“We expect [office vacancy] to increase this year and that is because of a supply-driven scenario wherein we are expecting 900,000 square meters ,” Colliers Philippines Office Services and Tenant Representation Senior Director Dom Fredrick Andaya said at a briefing on Wednesday.
The vacancy rate spiked during the pandemic, reaching 15.7% in 2021 and 9.1% in 2020, as strict lockdowns forced many employees to work from home. Office rental rates fell by 17% in 2020, and additional 12% in 2021. Metro Manila accounted for 81% of last year’s office transactions, while the rest included transactions in Cebu, Iloilo, Pampanga, Laguna, Davao, Batangas, Rizal, and Misamis Oriental.
POGOs, which operate online casinos for the China market, occupied at least 1.3 million sq.m. in office spaces before the pandemic. Beginning 2022, licensed offshore gaming firms are taxed 5% of their gross gaming revenues, while foreigners employed by offline gaming companies or their service providers need to pay 25% withholding tax on their gross income.
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