by: Sarah Joson
Wednesday, August 20, 2014 | Outsourcing News |
A report shared by Colliers International, a global commercial real estate firm, projected that office space development in the Philippines will set record high activity before the year ends. By the end of 2014, nearly 480,000 square meters of new office space will be available with the current occupancy rate at 45 percent.
Julius Guevara, Director at Colliers, said the office space expected to be produced this year will be the highest volume of office space recorded in the Philippines. He also noted that the last time the country developed a record number of office space was in 2009 - 467,000 square meters of office space were developed.
Guevara added that the demand for office space is aggressive and the market remains bullish. However, he also said the target volume of office space will not be achieved as some developers may fail to reach their deadlines.
He pointed out that the largest occupant for office space is the business process outsourcing (BPO) industry.
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