--- title: "Manila Class A Office Market" description: "Asia's BPO capital with deep call-centre and shared-services tenancy." canonical: https://classa.info/cities/manila pageType: city lastUpdated: 2026-04-15T00:00:00.000Z license: "CC BY 4.0 with attribution to Class A Atlas (https://classa.info)." --- > Manila Class A office rents around ₱1,500/sqm/mo · ≈ $28.4 PSF/yr USD, with 22.6% vacancy and 5 months of typical rent-free on a 3-year term. ## TL;DR - World's deepest English-language BPO talent base. - Trophy product in BGC trades at PHP 1,500-1,900/sqm/month. - POGO tenant exits drove vacancy up post-2022. - PEZA tax-incentive regime structurally underwrites BPO tenancy. # Manila Class A Office Market *Asia's BPO capital with deep call-centre and shared-services tenancy.* ## TL;DR - World's deepest English-language BPO talent base. - Trophy product in BGC trades at PHP 1,500-1,900/sqm/month. - POGO tenant exits drove vacancy up post-2022. - PEZA tax-incentive regime structurally underwrites BPO tenancy. ## Overview Manila is Asia's BPO capital — anchored by the world's deepest English-language call-centre and shared-services tenancy. Makati CBD, BGC (Bonifacio Global City), and Ortigas anchor the [trophy tier](/topics/trophy-asset-selection). POGO (online gaming) tenant exit drove vacancy upward post-2022. ## Market snapshot | Class A rent | 1500 PHP/sqft/yr (28.428357751372644 USD)| | Vacancy | 22.6%| | Typical lease length | 3 years| | Typical rent-free | 5 months| Composite of Q1 2026 broker market reports for Manila. ## Lease norms Net leases. 3-5 year terms with [renewal](/topics/lease-renewal-strategy) options standard. Free rent of 4-9 months on a 5-year deal. ## Transit & access LRT-1, LRT-2, MRT-3, plus the new MRT-7 and PNR. Manila Metro Rail Transit System (MMRT) is structurally under-capacity. NAIA airport connected via bus and the future MRT-7 extension. ## Tax 25% Philippine corporate income tax. 20% reduced rate for small companies. PEZA registration provides 4-7 year income tax holiday plus 5% gross income tax in lieu of all national and local taxes for qualifying export-oriented activities. ## Talent Deepest English-language BPO talent in Asia. Strong feed from University of the Philippines, Ateneo de Manila, De La Salle, and a deep network of universities. Excellent neutral English accent supports North American customer-facing operations. ## Notable Class A buildings - **Shangri-La at the Fort** [](https://www.google.com/maps/search/?api=1&query=Shangri-La%20at%20the%20Fort%2C%2030th%20Street%20corner%205th%20Avenue%2C%20BGC%2C%20Taguig%201634%2C%20BGC%2C%20Manila%2C%20Philippines&query_place_id=ChIJaRjc7_DIlzMRB7lcNfVF11U) · BGC — Mixed-use trophy. - **Ayala Triangle Tower 2** [](https://www.google.com/maps/search/?api=1&query=Ayala%20Triangle%20Tower%202%2C%20Ayala%20Triangle%20Gardens%2C%20Makati%201226%2C%20Makati%20CBD%2C%20Manila%2C%20Philippines&query_place_id=ChIJSeN5ZE_JlzMR1C4eqK7Fe7k) · Makati CBD — Ayala Land trophy facing Ayala Triangle Gardens. - **W Fifth Avenue** [](https://www.google.com/maps/search/?api=1&query=W%20Fifth%20Avenue%2C%205th%20Avenue%20corner%2032nd%20Street%2C%20BGC%2C%20Taguig%201634%2C%20BGC%2C%20Manila%2C%20Philippines&query_place_id=ChIJb9aZO_HIlzMR1L7xXxs3_5A) · BGC — Mixed-use BGC trophy with luxury hotel base. - **The Estancia at Capitol Commons** [](https://www.google.com/maps/search/?api=1&query=The%20Estancia%20at%20Capitol%20Commons%2C%20Meralco%20Avenue%2C%20Pasig%201605%2C%20Ortigas%2C%20Manila%2C%20Philippines&query_place_id=ChIJg0vGgmzIlzMRJLrpq6prXec) · Ortigas — Ortigas Land's mixed-use trophy with retail and residential. - **Net Park BGC** [](https://www.google.com/maps/search/?api=1&query=Net%20Park%20BGC%2C%205th%20Avenue%2C%20BGC%2C%20Taguig%201634%2C%20BGC%2C%20Manila%2C%20Philippines&query_place_id=ChIJESjMS_DIlzMRq3SbF48_QTM) · BGC — Net Group PEZA-registered BPO-tilted Class A. ## Class A submarkets in Manila - [**Bonifacio Global City (BGC)**](/cities/manila/bgc) — Master-planned trophy core. (trophy) - [**Makati CBD**](/cities/manila/makati-cbd) — Established financial trophy core. (trophy) - [**Ortigas Center**](/cities/manila/ortigas) — Mid-CBD trophy and back-office hub. (prime) - [**Alabang (Filinvest City)**](/cities/manila/alabang) — Southern trophy and BPO belt. (prime) - [**Quezon City & Eastwood**](/cities/manila/quezon-city-eastwood) — Northern BPO and tech corridor. (established) ## Manila deep-dives - [Rents and incentives](/cities/manila/topics/rents-and-incentives) — What does Class A rent cost and what concessions are typical? - [Sublease market](/cities/manila/topics/sublease-market) — How deep is [sublease](/topics/sublease-strategy)">sublease availability and how does it price? - [ESG and LEED stock](/cities/manila/topics/esg-and-leed) — How much certified stock exists and what premium does it command? - [Transit and commute](/cities/manila/topics/transit-and-commute) — Which submarkets have the strongest transit access? - [Talent and salaries](/cities/manila/topics/talent-and-salaries) — What does the white-collar talent pool look like and how is it priced? - [Fit-out costs](/cities/manila/topics/fit-out-costs) — What does a Class A [fit-out](/topics/fit-out-capex)">fit-out cost per square foot? - [Flex vs