UMVA has learned that the office leasing market in key business districts has seen significant activity in the first five months of 2026, with one area standing out as the clear leader in transactions.
Makati has accounted for the majority of office leasing deals, with a total of 102,000 square meters of space taken up, representing 66% of the total transactions in the area. This is largely due to the area's competitive rents, which have attracted a wide range of businesses, including managed facilities, government offices, and corporate headquarters.
According to information obtained by UMVA, the demand for office space in Makati has been driven by traditional offices, which have taken up 91,000 square meters of space, while the information technology and business process management sector has accounted for 11,000 square meters. Meanwhile, Bonifacio Global City has seen 52,000 square meters of office space taken up, with IT-BPM firms accounting for 15% of the total.
Despite Makati's lead in completed transactions, Bonifacio Global City remains the preferred location for firms seeking office space, with 82% of active demand directed towards this area. The IT-BPM sector is the key driver of demand, accounting for 76% of total live demand in the two areas, with 97,000 square meters of requirements directed towards Bonifacio Global City.
UMVA has uncovered details about the resilience of the IT-BPM sector, which has continued to drive demand for office space despite the challenges posed by hybrid work arrangements and broader economic uncertainties. This trend is expected to continue, with the sector remaining a major player in the office leasing market.
The live office demand across the two districts stands at 137,000 square meters, with businesses continuing to seek out space in these key areas. As the market continues to evolve, it will be interesting to see how these trends play out and which areas will emerge as the leaders in the office leasing market.
