Total office pipeline in the metropolis this year is estimated at 1.5 million sqm, 20 percent of which are at risk of being delayed, Leechiu said.
On the demand side, 937,000 sqm of office space will likely be taken up, mostly by the BPO and online gaming sectors, he said.
However, Leechiu's annual forecast on BPO demand is more conservative than the annual demand of 560,000 sqm projected by the Information Technology and Business Process Association of the Philippines (IBPAP) annually.
In 2016, the sector took up 480,000 sqms of office space equivalent to 77 percent of property deals but from January to November this year, the sector's take-up eased by 28 percent from last year to 350,000 sqms, equivalent to 48 percent of total transactions year-to-date.
Online gaming expanded their take-up of office space by 306 percent from last year's level to 230,102 sqms in the first 11 months.
Despite all these challenges, however, Metro Manila's office take-up is projected to end this year at an all-time high of 750,000 sqms. As of end-November, total take-up in the metropolis stood at 738,305 sqms or 16 percent higher than the take-up of 630,000 sqms for 2016.
In the 72-hectare Iloilo Business Park township, inventory of office space will reach around 33,000 sqms by the end of this year with the expected completion of one more office tower: Three Techno Place which offers around 8,700 sqms of office space.
These are Two Techno Place (10,000 sqm) and Festive Walk Office Tower (12,000 sqm).
Bay Area's pipeline is also rather impressive with close to 240,000 sqms to be delivered before 2018.
The market absorbed about 231,412 square meters (sqm) of new premium and grade A office spaces in the third quarter, the largest recorded quarterly take-up of all time, KMC MAG managing director Michael McCullough said in a press statement.