YEAR-END office space demand in the Philippines is seen between 800,000 and 1 million square meters (sqm) despite the effects of the coronavirus disease 2019 (Covid-19) pandemic, said Leechiu Property Consultants (LPC) chief David Leechiu. In an online media briefing on Thursday, Leechiu said the demand for office space in the first quarter of 2020 was recorded at 157,000 sqm, 47-percent lower than its figure year-on-year. However, he emphasized that there are 636,000 sqm of live requirements being transacted today and expects the demand to increase more by 25 percent. Likewise, office space supply, according to Leechiu, is expected to decline as delays in construction are expected to cause a slowdown amid the enhanced community quarantine. “We are recalculating 2020 Philippine supply and reducing it by 44 percent to 842,000 sqm from our initial 1.498 million sqm,” the LPC chief was quoted as saying.

Source: Manila Times April 06, 2020 16:30 UTC