The Philippines' office vacancy rate in Metro Manila has risen to 20%, five times higher than before the pandemic.

Philippine Lobien Real Estate Group released a report on July 9, pointing out that the office vacancy rate in the Greater Manila area has risen to 20%, five times higher than before the pandemic. Before the pandemic, the vacancy rate was only 4%, when the demand for office space was high from the Philippine offshore gaming and business process outsourcing industries. The main reasons for the increase in vacancy rate include the addition of new office building supply, vacancies left by the departure of POGO, and the decline in leasing rates from 42% in the second quarter of 2024 to 14%. The current monthly rent per square meter has dropped to 950 pesos.