Residential rental market growing – Colliers PH

THE completion this year of at least 10 noteworthy residential projects in Metro Manila’s three central business districts will push vacancy rates higher and rental rates lower, but open new leasing opportunities for property owners and developers, real estate services firm Colliers International Philippines said.

In its 1st quarter 2017 briefing presented on Thursday, Colliers said about 22,000 new residential units will be completed this year, which is about five times higher than the number of units delivered in 2016. The bulk of the new supply will come from the Manila Bay Area, driven by affordable to mid-income projects, the property services firm added.