Ideally, it is best to strike a balance when it comes to office space demand. This way, opportunities to operate a business can be fairly distributed to a wide range of industries. By extension, there will be not just one player who will drive the demand for office spaces. From a business perspective, we know that these precious areas are used by entrepreneurs to deliver their products and services to the market.
At this time, however, this is not the scenario the business sector in the country is experiencing. CNN Philippines reported that, according to the forecast made by commercial property brokerage firm Leechiu Property Consultants (LPC), the Philippine Offshore Gaming Operator (POGO) sector will likely be the country’s top office space tenant by the end of this year. This is partly due to the state of the BPO sector today. Citing a report by Colliers International, a commercial real estate services company, the demands for office spaces from call centers may be reduced pending the official release of Philippine Economic Zone Authority (PEZA) proclaimed spaces in Metro Manila and provincial areas in the country.
The need to strike a balance in the office space leasing market was echoed by Colliers International Philippines Director for Office Services Dom Fredrick Andaya as real estate providers were urged to seek tenants representing traditional firms like food and beverage, construction, and healthcare to name a few, reported the Business World. “Increasing demand from traditional firms would encourage tenant diversity in the property market and reduce the risks from overdependence on Philippine Offshore Gaming Operators to drive demand,” was Andaya’s sensible remark.
In Keeping with Tradition
In an effort to combat the possibility of overdependence on a single player, it helps to look back. Office space demand from traditional businesses, for instance, can help level the playing field which in effect, benefit the other industries as well. Business World reported that these firms and POGOs equally share a registered 74% of all transactions in the office space leasing market.
Traditional businesses have taken the lead to champion diversity in and advance development for the business sector as a whole. Hopefully, other industries will follow suit.
A Space Left for You
Regardless of the industry you are in, your business can enjoy the advantages of leasing an office space. That is because it still is a more cost-effective alternative to building or expanding your own office.
If your business is not under any of the three industries mentioned above, do not be discouraged by the tight competition in the leasing market today. As earlier mentioned, diversity is key. The business sector, in general, needs your crucial involvement.
As an experienced office space leasing Philippines provider, allow us to extend a helping hand your way. We will help you find the most suitable option that will allow you to establish or expand your presence in the country. Call us at (PH) 02-6571872 / (AU) +61 419 200 663 or send an email to firstname.lastname@example.org and let us work on a solution together.