As the capital of the Philippines, Manila is one of the country's most important financial hubs, as well as the site of many private offices inside serviced offices for rent. Aside from being the center of government in the country, Manila is also growing as an IT park. With over 1.6 million inhabitants, Manila is the second most populous city in the Philippines, and the site of numerous coworking spaces within flexible workspaces for startups and growing companies.
One of the 17 cities and municipalities that make up Metro Manila, Manila is at the forefront of the Philippines' industrial revolution. While many foreign and local companies prefer Makati or BGC these days, KMC still offers office spaces for rent in Manila for many companies engaged in different industries. In fact, private offices and flexible office spaces for rent in Manila are now much more affordable than Makati and BGC, making those spaces much more practical in terms of cost savings.
Manila is not just a center for professional advancement, the capital is also packed with homages to the past and glimpses of the future. Rizal Park, locally known as "Luneta", is a popular strolling and jogging destination. Numerous museums, such as the National Museum also resides in Manila. On the commercial side of the spectrum, modern shopping malls such as SM City Manila, the original SM Department Store, Robinson's Place Ermita, and Harrison Plaza are scattered throughout the "City of our Affections".
Full-service real estate firm, KMC Savills, released a 4Q/2017 report containing the progress of the Manila workspace submarket which covers everything from private rooms in serviced offices to coworking spaces inside of flexible offices. Classified under the Bay Area submarket which welcomed 214,200 sq m of gross leasable area (GLA) in 2017, the submarket's vacancy rate remained at a low 3.9% by the end of the year which was buoyed by a more diverse occupier market.
The Bay Area also enjoyed the highest rental growth among submarket in 4Q/2017 at 6.4% YoY resulting from increased market demand from POGOs. Moreover, projections for 2018 see around 140,600 sq m of office space to come online from different developers in the Bay Area.
Despite this, vacancies are expected to remain in single-digits at around 8.4% as the POGO sector sustains demand. Call us today for a detailed briefing or consultation regarding our available private workspaces for rent in Manila.
Contact KMC MAG Group for Manila