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Philippine Real Estate Outlook 2024

Metro Manila real estate with street lights

The theme of the Outlook this year is revival, resurgence, a comeback, renewal, and a new dawn. These concepts collectively describe the real estate market as having returned, manifesting in many ways. In the office sector, we have seen occupancy increasing for three consecutive terms already until Q3. In the residential sector, we have witnessed how luxury prices have shot up at a rate that led to the global race for prime residential properties. On the retail side, mall foot traffic has anecdotally increased.

While this is a comeback, this is also a different kind of market reality. This is a comeback in a different form. For instance, while occupancy has been improving, we also understand that flex office work arrangements are here to stay. While occupancy in retail spaces (malls) is improving, there is also evidence to suggest the “de-coupling of the mall” – or the rebellion of retail spaces to move out of the confines of the mall to directly manage their own real estate (i.e. What Uniqlo has been launching). These market realities recognize that the pandemic has altered the behavior of organizations and

We still need space, but we must also acknowledge that the market is now behaving in ways different from the pre-pandemic.


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