Colliers Philippines senior research manager Joey Bondoc said in a virtual presentation the subdued leasing across all segments would result in correction in leasing rates.

“We expect office leasing rates to bottom out in 2021 before a recovery in 2022,” Bondoc said.

He said about 886,200 square meters of new office space would be completed this year, bulk of which would likely come from the Bay Area and Ortigas central business district.

Colliers Philippines said while offshore gaming firms continued to vacate office spaces, companies engaged in manufacturing and essential goods would drive space absorption this year.

It said the slowdown in office space absorption would also affect residential demand.

The group said it was expecting residential vacancy to accelerate to 16.9 percent this year from 15.6 percent in 2020.

Bondoc said residential prices and rental rates would recover only by 2022, when office leasing would pick up.

More than 10,000 condominium units are slated for delivery this year, 74 percent of which would be in the Bay Area followed by Bonifacio Global City, Alabang, Ortigas and Makati.

Colliers Philippines said while the residential market catering to the low-income group was affected by the pandemic in 2020, the mid-income and luxury market remained strong.

It said that in 2020, the residential take-up hit a seven-year low of 31,000 units, while launches reached 21,000 units.

The mid-income to luxury market accounted for 86 percent of residential sales in 2020, up 72 percent from 2019.

Residential sales to the affordable and low-income market accounted for 11 percent in 2020, down from 26 percent in 2019.

Meanwhile, the outlook for the hotel sector remained bleak as occupancy was expected to remain 30 percent this year with international and domestic travels unlikely to recover in the next 12 months.

Hotel completions are being delayed with only 1,020 rooms expected to be delivered this year, lower than the pre-pandemic projection of 2,160 rooms.

Tags: Colliers PhilippinesJoey Bondocluxury marketoffshore gamingresidential units
ADVERTISEMENT
Jenniffer B. Austria

Jenniffer B. Austria

Related Posts

A BROWN COMPANY, INC.: Notice of Annual Stockholders’ Meeting

byManila Standard
June 5, 2023, 6:00 am
0
8
A BROWN COMPANY INC: Notice of Annual Stockholders’ Meeting

Read more

OFR Awards return to honor best retailers

byManila Standard
June 4, 2023, 7:30 pm
0
8
Bank loans expanded 10.1% growth in March

The prestigious and highly anticipated Outstanding Filipino Retailers Awards, after a three-year hiatus due to the pandemic, is making a...

Read more

Customs issues guidelines on RCEP tariff implementation

byJulito G. Rada
June 4, 2023, 7:15 pm
0
8
Agents seize P8.5-million worth of party drugs in Las Piñas

The Bureau of Customs issued a set of guidelines outlining the conditions for obtaining preferential tariff treatment under the newly-implemented...

Read more

How chocolate could counter climate change

byAFP
June 4, 2023, 7:00 pm
0
8
How chocolate could counter climate change

HAMBURG, Germany—At a red-brick factory in the German port city of Hamburg, cocoa bean shells go in one end, and...

Read more

Young entrepreneur dabbles into banana processing

byOthel V. Campos
June 3, 2023, 6:50 pm
0
8
Tower builder and telecom firm connect for greater digital connectivity

More millennials and Gen Zs aim to be the captain of their own ship as they see the value of...

Read more

PHINMA CSR project benefits schoolchildren of Polilio, Quezon

byManila Standard
June 3, 2023, 6:30 pm
0
8
Tower builder and telecom firm connect for greater digital connectivity

Union Galvasteel Corporation (UGC), a PHINMA subsidiary under its Construction Materials Group, supported GMA Kapuso Foundation in its project to...

Read more

Print Edition

View More

Recent Posts

  • Team Kramer spreads joy and appreciation in ‘Sarap Every Moment’ campaign
  • Latest ‘Spider-Man’ spins silver screen gold
  • Meet the New Chef of Joy~Nostalg Hotel & Suites Manila 
  • RCBC named Best Bank for next-gen and millennials wealth management in PH
  • Cervical cancer lecture spotlights on achievable WHO targets through multimodal treatment
  • RPMD lists top first-term city mayors in PH
  • Put the Pedal to the Bricks: LEGO® 2K Drive now available in PH 
  • Superbon vows to take out Ozcan: If I lose, everything I’ve done until now will fall apart

Advertisement

Latest News

RPMD lists top first-term city mayors in PH

byThe Standard
June 5, 2023, 5:41 pm
0
8

The RP-Mission and Development Foundation Inc. (RPMD) released the findings of its latest independent and non-commissioned "Boses ng Bayan" survey,...

Read more

Put the Pedal to the Bricks: LEGO® 2K Drive now available in PH 

byMST Tech
June 5, 2023, 5:22 pm
0
8
Put the Pedal to the Bricks: LEGO® 2K Drive now available in PH 

Highly anticipated title evolves the LEGO games experience with a vast open world, high octane racing and deep customization system...

Read more

Superbon vows to take out Ozcan: If I lose, everything I’ve done until now will fall apart

byManila Standard Sports
June 5, 2023, 5:17 pm
0
8
The Apprentice: ONE Championship bags 2 awards at Asian Creative 2021

https://www.youtube.com/watch?v=XgZx4-9jJVY Former ONE Featherweight Kickboxing World Champion Superbon Singha Mawynn has already licked his wounds and is back on the hunt.  The...

Read more

Epson launches global #MakeTheSwitch Campaign to encourage energy saving

byMST Tech
June 5, 2023, 5:15 pm
0
8
Epson launches global #MakeTheSwitch Campaign to encourage energy saving

As part of its goal to achieve sustainability by driving transformative change in the way things are done, global technology...

Read more

Gunmen kill five in Ecuador city hit by drug violence

byAFP
June 5, 2023, 1:00 pm
0
8
Southwoods nails Seniors’ Fil golf crown

Quito, Ecuador - Gunmen killed at least five people and wounded eight Sunday in a home in the Ecuadoran city of...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App