(For Distribution) JLL 4Q23 Property Market Overview

Metro Manila and
Metro Cebu
Property Market
Overview
4Q23
© 2023 Jones Lang LaSalle IP, Inc. All rights reserved.

Macroeconomic
Snapshot 5.6%
GDP GROWTH
USD 4.7 B
NET FDI
110.8 M
POPULATION
USD 32.5 B
IT-BPM REVENUE
4Q23 YTD Oct 2023 Dec 2021 YTD Dec 2022
5.6% 2023 y-o-y growth -17.5% y-o-y growth 0.3% y-o-y growth 10.3% y-o-y growth
FY 2023 Forecast FY 2023 Forecast: FY 2028 Forecast: USD
(Revised): 6.5-7.5% USD 9.0 B 59 B
Philippines
6.0% USD 30.57 B 3.6% 5.0 million
HEADLINE INFLATION REMITTANCES UNEMPLOYMENT TOURIST ARRIVALS
RATE YTD Oct 2023 RATE YTD 2023
2023 Average 2.9% y-o-y growth Nov 2023 FY 2024 Forecast: 7.7 M
FY 2024 Forecast: 3.7% FY 2023 Forecast: FY 2023 Forecast: 5.3-
USD 38 B 6.4%
Sources:
Development Budget Coordination Committee (DBCC) , Philippine Statistics Authority (PSA); Bangko Sentral
ng Pilipinas (BSP), IBPAP; DOT, BIR, PAGCOR
PHP 55.59 6.5%

USD EXCHANGE RATE INTEREST RATE
Average Dec 2023 Dec 2023
FY 2024 Forecast: PHP 25 bps q-o-q
53-57 FY 2024 Forecast: 6.0%
4Q23 Property Market Overview
© 2023 Jones Lang LaSalle IP, Inc. All rights reserved. 2
Metro Manila Districts
MANDALYUONG MUNTINLUPA
MAKATI CITY CITY MANILA CITY CITY PARAÑAQUE CITY
• Makati CBD • Ortigas Center • Binondo • Alabang and • Aseana City
• Rockwell Center • Greenfield District • San Lorenzo Madrigal • Parañaque
• Century City • Robinsons Business and Business Park Others
• Circuit Makati Cybergate Tourism Park • Filinvest City
• Makati Others Complex • Taft Corridor • South Park
• Mandaluyong • Manila Others District
Others • Muntinlupa
Others
PASAY CITY PASIG CITY QUEZON CITY TAGUIG CITY OTHERS

• SM Mall of Asia • Ortigas Center • Ortigas Center • Bonifacio Global • San Juan City
Complex • Capitol • Eastwood City City • Las Piñas City
• Newport City Commons • Circulo Verde • McKinley Hill • Caloocan City
• Pasay Others • Ortigas East • Araneta City • McKinley West • Malabon City
• Arcovia City • Triangle Park • Arca South • Navotas City
• Bridgetowne • SM North EDSA • Taguig Others • Valenzuela City
• Pasig Others • Fairview • Municipality of
• Cloverleaf Pateros
• Bridgetowne
• Quezon Others
Metro Cebu Districts
LAPU-LAPU
CEBU CITY MANDAUE CITY CITY
• Cebu Business • Oakridge • Lapu-Lapu City
Park Business Park Seaside
• Cebu IT Park • Mandani Bay • MEPZ-MCIA
• North • Mandaue City • Lapu-Lapu City
Reclamation Others Others
Area
• South Road
Properties
• Cebu City
Others
4Q23 Cebu Office Market Overview

Metro Manila Office Market Overview

Annual Supply
The completion of one development in Taguig City in 4Q23 expanded the existing stock by around 109,000 sqm. Vacancy levels
are seen to increase further in the first half of 2024, with an estimated 150,000 sqm of new office space entering the market, the
majority of which has not yet been pre-leased.
Makati City
Mandaluyong City
Manila City
Muntinlupa City
Parañaque City
Pasay City
Pasig City
Quezon City
Taguig City
Others
Notes:
(1) Covers Prime, Grade A and
B speculative and strata-title
office developments
Sources:
JLL Research and Consultancy
JLL Office Leasing Advisory.
4Q23 Property Market Overview Various brokers and developers

