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UNOCCUPIED office spaces in Metro Manila have risen fivefold compared to pre-pandemic days, the head of the Lobien Realty Group (LRG) said.
“[The] vacancy rate right now is 20 percent. Pre-pandemic, [it was] 4 percent, and at that time, we had POGOs (Philippine offshore gaming operators), [and there was no work from home yet] in the BPO (business process outsourcing) industry. That’s why demand [then] was high,” LRG CEO Sheila Lobien said on Tuesday.
CLARK FREEPORT, Pampanga — Amid global and domestic uncertainties, the Philippine economy remains set for continued growth given favorable demographics such as its young, English-speaking population, the head of a real estate consultancy said.
Speaking at a Manila Times forum at the Clark Marriott Hotel, Lobien Realty Group CEO Sheila Lobien said that young entrepreneurs would help sustain economic growth.
“Although we see many women in real estate—mostly in sales, marketing, and consultancy—only a few reach the highest levels of management. While leadership traits like merit, performance, logic, and strategic thinking are common to both men and women, I believe women often bring a more inclusive and caring leadership style. Women leaders tend to be more attuned to their team’s well-being. During the pandemic, for instance, many women leaders didn’t hesitate to check in on their teams with personal messages—something that may feel awkward for some male counterparts.
There is a paradox in the National Capital Region’s condominium market at the moment.
While it is true that there is an oversupply of condominium inventory, we are not seeing developer-initiated significant price reductions to push these inventories out of the market.
Lobien Realty Group is the No. 1 Realty Property Provider in the Philippines. We provide office and commercial spaces, lots and properties for sale/lease in the cities of Makati, Taguig, Pasig, Mandaluyong, San Juan, Pasay, Parañaque, Las Piñas, Quezon, and Caloocan.