Bonifacio Global City is expected to retain its position as the country’s strongest office market this year, with robust demand from the information technology and business process management (IT-BPM) sector helping shield the district from broader economic and geopolitical uncertainties.
Property consultancy Leechiu Property Consultants said leasing activity in BGC and Makati City remained healthy in the first five months of 2026, with total office take-up reaching 154,000 square meters despite companies taking a more measured approach to expansion.
Makati accounted for the larger share of transactions at 102,000 sqm, or 66 percent of total take-up, as tenants capitalized on softer rental rates and more flexible leasing arrangements. Managed office operators, government agencies and corporate headquarters were among the key drivers of demand.
Yet while Makati is benefiting from value-seeking tenants, the longer-term growth story continues to favor BGC.
Leechiu data showed live office demand, or active tenant requirements, stood at 137,000 sqm, with the IT-BPM sector accounting for 76 percent of the total. More notably, 82 percent of these requirements are targeted for BGC, reinforcing the district’s status as the preferred location for multinational firms and outsourcing companies.
The figures suggest that while hybrid work arrangements have reshaped office strategies, they have not diminished the importance of premium business districts. Instead, occupiers appear to be consolidating into higher-quality locations that offer modern facilities, accessibility and a deep talent pool.
This trend has helped BGC maintain a competitive edge over other office hubs that continue to grapple with rising vacancies and excess supply.
Leechiu expects BGC to sustain the country’s highest office occupancy rate at around 91 percent this year, a level that underscores the district’s resilience even as new office space enters the market.
The challenge for Makati remains converting strong leasing activity into tighter occupancy. Elevated vacancies are likely to keep pressure on landlords to offer competitive rates and incentives, highlighting an increasingly tenant-driven market outside BGC’s core business district.
