What is the average Class A rent in Manila?

Around 1500 PHP/sqft/yr ($26 USD) across the broader Class A index. Trophy submarkets like Bonifacio Global City (BGC) command 20–40% above that.

How many months of rent-free are normal in Manila?

5 months on a 3-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.

Are rents rising or falling in Manila?

The Manila Class A market is currently softening. Vacancy is 22.6%, which sets the negotiating context.

Headline Class A rent in Manila is around 1500 PHP/sqft/yr ($26 USD), with 5 months of typical rent-free on a 3-year term.

Headline Class A rent: 1500 PHP/sqft/yr ($26 USD).
Trophy submarket rents (Bonifacio Global City (BGC)) push to roughly ₱1,700/sqm/mo · ≈ $32.2 PSF/yr USD.
Typical concessions on a 3-year deal: 5 months free rent.
Vacancy stands at 22.6% — market trend is softening.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

Manila Class A office rents and incentives

Headline Class A rent in Manila is around 1500 PHP/sqft/yr ($26 USD), with 5 months of typical rent-free on a 3-year term.

TL;DR

Headline Class A rent: 1500 PHP/sqft/yr ($26 USD).
Trophy submarket rents (Bonifacio Global City (BGC)) push to roughly ₱1,700/sqm/mo · ≈ $32.2 PSF/yr USD.
Typical concessions on a 3-year deal: 5 months free rent.
Vacancy stands at 22.6% — market trend is softening.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

Headline rent vs. effective rent

Asking rents in Manila are quoted in PHP per sqft per year. Across the broad Class A index the figure is 1500, but the trophy tier in Bonifacio Global City (BGC) reaches roughly ₱1,700/sqm/mo · ≈ $32.2 PSF/yr USD. Always discount headline rent by the present value of free rent and fit-out-capex">tenant improvement allowance to land on effective rent — the only number that compares cleanly across deals.

Rent-free and TI

Standard Manila concessions on a 3-year Class A lease run to 5 months of base-rent abatement. Trophy lease-ups can push rent-free 25–40% above that benchmark. Local cost-of-occupancy is also shaped by tax — 25% Philippine corporate income tax. 20% reduced rate for small companies. PEZA registration provides 4-7 year income tax holiday plus 5% gross income tax in lieu of all national and local taxes for qualifying export-oriented activities.

Where rents land by submarket

Bonifacio Global City (BGC) sits at the top end (~₱1,700/sqm/mo · ≈ $32.2 PSF/yr USD). Ortigas Center clears around ₱1,200/sqm/mo · ≈ $22.7 PSF/yr USD as the prime tier. Quezon City & Eastwood represents the value end at ~₱900/sqm/mo · ≈ $17.1 PSF/yr USD. The full submarket map is on the Manila city page.

Key facts

city	Manila
country	Philippines
region	APAC
classARentLocal	1500 PHP/sqft/yr
classARentUsd	$26/sqft/yr
vacancy	22.6%
typicalLeaseYears	3
typicalRentFreeMonths	5
submarkets	5
primeYieldPct	6.6%
trophyRent	₱1,700/sqm/mo · ≈ $32.2 PSF/yr USD
primeRent	₱1,200/sqm/mo · ≈ $22.7 PSF/yr USD

Frequently asked questions

What is the average Class A rent in Manila?: Around 1500 PHP/sqft/yr ($26 USD) across the broader Class A index. Trophy submarkets like Bonifacio Global City (BGC) command 20–40% above that.
How many months of rent-free are normal in Manila?: 5 months on a 3-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.
Are rents rising or falling in Manila?: The Manila Class A market is currently softening. Vacancy is 22.6%, which sets the negotiating context.

Editorial provenance

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

Primary sources for this page

CBRE Marketview reports — CBRE
JLL Office Insight — JLL
Cushman & Wakefield Marketbeat — Cushman & Wakefield
Savills World Research — Savills
Colliers Global Office Outlook — Colliers

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