By: Business World
Metro Manila’s retail spaces will likely be converted to co-working and data centers as vacancy rates continue to soar this year.
The vacancy rate in Metro Manila’s retail sector is projected to have reached 14% in 2020, matching the vacancies posted during the Asian Financial Crisis in 1999, Colliers International Philippines said in October.
Shopping malls have been a victim of the coronavirus disease 2019 (COVID-19) pandemic, as lockdown restrictions prompted many Filipinos to stay at home. Malls were forced to close for nearly two months during the strict lockdown, but even as they reopened in mid-May, foot traffic has yet to reach pre-pandemic levels.
Joey Roi H. Bondoc, senior research manager at Colliers Philippines, said vacancies are expected to reach 13% in 2021.
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