Leading Philippine real estate service provider Santos Knight Frank (a member of the independent global property consultancy, Knight Frank) recently launched the fourth edition of Global Cities: The 2018 Report in Manila.

The Global Cities report analyses the continuous trends in real estate across 40 Global Cities including Manila, equipping occupiers and investors with insights for future real estate decisions. The Manila launch preceded the global unveiling of the report and highlighted the
growing importance of the Philippine capital in the global economy. 

Click here to download the Knight Frank Global Cities: The 2018 Report.

As part of the report, Knight Frank ran three-year forecasts for 15 prime office markets in Asia Pacific.

Highlights of the Global Cities forecasts:

• 13 of the 15 markets are expected to see rental growth over the three years (from the end of 2017), with only two markets expected to see rents soften over the period.
• Manila is forecasted to see the strongest growth in prime office rents in the Asia Pacific region, with a projected cumulative increase of nearly 20% over the next three years.
• Strong occupier demand from the offshoring and outsourcing market is expected to be the key factor in driving rental levels upwards.
• Brisbane, which in 2017 has seen rental growth return to the market following four years of contraction is forecast to see the second highest level of growth.
• Similarly, Singapore, a market that has seen office rentals softening since Q2 2015, is also expected to turn the corner as demand starts to exceed supply.
• Hong Kong is forecast to continue to see robust rental growth on the back of an anticipated continuation of the influx of Chinese mainland tenants.
• Beijing and Shanghai, despite healthy demand, are forecast to see some rental softening as the huge pipelines of supply in both cities come to the market.

Rick Santos, Chairman and CEO of Santos Knight Frank, says, “Manila is rapidly rising as a Global City and is today an important hub for industries such as IT-BPO. After witnessing unprecedented growth in this megacity over the last decade, we expect Manila’s expansion to accelerate along with the Philippines’ booming economy as demand for space remains robust.”

“In the next four years, Manila will see more than 3 million sqm of office space, 3 million sqm of residential space and 1 million sqm of retail space added to the existing supply,” concludes Santos.

Nicholas Holt, Knight Frank Asia Pacific Head of Research, says: “On a regional basis, the performance and fundamentals of the Manila office market look solid – the city’s market has one of the tightest vacancy rates in the region and looks set for a strong 2018.”

For more information or to discuss the Manila & Philippines property markets, call or email Rick Santos from Santos Knight Frank via the contact details below.

Click here to download the Knight Frank Global Cities: The 2018 Report.

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