Market Share
Taguig City and Makati City continued to dominate Metro Manila's existing office stock, accounting for 26% and 20%,
respectively. The majority of the anticipated supply by the end of 2026 comes from Quezon City and Taguig City, which are
expected to capture significant volume of new stock until the end of 2024.
Makati City
Mandaluyong City
Manila City
Muntinlupa City
Parañaque City
EXISTING FUTURE Pasay City
(as of 4Q23) (2024E – 2026E) Pasig City
10.9 million 975,000

Quezon City
Taguig City
sqm sqm Others
Notes:
office developments
Sources:

Vacancy
Vacancy rose to 20.2% in 4Q23, up by 49.5 bps q-o-q, as QUEZON CITY
the leasing market cooled coupled with the significant 4Q23: 20.9% | -4.2 bps
supply introduced during the quarter.
MANDALUYONG CITY
4Q23: 18.3% | -135.5 bps
MANILA CITY
4Q23: 41.4% | 0.0 bps
PASIG CITY
MAKATI CITY 4Q23: 17.4% | 24.2 bps
4Q23: 17.7% | -41.5 bps
METRO MANILA
4Q23: 20.2% | 49.5 bps
PASAY CITY Notes:
4Q23: 24.3% | 3.1 bps B speculative office
developments
(2) Vacancy captures all
PARAÑAQUE CITY available spaces with bare
4Q23: 52.4% | 408.5 bps shell, warm shell, and fitted
offices.
TAGUIG CITY (3) Figures in bps refer to q-o-q
MUNTINLUPA CITY 4Q23: 15.2% | 193.4 bps movement of vacancy rates
4Q23: 29.2% | 120.2 bps Sources:

Pre-commitment QUEZON CITY
Pre-commitment levels increased,
with 8.5% of upcoming buildings 4Q23: 5.6%
scheduled for completion by the end
of 2026 already pre-leased as of 4Q23.
Furthermore, stronger pre-
commitment activities have been
observed in Taguig City buildings MANILA CITY
scheduled for completion by 2024 and4Q23: 0.0%
PASIG CITY
Quezon City by 2025.
4Q23: 9.3%
MAKATI CITY
4Q23: 0.0%
METRO MANILA Notes:
4Q23: 8.5% (1) Covers Prime, Grade A and
B speculative office
developments
(2) Covers upcoming office
developments offered in the
market which are
PARAÑAQUE CITY scheduled for completion
until 2026
4Q23: 0.0%
TAGUIG CITY
MUNTINLUPA CITY
4Q23: 26.9%
4Q23: 0.0% Sources:

Demand
BPOs continued to account for most of the transaction volume in 4Q23. However, we may see a slowdown in lease volume in the
near term as firms may take a wait-and-see approach, due to discussions on amendments on the CREATE Law which allow firms to
implement full-work-from-home schemes if enacted, prompting them to reconsider their future office space requirement.
Flexible Workspace
O&O
Corporate Occupier
IGL
Notes:
3Q23 vs 4Q23 4Q22 vs 4Q23 (1) Covers Prime, Grade A and
developments
(2) Based on JLL and non-JLL
transactions
(3) Outer donut refers to
reference historical quarter and
year, while inner donut refers to
4Q23.
Sources:

4Q23 Property Market Overview JLL Office Leasing Advisory.

Office Rents
Office rents fell anew by -1.0% q-o-q to PHP 1,005 per sqm per month, as select developments with prolonged high vacancy cut
rates, particularly in Makati City, Mandaluyong City and Pasig City, to induce demand.
Notes:
Makati City 750 1,800 -1.5% (1) Covers Prime, Grade A and
B speculative and strata-
Pasay City 700 1,750 0.0% title office developments
(2) Rents are ranges of
Taguig City 800 1,600 0.0% headline rents of available
spaces across bare shell,
Parañaque City warm shell, and fitted
700 1,500 0.0% offices.
(3) Figures in % refer to q-o-q
Mandaluyong City 700 1,200
-1.9% movements of average
headline rents
Quezon City 600 1,000 * New vacancies recorded,
0.0% driving sharp movement. No
Pasig City 500 950 actual movement on rents seen
-1.2% in the rest of the developments
Others 600 900
0.4%
Muntinlupa City 450 880
0.7%
Manila City 600 800
1.2%
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000
Sources:
PHP/sqm/mo JLL Research and Consultancy

