Office occupiers considering expansion in 3-5 years – survey

A majority of office locators are likely to consider expansion activities to other markets in the country in the next three to five years, according to a survey by Santos Knight Frank (SKF).

- By CATHERINE TALAVERA

Results of the 2024 Occupier Sentiment Survey showed expansion is the top real estate strategy for office occupiers, as voted by 64 percent of respondents.

"After the series of right-sizing initiatives at the height of the pandemic and the years that followed, sentiment toward expansion is now recovering. This is aligned with recorded improving occupancy levels in the Metro Manila office market wherein net absorption for the first half of 2024 is 125 percent more than the annual total for 2023," SKF said.

It added that while a vast majority of respondents considering expansion come from companies that are already based in the National Capital Region, Metro Manila still commands the highest share in terms of where the respondents want to expand, at 33 percent.