The overall vacancy rate in Metro Manila stands at 24.5 percent in the first half of 2025, as reported by Colliers Philippines. However, several business districts recorded low vacancy rates, such as Eastwood City at 5.7 percent, Ortigas Center at seven percent, and Rockwell Center at 10 percent. By the end of 2025, the projected vacancy is 25.8 percent, and the rate is expected to ease up in 2026, especially with the developers’ offering of attractive promotional packages.

For the first half of 2025, all market segments in the real estate showed improvements in take-ups, with the lower mid-income and upper mid-income leading the charge. The number of backouts in sales also declined by 25 percent in the second quarter of this year compared to the first quarter. From 2022 to 2025, sixty-three percent of the total backouts come from the mid-income markets.

“The Metro Manila residential market is starting to turn a corner,” an insight shared by Colliers Philippines Research Director Joey Bondoc. “When we look at the net backouts, they are declining.”

He also noted that "in the first quarter this year, we did not record any completion; not a condominium was turned over. But in the second quarter, we saw a comeback, and 1,400 new condominium units were completed during the period.” These projects were completed in Makati CBD at 47 percent share, Ortigas Center at 31 percent, and Fort Bonifacio at 22 percent.

In the second half of the year, 70 percent of total new units will be completed. “What we're seeing right now are temperate launches, not just completions of projects that were launched five or six years ago,” Bondoc said.

With an addition of approximately 5,000 units, Bondoc projected that the Bay Area inventory will take over by the end of 2025 and dominate with the highest number of condominium supplies across the National Capital Region (NCR). However, he also noted that from 2025 to 2027, fewer than 6,000 units will be turned over.

Over 30,000 units account for the remaining ready-for-occupancy inventory as of the second quarter of the year, with the mid-income segments covering nearly half of the total inventory at 46 percent. The luxury segment is at 3 percent, but the figure will soon improve with the influx of luxe development projects.

The total launches in the luxury and upscale market in 2024 rose to 41 percent from 20 percent in 2023. Bondoc noted that “while developers have been tampering with their launches, their share of the expensive price segments—upscale, luxury, and ultra-luxury—is increasing. This is an encouraging figure, and they are doing very well.”

The Edades West by Rockwell Land in Rockwell Center is almost sold out at 92 percent with an average price of P554,000 per sqm. Aurelia Residences by Alveo in Fort Bonifacio is 90 percent sold at an average of P543,000 per sqm. The Velaris Residences in Pasig City is 88 percent sold at an average of P314,000 per sqm. In Makati, The Estate by Federal Land is 72 percent sold at an average of P526,000 per sqm.

Ayala Land Premier recently launched Laurean Residences. Soon to be built in Legazpi Village in Makati, the premium development will offer 255 units at an average price of P544,000 per sqm with a 30 percent down payment and a P500,000 reservation fee. SM Prime also launched its luxury brand, Signature Series, with units ranging from an estimated price range of P15 million to P65 million. The first project will be located in Susana Heights in Paranaque.

In Cebu, Cebu Landmasters launched The Wave premium residential project with 709 units ranging from P7.6 million to P54.7 million.