Metro Cebu Office Market Overview

Annual Supply
No new development was recorded in 4Q23 in Cebu, as some developments scheduled for completion during the quarter were
moved to 2024. However, significant volume of new stock is expected to come online by 2024, which may put pressure in improving
vacancy levels.
Cebu City
Mandaue City
Lapu-Lapu City
Notes:
office developments
Sources:
4Q23 Cebu Office Market Overview Various brokers and developers

Market Share
Cebu City continued to dominate the Metro Cebu office landscape, accounting for 87% of existing stock and 85% of
developments set to be completed by the end of 2026. The city is projected to account for 87% of total stock by the end of 2026.
Cebu City
Mandaue City
Lapu-Lapu City
EXISTING FUTURE
(as of 4Q23) (2024E – 2026E)
1.5 million 182,900

sqm sqm
Notes:
office developments
Sources:

Vacancy
Vacancy levels fell by 41.3 basis points to 17.1% in 4Q23, owing to
increased lease volume coupled with no new supply recorded during
the quarter. Contraction of vacancy across all major cities were also
observed.
MANDAUE CITY
4Q23: 22.0% | -12.5 bps
METRO CEBU
4Q23: 17.1% | -41.3 bps
LAPU-LAPU CITY
4Q23: 48.0% | 0.0 bps
Notes:
title office developments
CEBU CITY (2) Vacancy captures all
4Q23: 14.3% | -47.2 bps available spaces with bare
shell, warm shell, and fitted
offices.
(3) Features historical revisions
Sources:
Pre-commitment
Pre-commitments in buildings scheduled for completion by the end of 2026 stayed muted, with only 3.8% pre-leased.
Nonetheless, one upcoming development in Lapu-Lapu City exhibited strong pre-commitment activities.
2024E: 5.9% 2025E: 0.0%

Notes:
(1) Covers Prime, Grade A and B speculative
office developments only
(2) Covers upcoming office developments offered
0.0% in the market which are scheduled for
completion until 2026
(3) Figures in % are pre-committed spaces
51.7% 0.0%
Sources:
4Q23 Cebu Office Market Overview JLL Research and Consultancy; JLL Office Leasing Advisory.; Various brokers and developers

Demand
Offshoring and outsourcing firms, particularly those providing professional and business services, dominated the transactions
tallied in the quarter. Meanwhile, healthy leasing volumes from corporate occupiers were also recorded, with the majority coming
from the banking and manufacturing industries.
Notes:

developments
(2) Outer donut refers to 3Q22
transactions while inner
Flexible Workspace donut captures 4Q23 deals
(3) Based on JLL and non-JLL
O&O transactions
Corporate Occupier
Sources:

4Q23 Cebu Office Market Overview JLL Office Leasing Advisory.

Office Rents
Metro Cebu office rents remained steady, settling at PHP 618 sqm per month. Most office buildings maintained their rates,
while some developments in Cebu City cut rents to boost demand.
-0.2%
0.0% Notes:
title office developments
(2) Rents are ranges of
headline rents of available
spaces across bare shell,
warm shell, and fitted
0.0% offices.
(3) Figures in % refer to q-o-q
movements of average
headline rents
Sources:

Metro Manila Residential Market
Overview

Annual Supply
Metro Manila condominium supply expanded by 5,590 units due to the completion of developments in Makati City, Pasig City,
Quezon City, and Taguig City. In 2023, a fresh stock of 11,480 units were added in the residential market across Metro Manila,
increasing vacancy levels. Spillovers stacked in the 2024 supply with a total of 65,450 upcoming units.
Makati City
Mandaluyong City
Manila City
Muntinlupa City
Parañaque City
Pasay City
Pasig City
Quezon City
Taguig City
Others
Notes:
(1) Covers mid-end to luxury

residential condominiums
Sources:

4Q23 Property Market Overview Various brokers and developers.

