How Much Does an Office Fit-Out Cost in Metro Manila? (2026)

Most offices in Metro Manila are handed over as a shell, not a finished workspace. You pay for the build, and it is often the largest single cost of a move. This guide gives 2026 benchmarks in pesos, shows where the money goes, and lists what to check before you sign.

What you are paying for

A fit-out turns an empty floor into a working office. It covers partitions, ceilings, lighting, air-conditioning ducting, electrical work, cabling and furniture.

Landlords usually hand over one of two conditions. OfficePro describes a bare shell as an open ceiling, rough floor and unpainted walls. A warm shell has a working ceiling, a smooth floor ready for carpet tiles, and painted walls. The lease should say which one you get, because it changes your budget.

The 2026 price range

Cushman & Wakefield's 2026 Asia Pacific guide puts the average all-in fit-out in Manila at USD 105 per square foot. The range runs from USD 60 at the basic end to USD 150 at the advanced end. "All-in" covers builder works, mechanical and electrical, furniture, audio-visual and IT, and other costs.

Converted at ₱62.75 per USD, the BSP reference rate on 25 Sep 2026. 1 sqm = 10.764 sq ft. Peso figures are rounded and will move with the exchange rate.

These are market averages, not quotes. If a contractor's price looks much lower, check whether it leaves out furniture, IT or fees, and compare the scope line by line.

Where the money goes

JLL's 2026 guide shows how a typical fit-out budget splits in Asia Pacific:

• Builders' works: 38%
• Mechanical and electrical: 25%
• Security, IT and audio-visual: 16%
• Furniture and fixtures: 14%
• Professional services: 7%

JLL's benchmarks leave out taxes, permits and landlord contributions, so add those separately. JLL also advises carrying a contingency but gives no percentage. Ask your contractor or cost consultant what they recommend for your building.

Layout moves the total too. JLL's global figures show that going from an open plan to enclosed offices and meeting rooms can add 20% to 25% to project cost.

How the district and building affect your budget

No major firm publishes fit-out cost by district, so we won't quote one. The market data still tells you where you have room to negotiate.

• BGC: vacancy was 7.4% in 2Q 2026, the tightest of the major business districts (Savills).
• Bay Area: vacancy is the highest in Metro Manila. It was 39.3% in 1Q 2026 (Savills, via BusinessWorld).
• Alabang and the Bay Area: Savills says tenants may have more negotiating power in both.
• Citywide: vacancy was 19.0% in 2Q 2026. Savills warns it could pass 20% in 3Q 2026 as new buildings open.
• Older Makati buildings: about 1.3 million sqm of office space was completed before 2006, and 800,000 sqm of it is in Makati CBD (Savills, 1H 2025). In an older building, have an engineer check the electrical capacity and air-conditioning before you commit. This is our advice, not a Savills finding.

Costs that come after the build

Restoration. Many leases require you to remove your fit-out when you leave. Cushman & Wakefield puts Manila reinstatement at USD 15 to 25 per sq ft, with an average of USD 20. That is about ₱10,100 to ₱16,900/sqm, or ₱13,500 on average. For 100 sqm, plan for roughly ₱1.0 to ₱1.7 million. Check your lease for the restoration clause before you design anything.

Lease costs. Rent is usually quoted before VAT and CUSA (common area charges). Current Makati listings show CUSA of roughly ₱185 to ₱225/sqm (Lamudi). Deposit terms vary by landlord. Some listings ask for two months' deposit and one month in advance. Others ask for three months of each. Ask for the full list of charges before you compare buildings.

PEZA tax treatment. PEZA-registered companies may get VAT zero-rating on rent, but it isn't automatic. Purchases must be directly attributable to the registered activity, and the company needs a PEZA VAT zero-rating certificate. Rent is on PEZA's list of qualifying items. Confirm with your tax adviser.

Ways to keep the cost down

1. Ask for fit-out support. Ayala Land's leasing guide lists fit-out support, rent-free months and phased rent increases as things tenants can ask for. You will usually have more room to ask in high-vacancy districts.
2. Fix the price. JLL advises seeking fixed-price commitments and reading any clause that lets the contractor pass cost increases back to you.
3. Re-check prices before you commit. JLL's data is from Q1 2026 and excludes the effect of the Iran conflict on energy and materials. Cushman & Wakefield found that nearly 70% of contractors expect only slight cost increases, but get a current quote regardless.

When a fitted office makes more sense

Building your own fit-out suits a team that will stay several years and wants control over the design. If your headcount is uncertain or your timeline is short, a fitted space may cost less overall. Serviced offices, coworking spaces and managed offices come ready to use. You pay a monthly fee instead of a build cost, and the terms are usually shorter. The trade-off is less control over layout.

When you compare, set the monthly price against the full cost of building your own over the same term. Include fit-out, restoration, deposits and your own project time.

FlySpaces lists fitted options from several operators, and our team can arrange viewings and compare terms side by side. If you send us your headcount, preferred district and move-in date, we will build a shortlist, whether or not it includes a fitted option.

Sources

• Cushman & Wakefield, APAC Office Fit Out Cost Guide 2026, Mar 2026
• JLL, Global Office Fit-Out Costs Guide 2026, Apr 2026 (Q1 2026 data)
• Savills Philippines, 2Q 2026 Metro Manila Office Briefing
• Savills, Metro Manila Offices 1H 2025
• BSP reference rate, 25 Sep 2026, via PesoHub

Last updated 1 Oct 2026. Figures are market benchmarks, not project quotes.