Live office demand up by 27 percent- LPC

Data from Leechiu Property Consultants (LPC) shows that a significant increase in live demand by 27 percent has been observed from 457,000 square meters (sqm) in the previous quarter to 581,000 sqm.

- CATHERINE TALAVERA

The country's office market is seeing signs of a favorable yearend driven by the rising live demand for office space, particularly from the information technology-business process management (IT-BPM) sector.

“It doesn't necessarily mean that all these companies will transact in the next few months, but it gives us a bit more lift that there's an opportunity for the market in Q4 to finish on a good note,” LPC Director for Commercial Leasing Mikko Barranda said.

The IT-BPM sector leads the live demand, accounting for a 55 percent share at 319,000 sqm.

The remaining 45 percent or 262,000 sqm was driven by government, financial services as well as real estate/construction firms.

BGC and Makati lead as the most preferred locations for tenants in Metro Manila based on the live demand.

DEMAND DECLINES IN THREE QUARTERS

Data from LPC showed that office space demand in the three quarters of 2024 registered at 900,000 sqm, 16 percent lower than the 1.07 million sqm in the three quarters of 2023.