Market Share
Quezon City, Makati City and Taguig City continued to house majority of the ready-for-occupancy units in Metro Manila as of
4Q23. Additional supply of around 99,150 units is expected to enter the market by end-2026 wherein most are in Pasig City,
Parañaque City, and Quezon City. By end-2026, Quezon City, Makati City and Taguig City are still anticipated to hold majority of
the condominium stock.
Makati City
Mandaluyong City
Manila City
Muntinlupa City
Parañaque City
Pasay City
EXISTING FUTURE Pasig City
(as of 4Q23) (2024E – 2026E)
Quezon City
472,510 units 99,150 units Taguig City

Others
Notes:

Sources:


RFO Sales
The RFO market slightly contracted to a cumulative sales rate of QUEZON CITY
98.8%, declining -38.5 bps q-o-q. Elevated interest rates, as well as 4Q23: 99.8% | 30.9 bps
reopened assets in Pasay City and Makati City lowered demand
q-o-q. However, majority of the districts had improved sales
activities y-o-y on account of aggressive promos and minimal MANDALUYONG CITY
price upticks on midscale 4Q23: 100% | 6.1 bps
and prime assets,
respectively. MANILA CITY
4Q23: 99.4% | -21.9 bps PASIG CITY
4Q23: 99.3% | 136.9 bps
MAKATI CITY
Notes:
METRO MANILA 4Q23: 96.2% | -258.3 bps (1) Covers mid-end to luxury
4Q23: 98.8% | -38.5 bps (2) Based on listings for a basket
of developments
(3) Listings encompass bare,
PASAY CITY semi-furnished, and fully-
4Q23: 99.2% | -26.2 bps furnished units
(4) Sales rate refer to the current
PARAÑAQUE CITY overall % sold per
4Q23: 96.4% | -135.1 bps development in the primary
market only
TAGUIG CITY
MUNTINLUPA CITY (5) Figures in bps refer to q-o-q
4Q23: 99.7% | -2.6 bps movements of sales rates
4Q23: 97.6% | -6.2 bps
Sources:

RFO Prices
Average prices settled at PHP 206,260 per sqm, declining -0.7% q-o-q. Reopened larger units and the volume of new RFO middle-
mid properties lowered market average in 4Q23. However, some midscale developments have implemented price upticks by end-
2023 as its y-o-y cumulative sales-take-up remain positive.
-0.1%
-1.5%
-1.6%
-0.3% Notes:
3.4% (1) Covers mid-end to luxury

(2) Based on listings for a
0.6% basket of developments
(3) Prices are ranges of asking
prices across the listings
4.6% available
(4) Prices are VAT exclusive
0.0% (5) Figures in % are q-o-q
movements
4.3%
Sources:


Pre-selling Sales
Sale activities in the pre-selling market contracted with a QUEZON CITY
cumulative sales rate of 86.0%, declining -14.2 bps q-o-q in 4Q23. 4Q23: 82.7% | 1.3 bps
Muntinlupa City, Pasay City and Pasig City recorded the lowest
take-up due to reopened midscale units. Upscale and luxury assets
remained resilient at the back of gradual albeit minimal MANDALUYONG CITY
price upticks. However, some developers cushioned 4Q23: 88.6% | 110.6 bps
increased rates with
flexible payment PASIG CITY
MANILA CITY
terms. 4Q23: 88.0% | -151.1 bps
4Q23: 98.1% | 731.0 bps
MAKATI CITY Notes:
METRO MANILA 4Q23: 90.9% | 555.1 bps (1) Covers mid-end to luxury residential
condominiums
4Q23: 86.0% | -14.2 bps (2) Based on listings for a basket of
developments
(3) Sales rate refer to the current overall
PASAY CITY % sold per development in the
primary market only
4Q23: 76.2% | -360.2bps (4) Pre-selling sales only cover
PARAÑAQUE CITY performance of developments
scheduled for completion until 2026
4Q23: 86.9% | 122.5 bps (5) Figures in bps refer to q-o-q
TAGUIG CITY movements of sales rates
MUNTINLUPA CITY
4Q23: 94.9% | 162.4 bps
4Q23: 74.3% | -856.2 bps
Sources:

