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Published January 28, 2021, 6:00 AM
Except for industrial and logistics, the lone growth driver and the Philippines new sunshine industry, the country’s property market across most asset classes are in a far worse situation this year than last year with rising vacancy rates and potential sell-offs if not closures of some hotels.
Santos Knight Frank (SKF), the country’s leading property management and consultancy services firm, during its Real Estate Outlook 2021 Mapping the Road Ahead said the domestic property markets are slowly recovering.
Morgan McGilvray, SKF senor director for occupier services and commercial agency, said that office vacancy rate this year in Metro Manila could worsen to as much as 15 percent from 10 percent in 2020, which was more than double the 2019 vacancy rate of 4 percent. The last time high vacancy rates hit the country was in 2009, but it quickly recovered.