Even as the office space market continues to drive the property sector onward and office rental rates grow further, affordable office space remains still abundant in areas outside the established Central Business Districts.
A research published by property listing portal Lamudi.ph shows that Quezon City still hosts the most affordable office spaces in the Metro at an average rental rate of P503.79 per square meter.
Although Eastwood City in Libis, Quezon City commands a monthly rent of P1208 per sqm, there are affordable options this city has to offer including office units that go for P185 per sqm.
Apart from affordable office spaces, Lamudi notes that a “huge population, which ensures companies a steady supply of labor,” lives in the former Philippine capital. Needless to say that several townships in the city are “in the works, which will increase the city’s office inventory.”
Second on the list of affordable office spaces is Mutinlupa City with an average monthly rate of P517 per sqm. The most expensive office could go as high as P781 per sqm in the Alabang area, with the going for P350 per sqm.
Mutinlupa will see a number of townships completed in the next few years, according to Lamudi, citing Avida’s South Park District as a significant addition to the office market inventory.
Despite hosting the eastern section of the Ortigas Center, Pasig City is third on the list. The average rental rate is at P526 per sqm with the most expensive at P1,200 per sqm. Rental rates outside the business district can go as low as P236 per sqm.
Fourth is Manila at P571 per sqm on average. The rates in the capital city may go as high as P837 per sqm and as low as P216 per sqm.
Mandaluyong City is fifth with the third most expensive rental rates. The city houses the western section of the Ortigas Center where the average monthly rate goes for P589 per sqm. The rates in the business district may go as high as P1,212 per sqm.
Makati was named as the second most expensive city when it comes to office rental rates due to the availability of premium-grade towers. On average, the rental rates are at P635 per sqm. The high-rise offices on Ayala Avenue could go as high as P1,400 per sqm.
Lamudi crowned Taguig City as the most expensive with an average monthly rent of P763 per sqm, owing to the fact that most of the office listings on Lamudi’s website are either in the posh Bonifacio Global City (BGC) or the equally luxurious McKinley Hill. Both are relatively new townships.
The research was based on the more than 80,000 rental listings on Lamudi’s.