Office space take-up reaches nearly 300,000 sqm in 2023

Metro Manila office space net absorption more than doubled to 297,800 square meters (sqm) in 2023, driven by continued transactions mostly from traditional firms.

- CATHERINE TALAVERA

In its latest quarterly property report, Colliers said the 2023 net absorption is higher than the 110,500 sqm registered in 2022 and also exceeds its 220,000 sqm forecast for the year.

"Metro Manila office market performed better than expected compared to initial projections. Net take-up in 2023 more than doubled compared to the previous year, with transactions continuing to outpace lease surrenders," Colliers Philippines said.

Data from Colliers showed that office space deals across Metro Manila reached 827,700 sqm, up 37 percent from the 603,800 sqm a year ago.