Pre-selling Prices
Average prices for pre-selling condominiums in Metro Manila incrementally increased by 1.5% q-o-q, settling at PHP 246,410
per sqm. Steep price hikes observed in Manila City, Quezon City and Parañaque City drove up the overall average. It should be
noted that aggressive discounts were offered by various developers, cushioning the relatively high price upticks.
0.9%
2.1%
Notes:
5.1%
-0.2% (2) Based on listings for a
basket of developments
-0.4% (3) Pre-selling prices only
cover prices of
developments scheduled
25.3% for completion until 2026
(4) Prices are ranges of asking
-1.7% prices across the listings
available
(5) Prices are VAT exclusive
5.4% (6) Figures in % are q-o-q
movements of average
4.1% selling prices
Sources:


Metro Manila Retail Market Overview

Annual Supply
Two new shopping malls opened in Makati City and Parañaque City which added 34,000 sqm and 30,000 sqm of retail space
respectively in the existing stock ending 2023 with a total of 7 million sqm of retail stock. Additional 160,000 sqm of retail space
is anticipated to open in the following year in Quezon City, Parañaque City, Taguig City, and Muntinlupa City. These may further
increase vacancies in the medium term.
Makati City
Mandaluyong City
Manila City
Muntinlupa City
Parañaque City
Pasay City
Pasig City
Quezon City
Taguig City
Others
Notes:
(1) Covers all retail formats
Sources:
Various mall operators

Market Share
Quezon City remained to house majority of the retail space at the end of 2023. Future supply going online in 2024 until 2026 are
still majorly concentrated in Quezon City, and Taguig City.
Makati City
Mandaluyong City
Manila City
Muntinlupa City
Parañaque City
EXISTING FUTURE
Pasay City
Pasig City
(as of 4Q23) (2024E – 2026E)
Quezon City
7.0 million sqm 313,921 sqm Taguig City
Others
Notes:
(1) Covers all retail formats
Sources:

4Q23 Property Market Overview Various mall operators

Vacancy
Vacancy rate in Metro Manila expanded to 6.8% in 4Q23, QUEZON CITY
driven by the newly introduced shopping malls which opened 4Q23: 5.3% | -100.6 bps
with high vacancy. Meanwhile, vacancy rates of existing malls
before the quarter contracted to 5.7% as store openings
increased during the holiday season. MANDALUYONG CITY
4Q23: 4.3% | -58.1 bps
MANILA CITY
4Q23: 3.7% | -17.0 bps
PASIG CITY
4Q23: 7.8% | -20.9 bps
MAKATI CITY
4Q23: 13.6% | 435.9 bps
METRO MANILA PASAY CITY

4Q23: 2.1% | 11.7 bps Notes:
4Q23: 6.8% | 65.5 bps PARAÑAQUE CITY
(1) Covers in-line stores within
4Q23: 17.4% | 478.7 bps a basket of shopping malls
(2) Figures in bps refer to q-o-q
TAGUIG CITY movements of vacancy
MUNTINLUPA CITY rates
4Q23: 2.7% | -77.5 bps
4Q23: 9.7% | -18.4 bps Sources:

4Q23 Property Market Overview Various mall operators

Metro Manila Hospitality Market
Overview

Annual Supply
Hospitality supply stood at 42,920 rooms by end-2023 with a fresh stock of 2,190 rooms in Metro Manila. Roughly 1,801 rooms
is anticipated by 1Q24 as spillovers stacked, potentially driving upward pressures in occupancy levels. Nonetheless, the
healthy levels of foreign tourist arrivals in 2023 is seen to potentially aid the market despite supply expansion.
Makati City
Mandaluyong City
Manila City
Muntinlupa City
Parañaque City
Pasay City
Pasig City
Quezon City
Taguig City
Others
Notes:
(1) Covers economy to luxury
hotels and serviced apartments
Sources:
Various hotel operators
Market Share
Makati City, Pasay City, and Manila City made up the highest share of existing hospitality stock. Over 4,780 rooms are
expected to open by end-2026, of which majority are housed at Quezon City, Makati City and Paranaque City. By end-
2026, Makati City and Pasay City are expected to house majority of the hospitality market share.
Makati City
Mandaluyong City
Manila City
Muntinlupa City
Parañaque City
EXISTING FUTURE Pasay City

