Metro Manila's secondary CBDs are where the register sees the cycle turning

Metro Manila's secondary CBDs (Ortigas, Mandaluyong, Quezon City) stay on Watch this week. Vacancy in the segment is still running around a quarter of stock, but the time it takes to clear unsold inventory has fallen sharply, from roughly 13 years to under 7.

The tell is in the yield gap: ready-for-occupancy resale condos in these districts are already yielding close to 4.8%, ahead of the 4.1% new launches offer in the same submarkets. That's what a buyer's market with sellers who need to move looks like, and it's the register's read that this segment clears before Metro Manila's oversupply story resolves anywhere else.