THE number of office spaces that will be built in the Philippines will go down in the next three to five years, mainly due to higher building and construction costs and decreasing demand for office spaces.

During The Manila Times' Online Business Forum titled "State of the Art in Real Estate" on Wednesday, Sheila Lobien, chief executive officer of Lobien Realty Group, highlighted the state of the country's property sector and the challenges it currently faces. Among these are the increasing cost of construction materials and the decreasing demand for office space acquisition and rentals.

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