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Office space in the Philippines is flourishing, and this is all thanks to outsourcing companies and offshore gaming companies. According to BusinessWorld, the first nine months of 2018 outsourcing companies were able to expand their operations while offshore gaming operators continued to grow.
Colliers International, global real estate services and investment management company, said the country’s office sector reached a net take-up of 810,000 square meters (sq.m.) only within January to September, which more than double on last year’s record of 370,000 sq.m. Then, Colliers added there was an additional take-up of 344,000 sq.m. for the fourth quarter. Adding this net take-up to the data from three quarters resulted in a whopping all-time high of 1.15-million sq.m for the whole 2018. This higher than Collier’s projected net of 1.06-million sq.m. office takeup when 2018 ends.
Manager of research at Colliers International, Joey Roi H. Bondoc told BusinessWorld that outsourcing firms have renewed confidence, making them choose the Philippines as their outsourcing destination.
“They realized that it’s more profitable to just continue opening here in the Philippines. If they don’t do that, there is no business. We are seeing expansion… even outside of Metro Manila. These companies have been expanding in Cebu, Clark,” Mr. Bondoc said via BusinessWorld.
“For 2018, we are seeing rebound from BPOs… 42% of total transactions as of the first three quarters if from the BPO,” he added via BusinessWorld.
In 2017, The Philippines was ranked third on the top outsourcing destinations list. But recent improvements and growth pushed the country to reach the spot after India, which is in second place, according to Tholons’ Global Services Index 2018.