The Philippine property market’s rebound next year will be driven by office and residential buildings, according to property consultant Colliers.
In its report, Colliers also said that while it believes in the so-called revenge spending by the consumers, there may still be an oversupply of retail spaces.
Colliers said the vacancy in the retail sector will rise to about 17 percent, as 523,700 square meters of fresh retail space will be delivered through next year but demand from consumers was tepid due to the lockdown situation in Metro Manila and nearby provinces.
“Over the next 12 to 24 months, we encourage mall operators to be cautious of new supply. Colliers observed that developers have been cautious in completing new malls and this was evident in 2020 when only 53,100 square meters of new space was completed. This is significantly lower than the annual average of about 323,200 square meters of new supply from 2017 to 2019,” it said.
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