Manila to see 350,000sqm of new office supply in H2 2026
Steady leasing and falling primary-CBD vacancies may support modest 2026 rental growth, although new supply and geopolitical uncertainty could temper occupier demand.
Metro Manila expects 0.35 million sq m of new office supply in H2 2026 after recording no completions during the first half.
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The city’s office market showed resilience despite global headwinds.
The Philippines office market showed signs of resilience in the first half of 2026, with vacancy improving year on year as steady demand from IT-BPM and traditional companies supported leasing activity, according to Colliers' H1 2026 office market insights.
Colliers said vacant space remained within normal levels during H1, pointing to strong lease retention. However, geopolitical tensions in the Middle East could weigh on occupier sentiment and leasing activity during the remainder of the year.
No new office space was completed in H1 2026. Colliers expects about 0.35 million sq m of new supply to be delivered across Metro Manila in H2.
Office rents remained stable across Metro Manila at US$11.3 per sq m per month during H1. Colliers expects rents in primary central business districts to record modest growth in 2026 as vacancy in these locations is likely to fall into single-digit territory.