by: Sarah Joson
Monday, March 11, 2013 | Company News |
The strong business process outsourcing (BPO) sector of the Philippines is seen to drive the growth of office property occupancy, which could lead to growth in the residential segment as well.
According to Jones Lang LaSalle’s managing director for Singapore and Southeast Asia of property consultancy Chris Fossick, the global expansion of multinational companies in back office processes will reinforce outsourcing and offshoring operations in the Philippines.
More jobs will be created for new and younger candidates, who are set to look for more convenient living arrangements, and with higher spending capabilities, employees are anticipated to upgrade. Furthermore, investors are predicted to acquire high-end residential properties.
Fossick predicts an 18.7 percent growth for Jones Lang LaSalle’s current office stock in Manila - the second highest increase in properties next to Ho Chi Minh City’s 33.5 percent growth.
Meanwhile, demand for property in the Southeast Asian region is nearly 15 percent, while in Manila, it’s just below 10 percent.
Manila is likewise expected to have the highest growth in residential properties, at 47.2 percent from its current stock.
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