# Manila Q2 office absorption reaches 40,400 sqm as vacancy falls

- **Source:** Real Estate Asia
- **Published:** 2026-08-18T23:13:49.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/commercial-office/news/manila-q2-office-absorption-reaches-40400-sqm-vacancy-falls
- **Topics:** Commercial & Industrial, Transactions & Deals, Investment & Capital Markets

## Featured rationale

Resilient occupier demand and delayed completions may support further rental pressure, although 202,200 sq m of scheduled 2026 supply could moderate tightening.

## AI summary

Manila recorded 40,400 sq m of office net absorption in Q2 2026, reducing vacancy by 80.9 basis points to 13.8%.

## Original article

Office vacancy fell to 13.8% amidst resilient occupier demand.

Manila's office market recorded strong leasing momentum in the second quarter of 2026, with net absorption reaching 40,400 sq m, driven by corporate activity in Taguig and Makati, according to JLL.

Taguig City accounted for significant activity, including a 3,250 sq m lease by a logistics company and a 2,180 sq m transaction involving a construction firm. In Makati, a media company leased 1,660 sq m, while consumer goods and manufacturing companies secured a combined 2,500 sq m.

No new office supply entered the market during Q2, as projects originally scheduled for completion were delayed until the third quarter. JLL said around 202,200 sq m of office space remains in the pipeline for delivery by the end of 2026.

The combination of sustained leasing demand and the absence of new completions helped drive the vacancy rate down to 13.8%, a decline of 80.9 basis points from the previous quarter.

Rents also continued to rise. Average monthly office rents increased 1.8% quarter-on-quarter to PHP1,108.1 per sq m, with JLL attributing the growth to rental escalations as occupancy levels improved.

Capital values rose a more modest 0.3% during the quarter to PHP190,594 per sq m, reflecting continued investor confidence despite a cautious investment environment.

JLL expects demand from IT-BPM, technology, financial services, flexible workspace operators and construction companies to support absorption of the substantial supply due later this year. The consultancy said companies pursuing flight-to-quality strategies should continue to favour premium office space.

Rental rates could face further upward pressure as well-occupied existing buildings meet new premium developments entering the market at higher price points. Capital values, however, are expected to remain under some pressure as elevated interest rates continue to encourage investor caution.

## Chinese translation

> Translation model: grok_cli

### 马尼拉第二季度写字楼净吸纳达40,400平方米，空置率下降

2026年第二季度，马尼拉写字楼市场录得强劲租赁动能，净吸纳达40,400平方米，由

在韧性租户需求下，写字楼空置率降至13.8%。

据仲量联行（JLL）称，2026年第二季度马尼拉写字楼市场录得强劲租赁动能，净吸纳达40,400平方米，主要由塔吉格（Taguig）和马卡蒂（Makati）的企业活动推动。

塔吉格市贡献了显著成交，包括一家物流公司租赁3,250平方米，以及一家建筑公司成交2,180平方米。在马卡蒂，一家媒体公司租赁1,660平方米，消费品和制造企业合计获得2,500平方米。

第二季度没有新的写字楼供应入市，原定完工的项目被推迟至第三季度。仲量联行表示，约202,200平方米的写字楼空间仍在管线中，预计于2026年底前交付。

持续的租赁需求叠加无新增完工，推动空置率降至13.8%，较上一季度下降80.9个基点。

租金亦继续上涨。写字楼平均月租金环比上涨1.8%，至每平方米1,108.1菲律宾比索，仲量联行将此增长归因于出租水平改善带来的租金递增。

资本价值本季度更为温和地上涨0.3%，至每平方米190,594菲律宾比索，反映尽管投资环境谨慎，投资者信心仍在延续。

仲量联行预计，来自IT-BPM、科技、金融服务、灵活办公运营商及建筑公司的需求，将支撑今年晚些时候大量供应的吸纳。该咨询机构表示，采取“迁向优质”策略的企业应会继续偏好高端写字楼空间。

随着出租良好的现有楼宇与以更高定价入市的新高端项目并存，租金可能面临进一步上行压力。不过，在高利率继续促使投资者保持谨慎的背景下，资本价值预计仍将承压。