Recently the real estate advisory firm Leechiu Property Consultants (LPC) announced that the office leasing market of the Philippines rebounded strongly in the first half of 2025 even though there were many Philippine Offshore Gaming Operators (POGOs) that closed down due to the government ban on them, according to a Philippine News Agency (PNA) news article. It should be noted that the POGO ban resulted in weaker demand for office spaces in 2024.
To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…
The office leasing market sustained a strong momentum in the first half of 2025, with demand reaching 67 percent of full-year 2024, despite the withdrawal of Philippine Offshore Gaming Operators (POGO), real estate advisory firm Leechiu Property Consultants (LPC) said Thursday.
“Demand has been strong for the first half of the year. We believe it will continue. We never know what will happen, but we are optimistic about it,” Mikko Barranda, LPC director for Commercial Leasing, said during the presentation of the LPC Q2 2025 Philippine Property Market Report in Makati City.
The Information Technology and Business Process Management (IT-BPM) took up 50 percent of the total leasing activity, or 365,000 square meters, in the first half of 2025.
Traditional industries, on the other hand, accounted for 48 percent, or 354,000 sqm, of the demand, while government offices took the rest of the share at 21,000 sqm.
At least 79 percent, or 581,000 sqm, of the overall demand came from Metro Manila, with Bonifacio Global City representing 146,000 sqm, while provincial demand was at 21 percent to 159,000 sqm, with Cebu covering 81,000 sqm.
Barranda reported that the net demand has breached more than 50 percent to 271,000 sqm of the firm’s projection for the year.
“Contractions are tapering off and net take-up in terms of what we have projected back in Q1, which we feel will be at 490,000 sqm levels, were already touching 55 percent,” he said.
In the absence of POGOs, LPC Chief Executive Officer David Leechiu said this surge is already the highest since 2017.
Let me end this post by asking you readers: What is your reaction to this recent development? How far do you think the current surge of office leasing market will go by the end of the year? Do you think there are a lot more companies out there actively searching for office spaces to rent?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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