According to Pinnacle Real Estate Consulting Services Inc., a firm that specializes in properties for buyers, lenders, and investors, developers are working double-time to sustain office demand in popular business districts in the Philippines. This is because majority of occupants, specifically from the business process outsourcing (BPO) sector, are rapidly leasing offices.
Meanwhile, office real estate developers are predicted to achieve 94-98 percent occupancy rate because of the support from the BPO sector.
The firmís report also stated that builders and investors are considering renovating old buildings, and reintroduce these to the market.
At present, the premier office locations are still Bonifacio Global City (BGC) and the Makati Central Business District (CBD). Taguig City, Ortigas Center, and Quezon City, on the other hand, are feasible options.
Pinnacle noted that office rent in BGC rose as demand has gone to an overdrive. As for Makati, investors are still keen on starting operations since majority of larger companies, as well as call centers, operate in the area. Moreover, the firm said it is beneficial for BGC and CBD to be near each other so foreign locators will not have a hard time starting up integrated operations.