THE initial effects of the ban on the Philippine offshore gaming operators (POGOs) and the implementation of the Create More bill that supports flexible work arrangements have led to elevated vacancy rates in the National Capital Region office market, slowing down its expected recovery during the third quarter of 2024. Another factor was the addition of 114,000 square meters of office space to the market.
This was highlighted in the 2024 Q3 report of real estate services firm Cushman & Wakefield, which also stated that the average vacancy rate reached 18.2 percent, their highest estimated level since Q2 2004.
