According to Colliers International Philippines, even with the high demand seen in the local market, particularly from the business process outsourcing (BPO) sector, the supply of new office space in Metro Manila is seen to hit new record-high this year.
Julius Guevara, Director at Colliers International Philippines, said starting this year up until 2016, new office properties will increase with 400,000 square meters annually. Metro Manila, the region to hit 481,068 sqm which will be greater than the 476,000 sqm posted back in 2009, currently has the highest on record. Guevara also anticipated that the supply of new office space will reach 449,481 sqm in 2015 and 486,726 sqm in 2016.
One of the main drivers for the strong supply is the demand coming from the BPO sector. He said BPO companies take up 85-90 percent of the supply. Global firms that are expanding operations are also contributing to the bullish increase in office space.