The country has opened new buildings welcoming businesses willing to venture in the Philippines through the BPO industry. It is said office leasing philippines will continue to grow in the years to come.
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Office take-up in the country is not stopping yet.
So far, the business process outsourcing (BPO) is only going up. Despite a decline in the past few years, the industry is back and it looks like the growth will push through with for the years to come. Leechiu Property Consultant (LPC) said via a report by Newsbyte.ph that the comeback is seen as a “major driving force in office take-up” this year.
David Leechiu, LPC chief executive officer, said there are many known brands coming from the United States that have said the word in opening jobs within the country. The CEO said it’s in the next 18 months.
“They are going to set up office here. They will hire people like crazy and be operational within the next nine to 18 months and these are big facilities,” he said in an interview via Newsbyte.ph.
On the other hand, Leechiu said office space take-up is growing because of Philippine offshore gaming operators (POGO) and multinational companies. Despite moving slowly, there’s still growth. The real estate brokerage services company also said the country’s demand in office space has now reached a new record, which is 1.5 million sqm. as of December 2018.
Metro Manila accounts for the majority of the office demand, having 74 percent of the total. Meanwhile, 2017 showed growth from 910,000 sqm. in 2017 to 1.16 million sqm. in December 2018. Then, Clark Global City, which is outside the Metro, is known to have the highest office demand at 156,000 sqm, while Cebu and Laguna experienced 133,000 sqm and 46,000 sqm., respectively. Lastly, Davao got the fourth spot with 28,000 sqm
Moreover, Leechiu revealed there was a decrease in office take-up in Manila, as the 485,000 square meters (sqm) in 2016 is now 289,819 sqm in 2018.
“They have diversified out of the Philippines in 2017 and 2018 and now that they have done that, they are going to come back here. The rapidly rising cost of labor in the US because of the record unemployment is going to drive, force companies to come back to the Philippines,” he said via Newsbyte.ph