Office takeup in Manila is increasing, accommodating more businesses who want to start their operations in Metro Manila, and other parts of the country. Combining the additional office vacancy due to the increase in office takeup and the recent devaluation of the peso is pushing more businesses to continue to view the Philippines as a hub for the BPO industry.
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After recovering from the tax changes in the country, the Philippine office market is still on a roll, continuing to increase in record-breaking results. According to GMA News Online, the office takeup as of September this year has already exceeded 2017’s record, as said by property consultants Leechiu Property Consultants (LPC).
“We’re seeing unprecedented growth in Metro Manila as well as in key cities outside the capital like Clark and Cebu,” said via GMA News Online. “2018 looks like it will still be another banner year for the office segment, not just in Metro Manila but also for other cities.”
LPC CEO Leechiu said there was a record of 799,653 square meters (sqm) in office takeup in Metro Manila during the first to third quarter of 2018. All thanks to the ongoing demand of information technology – business process management (IT-BPM) sector, the record has clearly taken over every quarter combined in 2017’s, which was 774,957 sqm. The particular sector was responsible for the 301,275 sqm. of the record.
A majority of the firms that outsourced in the country came from the United States. And as these companies operate on a dollar basis, the recent devaluation of the peso has made operational costs in the Philippines cheaper than before, making foreign companies pay lesser in maintaining their operations.
“BPOs are not investing heavy CapEx [capital expenditure] in the Philippines, but they’re investing in a lot of opex [operational expenditure]. Every devaluation that happens, it becomes cheaper for them to operate here,” said Leechiu via GMA News Online.