Take-up stayed healthy at 154,000 sqm. Makati won the deals on achievable rents, while BPO firms still drive the demand pipeline, and most of them want BGC.

Highlights

Bonifacio Global City (BGC) and Makati City office take-up in the first five months of 2026 remained healthy at 154,000 sqm despite geopolitical and domestic uncertainties.
Makati City captured 66% of total take-up or 102,000 sqm, driven by cheaper rents, with managed facilities, government offices, and corporate headquarters accounting for the majority of leasing activity.
Meanwhile, live office demand (tenants actively looking for space) stood at 137,000 sqm, 76% comprised of IT-BPM firms, with 82% of that demand is bound for BGC.
The strength of IT-BPM live demand highlights the sector’s resilience despite hybrid work arrangements and broader economic challenges.
Vacancy in Makati City is expected to remain elevated, prompting landlords to continue offering competitive lease rates and flexible terms.
BGC remains the strongest market, with the highest occupancy at around 91%, while other districts continue to remain soft due to the oversupply.

About the author

Miguel Manipol is Co-Founder and Director for Commercial Leasing at Leechiu Property Consultants, the leading real estate brokerage and property consultants in the Philippines. For leasing inquiries, contact inquire@leechiu.com