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.
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.
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.
| Level | USD per sq ft | USD per sqm | PHP per sqm | 100 sqm office |
|---|---|---|---|---|
| Basic | 60 | 646 | ₱40,500 | ₱4.05 million |
| Average | 105 | 1,130 | ₱70,900 | ₱7.09 million |
| Advanced | 150 | 1,615 | ₱101,300 | ₱10.13 million |
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.
JLL's 2026 guide shows how a typical fit-out budget splits in Asia Pacific:
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.
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.
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.
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
Last updated 1 Oct 2026. Figures are market benchmarks, not project quotes.