Philippine condo rental rates decrease as supply rises after POGO exits, study says

The average rent per square meter has declined by 52 per cent in the Manila Bay area.

The Philippines.- Leechiu Property Consultants director for research and consultancy Roy Golez has reported that the oversupply of residential condominium units, due in part to the closure of Philippine offshore gaming operators (POGOs), has brought down rental rates compared to pre-pandemic levels.

In a presentation in Makati City, Golez said the decrease is most prevalent in the Manila Bay area, which includes Parañaque and Pasay cities. According to the Q3 2025 Philippine Property Market Report, the average rent per square metre has declined by 52 per cent in the bay area compared to Q1 2020.

The average in Alabang in Muntinlupa City decreased by 39 per cent. In Ortigas, Pasig City and in Mandaluyong City, it declined 22 per cent, and in Makati City, 18 per cent. Rates in Taguig City increased by 17 per cent and those in Bonifacio Global City by 3 per cent.

Golez expects rates in Makati to slowly recover as more companies like major banks open offices there. “We expect Makati to recover much faster as soon as these office buildings are finished. Perhaps in the next two to four years, Makati numbers should be much better,” he said.

See also:

See also: Resorts World Sentosa opens new luxury hotel

The average rent per square meter has declined by 52 per cent in the Manila Bay area. The Philippines.- Leechiu Property Consultants director for research and consultancy Roy Golez has…