Pasig City
(as of 4Q23) (2024E – 2026E)
Quezon City
42,920 rooms 4,780 rooms Taguig City

Others
Notes:

hotels and serviced apartments
Sources:

4Q23 Property Market Overview Various hotel operators

Occupancy
Occupancy rate for 4Q23 climbed to 87.2%, increasing by 1,685.8 bps QUEZON CITY
q-o-q due to a higher demand amid its peak season. Leisure demand 4Q23: 87.0% | 1,668.2bps
and corporate bookings for year-end events drove occupancy levels
on weekends and weekdays, respectively. Events and seminars
MANDALUYONG CITY
were observed to drive demand for group bookings, which
hampered challenges on occupancy levels 4Q23: 91.0% | 2,172.5 bps
within Metro Manila.
MANILA CITY
4Q23: 77.9% | 1,577.2 bps PASIG CITY
4Q23: 89.6% | 1,821.2 bps
MAKATI CITY
4Q23: 87.7% | 2,085.1 bps Notes:

METRO MANILA hotels and serviced
4Q23: 87.2% | 1,685.8 bps PASAY CITY apartments
(2) Occupancy is based on
4Q23: 91.7% | 1,515.0 bps operational rooms
PARAÑAQUE CITY (3) Data gathering was done
last June 26 – 30, 2023
4Q23: 90.8% | 890.8 bps (4) Figures in bps refer to q-o-q
movements of occupancy
TAGUIG CITY rates
MUNTINLUPA CITY
4Q23: 85.6% | 1,108.2 bps
4Q23: 78.3% | 1,451.1 bps
Sources:

Room Rates
Average room rates increased incrementally to PHP 7,800 per room per night, a 1.6% uptick, as operators slowly calibrates to pre-
pandemic rates, taking advantage of its peak season. Price contraction in Makati City, Taguig City, and Muntinlupa City were from
lowered rates on larger room cuts to attract demand. Meanwhile, some smaller rooms saw higher or stagnant rates q-o-q.
-0.2%
-1.0%
2.5%
Notes:
1.7%
hotels and serviced
0.0% apartments
(2) Room rates are based on
1.96% operational rooms
(3) Room rates are ranges of
website published rates
22.6% inclusive of breakfast
(4) Data gathering was done
last June 26 – 30, 2023
0.5% (5) % figures refer to q-o-q
movements of average n
-4.1% room rates
Sources:


The Resiliency of Brick and Global Real Estate Outlook
Mortar in the Philippines 2023
Key drivers to carry

Philippine real estate amid
headwinds
For Research Inquiries:
Janlo de los Reyes Eric Tanada Rojonell Culvera Beatrice Quirante

Janlo.delosreyes@jll.com Eric.Tanada@jll.com Roj.Culvera@jll.com BeatriceN.Quirante@jll.com
Contact us for
our MapIT capabilities
and services
35 35
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4Q23 Cebu Office Market Overview

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10.9 million 975,000

sqm sqm Others

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4Q23: 29.2% | 120.2 bps Sources:

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1.5 million 182,900

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2024E: 5.9% 2025E: 0.0%

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(1) Covers Prime, Grade A and

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(1) Covers mid-end to luxury

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472,510 units 99,150 units Taguig City

(1) Covers mid-end to luxury

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3.4% (1) Covers mid-end to luxury

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4Q23 Property Market Overview

(1) Covers all retail formats

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METRO MANILA PASAY CITY

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EXISTING FUTURE Pasay City

42,920 rooms 4,780 rooms Taguig City

(1) Covers economy to luxury

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(1) Covers economy to luxury

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Key drivers to carry

For Research Inquiries:

Janlo de los Reyes Eric Tanada Rojonell Culvera Beatrice Quirante

2Q23 Property Market Overview

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