Manila Class A vacancy is 22.6% with the market trending softening — pipeline visibility matters more than headline vacancy.

  • Headline vacancy: 22.6%; trend softening.
  • Trophy submarket (Bonifacio Global City (BGC)) typically clears at half headline vacancy.
  • New construction lead time is 36–60 months — pipeline is largely fixed for the next cycle.
  • Pre-let activity dominates the new-build pipeline.

Manila Class A office availability and pipeline

Manila Class A vacancy is 22.6% with the market trending softening — pipeline visibility matters more than headline vacancy.

TL;DR

  • Headline vacancy: 22.6%; trend softening.
  • Trophy submarket (Bonifacio Global City (BGC)) typically clears at half headline vacancy.
  • New construction lead time is 36–60 months — pipeline is largely fixed for the next cycle.
  • Pre-let activity dominates the new-build pipeline.

Headline vs trophy availability

Headline Manila Class A vacancy of 22.6% includes a long tail of older, less-amenitised stock. The trophy tier in Bonifacio Global City (BGC) typically clears at materially below headline.

Pipeline visibility

Construction lead times of 36–60 months mean the next cycle's supply is already largely visible. Tracked pipeline includes 5 notable assets in Manila.

Key facts

cityManila
countryPhilippines
regionAPAC
classARentLocal1500 PHP/sqft/yr
classARentUsd$26/sqft/yr
vacancy22.6%
typicalLeaseYears3
typicalRentFreeMonths5
submarkets5
primeYieldPct6.6%

Frequently asked questions

Is Manila Class A office tight right now?
Headline vacancy is 22.6%. Trophy is materially tighter; older Class A and Class B carry the long tail.

Editorial provenance

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

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