Despite the “commendable rebound” in office net absorption last year, property consultant KMC Savills Inc. on Wednesday said there will still be vacancies in office spaces in the National Capital Region (NCR) at least through 2025. Know more:
Despite the “commendable rebound” in office net absorption last year, property consultant KMC Savills Inc. on Wednesday said there will still be vacancies in office spaces in the National Capital Region at least through 2025.
More than a third of the demand was recorded in the fourth quarter as rents continued to decline, which at the end of the year, was down by 0.8 percent. For the Makati, there was a huge demand for One Ayala buildings, located at the former site of the Intercontinental Hotel, as vacancy rate was pulled up to 15.7 percent.
Meanwhile in BGC, the preference for the location has allowed landlords to enjoy single-digit vacancy rates.
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