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PH Property Sector to Remain Strong in 2014

by: Sarah Joson

Wednesday, December 18, 2013 | Outsourcing News |

Philippine Property Sector reinforced by BPOs

According to Rick Santos, founder and chairman of property consultancy firm CBRE Philippines, growth in the Philippine real estate segment will not slow down in the coming year.  

During his recent interview with BusinessMirror, he said the Philippines showed that it was a key player among the countries in Southeast Asia with its multiple credit rating upgrades and office space take-up activity in the region.

CBRE shared that for Q3 of 2013, 97.3 percent of Metro Manila’s offices were already occupied. The thriving business process outsourcing (BPO) sector was cited as the key driver for the demand in offices in Bonifacio Global City, Quezon City, and Alabang.

Meanwhile, office space demand for traditional business operations is going strong in the Makati Commercial Business District but is outpaced by Taguig in terms of upcoming office space share up until 2016. Taguig is projected to have 37 percent, while Makati would have 24 percent.

However, low demand is seen for the luxury residential properties. Nevertheless, by 2019, Quezon City is anticipated to post the highest turnover of residential condominium units: 45,135 units or 22 percent of the entire local market share.   

In terms of price range, midmarket and affordable condominium properties account for 82.16 percent of the market.


Source:
http://www.businessmirror.com.ph

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