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Manila is APACís Top Office Market for Q3 2013

by: Sarah Joson

Monday, November 25, 2013 | Outsourcing News |

According to commercial real estate consultancy agency Cushman and Wakefield, Manila is 2013 Q3’s leading location for office space market absorption in Asia-Pacific.

PH's Growing BPO Sector

Joe Curran, the firm’s general manager, said Manila outpaced key cities in the Asia-Pacific region when it comes to office space occupancy. In fact, in Cushman and Wakefield’s third quarter report, Manila posted net office absorption of 482,126 square meters (sqm).

Other areas in Asia-Pacific posted lower office space take-up. Mumbai took up 314,528 sqm, Bengaluru had 287,630 sqm, Chennai - 263,303 sqm, Guangzhou - 250,114 sqm, Pune - 225,117 sqm, Chengdu - 222,336 sqm, Shenzhen - 185,450 sqm, Kuala Lumpur occupied 184,925 sqm, and Seoul had 133,604 sqm.

The top office hub in the metro is Taguig City - accounting for 59 percent of the absorption. Makati, the country’s central business district, takes up 29 percent.  
 
Meanwhile, it was found that the vacancy rate in Metro Manila is only 4.3 percent.

One of the crucial drivers for the demand of office space in Metro Manila is the growing business process outsourcing (BPO) industry of the country.

Curran noted that office space occupancy in Manila will increase as demand is expected to grow.

 
Source:
http://www.abs-cbnnews.com/

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