Philippine office leasing volume surges 75% in Q1

Leasing volumes hit 132,385 sqm during the quarter.

In Asia Pacific, the office property sector remains the most popular sector. Direct investments into this sector grew 9% year-on-year to $17.3 billion in the first quarter of 2022.

During JLL Philippines’ recent real estate market overview, Janlo de los Reyes, JLL Philippines’ Head of Research and Strategic Consulting said that there was a rebound in leasing volumes in the Philippines, registering an impressive 75% growth from 75,713 sqm in the fourth quarter of 2021 to 132,385 sqm in the first quarter of 2022. 

This is as occupiers push through with planned entry and expansion. IT-BPOs continue to drive leasing activity, while the rental market also remained stable. 

Lizanne Tan, JLL Philippines’ Head of Office Leasing Advisory, added that a lot of companies had been assessing how to move forward with the return to office (RTO). She cited kinds of business and employee functions as some of the factors that organisations consider in their RTO policies.