THE continued flight-to-quality and availability of higher grade office developments will drive vacancy rates downwards to 15 percent by end-2023, global real estate management firm Cushman and Wakefield (C&W) stated.

The firm continued that for the year 2022, the estimated total Prime and Grade A office supply in Metro Manila now stands at approximately 9.2 million square meters (sqm) and is expected to grow by another 0.53 million sqm within 2023.

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