For institutional fund strategies, Bonifacio Global City (BGC) carries the strongest investor flag in Manila, with prime yields around 6.6%.

  • Trophy submarket (Bonifacio Global City (BGC)) carries the strongest investor flag.
  • Prime yield: 6.6%.
  • Core funds buy income; value-add buys repositioning of secondary stock.
  • Cap-rate spread between trophy and secondary has widened post-2022.

Manila office fund strategy and flag

For institutional fund strategies, Bonifacio Global City (BGC) carries the strongest investor flag in Manila, with prime yields around 6.6%.

TL;DR

  • Trophy submarket (Bonifacio Global City (BGC)) carries the strongest investor flag.
  • Prime yield: 6.6%.
  • Core funds buy income; value-add buys repositioning of secondary stock.
  • Cap-rate spread between trophy and secondary has widened post-2022.

Where core funds buy

Core capital concentrates in trophy stock with long-WAULT income. In Manila, that's Bonifacio Global City (BGC) and assets like Shangri-La at the Fort, Ayala Triangle Tower 2.

Where value-add looks

Value-add capital looks at secondary Class A and convertible Class B with repositioning angle. The trophy/secondary cap-rate spread has widened post-2022, which has reopened the value-add basis for repositioning plays.

Key facts

cityManila
countryPhilippines
regionAPAC
classARentLocal1500 PHP/sqft/yr
classARentUsd$26/sqft/yr
vacancy22.6%
typicalLeaseYears3
typicalRentFreeMonths5
submarkets5
primeYieldPct6.6%
primeYield6.6%
trophyAnchorBonifacio Global City (BGC)

Frequently asked questions

Where do core funds buy in Manila?
Trophy submarket — Bonifacio Global City (BGC) — and the most defensible long-WAULT assets within it.

Editorial provenance

Reviewed by Kenji Watanabe — APAC contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.

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