The archipelago is seen as a hotspot for office leasing since the Philippines is one of the countries that offer the lowest rates in the Asia-Pacific. Along with this, the country also has a great track record in terms of English fluency and skills.
The government is encouraged to step in the progress of office buildings and make a move for it will help speed up the process. Through a proclamation of buildings, this will help the areas expose to a wider audience and attract more investors to come into the country or expand in the country’s major districts.
And if the government passes the chance to do so will lead to vacancy-rate spike in the office sector, Pronove Tai International Property Consultants cautioned in its Third Quarter (Q3) Metro Manila Office Market Overview report.
“Peza [Philippines Economic Zone Authority] proclamations should be fast-tracked. The private sector has already put in the investment, [so] we urge the government to help us now with Lono [Letter of No Objection] for Pogos [Philippine Offshore Gaming Operators] and Peza buildings for IT-BPM [information technology-business process management],” said Monique Pronove, CEO of Pronove Tai.
“Or else we’ll have a growing vacancy because I can’t bring all of this demand to all these buildings. It will be a bane to the private investors of newly built buildings to have growing vacancies as a result of not being able to cater to the demand drivers due to government restrictions,” she added.
In numbers, the report cited that the country has a healthy vacancy rate during the third quarter of last year, which is a record for surpassing the industry standard.
“For the first time since 2011, the office market vacancy in Metro Manila registered at a healthy 5 percent average,” Pronove revealed. She explained anything “anything between 5 percent to 10 percent is considered healthy in the industry.”
Over the years, investors has flocked the archipelago in terms of office leasing since the country offers low rates and high-quality, skilled workers. When looking for office leasing Philippines, Ezy Outsourcing Hub is your gateway to the business hub with our fully-managed serviced offices and seat leasing locations are located in Manila’s central business districts, including BGC, Makati and Ortigas. To get arrange an office viewing or to get started, call 02-6571872 / 61 419 200 663 or email email@example.com