THE property sector is expected to slow down next year because of incoming stock coupled with higher interest rates and commodity prices, Jones Lang Lasalle (JLL) said.
JLL Philippines Head of Research and Consultancy Janlo de los Reyes said that the office segment would move slower next year as new work spaces enter the market.
Mr. De los Reyes expects the new office developments from the fourth quarter onwards to pull up the vacancy rate amid a weaker leasing volume and weaker leasing demand. “I think residential will also slow down [and] the reason is that we think the interest rates will catch up now and will impact demand coming from consumers and buyers,” he said.
“They would be able to fund launches and the new projects that they have compared to boutique or small developers, which have limited cash to play with in terms of developing the projects,” he said. However, he said the property market’s performance will depend on how cases of the coronavirus disease 2019 are contained.
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