OFFICE: Metro Manila’s Office Market Thrives in 2024, Driven by Government and IT-BPO Demand — KMC Savills Metro Manila’s office market experienced a
Metro Manila’s office market experienced a remarkable resurgence in 2024, with overall net absorption reaching an impressive 282,600 square meters, a 290% increase from the previous year. This growth was largely driven by significant leasing activities in Bonifacio Global City and the Bay Area, signaling a robust recovery in these key districts.Government agencies emerged as the second-largest demand driver for office spaces, particularly in the Bay Area.
Laguna emerged as a leader in leasing activities, accounting for 48% of demand due to its advantageous location near the South Luzon Expressway , making it an ideal hub for distribution centers. Meanwhile, Bulacan’s competitive average rental rate of PHP 191 per square meter attracted locators seeking affordable yet strategic locations.KMC Savills
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