lease](/cities/manila/topics/flex-vs-lease) — When does premium [coworking](/topics/lease-vs-flex) beat a traditional lease? - [Taxes and incentives](/cities/manila/topics/taxes-and-incentives) — What corporate, occupancy, and property taxes apply? - [Neighborhoods overview](/cities/manila/topics/neighborhoods-overview) — Which Class A submarkets exist and how do they compare? - [Notable buildings](/cities/manila/topics/notable-buildings) — Which trophy assets define the market? - [Class A vs Class B](/cities/manila/topics/class-a-vs-class-b) — What is the spread between Class A and Class B and why? - [Leasing conventions](/cities/manila/topics/leasing-conventions) — What lease structures, terms, and concessions are normal? - [Expansion checklist](/cities/manila/topics/expansion-checklist) — What is the operational checklist for opening here? - [Relocation guide](/cities/manila/topics/relocation-guide) — How do you move into this market from another city? - [Frequently asked questions](/cities/manila/topics/faq) — Quick answers to the questions occupiers ask most. - [Operating expenses](/cities/manila/topics/operating-expenses) — What service charges, OpEx, and pass-throughs apply on top of rent? - [Growth and availability](/cities/manila/topics/growth-and-availability) — How tight is current availability and what does the pipeline look like? - [Sustainability pathways](/cities/manila/topics/sustainability-pathways) — How do tenants land net-zero or science-based-target leases here? - [Hybrid work policy](/cities/manila/topics/hybrid-work-policy) — How are hybrid policies shaping office demand here? - [Security and redundancy](/cities/manila/topics/security-and-redundancy) — What security, power, and connectivity redundancy are standard? - [Lab and R&D space](/cities/manila/topics/lab-and-r-and-d) — What does R&D-grade or wet-lab space look like in this market? - [Brand experience](/cities/manila/topics/brand-experience) — How do trophy buildings function as brand experiences and showpieces? - [Fund strategy and flag](/cities/manila/topics/fund-strategy-and-flag) — Which submarkets carry the strongest investor flag for funds? - [Exit and renewal](/cities/manila/topics/exit-and-renewal) — How do you handle a Class A renewal or exit cleanly here? - [Market cycle position](/cities/manila/topics/market-cycle-position) — Where is this Class A market in its cycle right now? ## Manila — frequently compared - [**Manila vs Singapore**](/compare/manila-vs-singapore) — SEA HQ shortlist. - [**Manila vs Hong Kong**](/compare/hong-kong-vs-manila) — SEA HQ shortlist. - [**Manila vs Bangkok**](/compare/bangkok-vs-manila) — SEA HQ shortlist. - [**Manila vs Jakarta**](/compare/jakarta-vs-manila) — SEA HQ shortlist. - [**Manila vs Ho Chi Minh City**](/compare/ho-chi-minh-city-vs-manila) — SEA HQ shortlist. ## Frequently asked questions ****What is PEZA?**** : Philippine Economic Zone Authority — registered IT/BPO tenants in PEZA-designated buildings receive an income tax holiday (4-7 years) followed by a 5% gross income tax. Material for BPO tenant decisions; not all Class A buildings have PEZA designation. ****What was POGO?**** : Philippine Offshore Gaming Operators — predominantly China-facing online gaming platforms operating from Manila. Government policy phased out POGO operations by 2024, removing a meaningful share of office occupancy. ****What is the BGC versus Makati dynamic?**** : BGC is the modern master-planned trophy district with deeper Class A inventory and better walkability; Makati CBD remains the deepest financial-services tenant cluster. ## Editorial provenance Reviewed by [**Kenji Watanabe**](/about/authors/kenji-watanabe) — APAC contributing editor. Last updated 2026-04-15. See our [methodology](/about/methodology) and [editorial standards](/about/editorial-standards). ### Primary sources for this page - [CBRE Marketview reports](https://www.cbre.com/insights) — CBRE - [JLL Office Insight](https://www.jll.com/en/trends-and-insights) — JLL - [Cushman & Wakefield Marketbeat](https://www.cushmanwakefield.com/en/insights) — Cushman & Wakefield - [Savills World Research](https://www.savills.com/research_articles/) — Savills - [Colliers Global Office Outlook](https://www.colliers.com/en/research) — Colliers [Full sources index](/about/sources) · [Submit a correction](/about/corrections) ## Related topics - [**Class A Lease Negotiation**](/topics/class-a-lease-negotiation) — How to negotiate a Class A office lease — the playbook from LOI to signed deal. - [**Hybrid Workplace Strategy**](/topics/hybrid-workplace-strategy) — How to size, structure, and lease a Class A office for a hybrid workforce. - [**ESG / LEED for Tenants**](/topics/esg-leed-tenants) — How tenants evaluate, negotiate, and report on ESG performance in a Class A office lease. - [**Cross-border Expansion**](/topics/cross-border-expansion) — How to run a coordinated Class A office search across multiple geographies. - [**Fit-out Capex**](/topics/fit-out-capex) — How to budget, sequence, and govern Class A office fit-out capex. - [**Lease vs Flex**](/topics/lease-vs-flex) — When premium flex (coworking, managed office) beats a conventional Class A lease — and vice versa. --- Citation: Source: Class A Atlas (https://classa.info/cities/manila), updated 2026-04-15T00:00:00.000Z.