THE Philippine property market is likely to finish strong this 2022, backed by improvement in office deals across the country; higher supply and demand in the Metro Manila pre-selling condominium market; a rebound in mall consumer traffic; and ADRs.
We see this optimism persisting through 2023 as recovery prospects are boosted by strong macroeconomic fundamentals.
Industrial locators should look at available space and warehouses in northern and central Luzon, which are viable alternatives to industrial parks and facilities in southern Luzon.Colliers sees positive net take-up by the end of 2022. We forecast net absorption to reach 140,000 square meters , a turnaround after negative net absorption in 2020 and 2021. We adjusted our forecast to a 19.5% vacancy in 2022 from our initial estimate of 18.2% due to muted pre-leasing in upcoming buildings.
Meanwhile, submarkets with significant amount of new supply and muted take-up are likely to see a further decline in rents in the next 12 months. Developers are keen on capturing this demand outside the capital region by building more office towers. Among key areas with substantial new supply up to 2024 include Cebu, Bacolod, Iloilo, and Davao.Colliers sees an annual average completion of 8,100 units from 2022 to 2024, from the 7,800 units completed yearly from 2019 to 2021. By the end of 2024, we project condominium stock in major business districts in Metro Manila to reach 166,400 units, a 17% increase from 142,200 units in 2021.
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