Despite the completion of building projects in the area, Bacolod City’s office vacancy is currently at a stable state. Colliers International Philippines revealed through a report that the capital of the province of Negros Occidental has an additional 11,000 square meters (118,000 square feet) of space, which is occupied by an outsourcing company.
“The expansion of these companies as well as growing queries for office space has compelled other national developers to offer leasable space,” Colliers said.
Last year, as presented by Colliers, Ayala land opened its Bacolod Capitol Corporate Center, which offered 11,000 square meters (118,000 square feet) of space to office space leasing. It is also said that the developer also plans to construct additional 7,800 square meters (84,000 square feet) to its Ayala Malls Capitol Central, which to be completed at the end of 2019.
According to Colliers, there are also other developers flocking in Bacolod City. Among those developers are Megaworld and SM Prime Holdings.
Megaworld is targeting a 2021 completion date with its two business process outsourcing (BPO) office buildings in the developer’s The Upper East township. On the other hand, SM has plans in its own BPO tower within its complex. So far, Colliers explained that SM’s BPO tower has not yet been finalized.
“Bacolod City remains a preferred location for outsourcing operations. A number of existing voice business process outsourcing (BPO) firms are continuously expanding while some knowledge process outsourcing (KPO) companies are looking at the city as a potential site outside of Metro Manila,” Colliers said.
“Local and national firms should explore the possibility of developing plug-and-play offices as incoming KPO firms are in immediate need of buildings ready for occupancy and want to reduce their capex. Companies should continue developing offices within integrated business hubs as these master-planned communities provide the retail and residential complement required by outsourcing firms. Colliers also encourages tenants and landlords to explore opportunities in the Bacolod port and old airport site that can be redeveloped into mixed-use projects,” Colliers added.
The BPO — and even the KPO — industry is growing in the Philippines. Being one of the top destinations for outsourcing, the Philippines promises low overhead costs, skilled talents, and strategic locations for offices.
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