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CBRE: Global Interest for Office Space in PH Remains High

by: Sarah Joson

Friday, July 25, 2014 | Outsourcing News |

PH Real Estate Industry Driven by Miltinational Firms and BPOs

Real estate services and consultancy agency CBRE Philippines recently said the Philippines is one of the countries with rising occupancy rates, and it continues to draw strong interest from multinational companies including business process outsourcing (BPO) firms.

CBRE Global Research found that the cost for premium office properties had increased an average of 2.3 percent globally since 2000. Their report also noted that the Philippines is one of the top 12 out of 52 countries with the largest annual increase in real estate rates with an estimated 9.3 percent. In addition to that, it is found that within Southeast Asia, it is among the top five growth markets when it comes to rising prime office rates.

Factors that are considered in computing the annual percentage increase are domestic costs of prime office take-up and sheer volume - graded within a 12-month percentage increase which started in the first quarter this year.

However, CBRE stressed that even with the rising rates for prime office in the Philippines, it is still one of the most competitive in Asia with $35.90 per square foot per annum. The cities listed in the report as having the most expensive office properties are Mumbai, New Delhi, Hong Kong, Beijing, Tokyo, Shanghai, Singapore, Guangzhou, Ho Chi Minh, Brisbane, and Taipei. Rates in these cities are from $66 to $241.92 per square foot annually.

CBRE Chairman, founder, and Chief Executive Officer Rick Santos said the country is ready to accommodate multinational companies that are looking to expand, as well as potential clients in the business process outsourcing (BPO) sector.



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