The business process outsourcing (BPO) industry is one of the biggest drivers of office space growth in the country. With all the interest from other countries to outsource Philippine workforce, the developers in the country are looking at other places aside from Manila to open more offices and cater to more businesses.
That is a good sign, but another boom is also happening in the country. Colliers International Philippines said, through a BusinessWorld report, that traditional and non-outsourcing firms are also contributing to the demand for office spaces.
“We see the sustained macroeconomic growth boosting the office space demand of the non-outsourcing occupants, particularly construction, insurance, and flexible workspace operators over the next three years,” Colliers said in a statement via BusinessWorld.
Colliers added that industries within the non-outsourcing locators are currently expanding within the last two years. Among the sectors within the non-outsourcing industry are engineering and construction firms, multinational corporations, government agencies, and flexible workspace operators.
“Developers should closely observe this non-outsourcing segment given the growing leasing opportunities. In Q1 (first quarter) 2019, the segment covered 35% of transactions or 116,800 square meters (sq.m.) (1.3 million square feet),” Colliers said via BusinessWorld.
It seems that the increase of office spaces is still going strong despite the rise in interest for the Philippines in terms of outsourcing. Looking for office space in prime locations is tough to get a spot in because to beat as these spots offer advantages for different businesses.
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