by: Sarah Joson
Thursday, February 26, 2015 | Outsourcing News |
Renowned commercial real estate firm CB Richard Ellis Philippines, Inc. (CBRE) said the business process outsourcing (BPO) sector of the Philippines is still a major contributor to the growth of investments in the Philippines.
During a forum held in Makati, John Corpus, Corporate Agency and Brokerage Director at CBRE, said the Philippines has overtaken India in providing voice services to information technology firms and Western banks. Moreover, he explained that for every BPO job, 2.5 more jobs are produced in administration, construction, and services. This also goes for the office market where the outsourcing sector is likewise cited as a growth driver. Office occupancy in major business districts peaked during the fourth quarter of 2014.
CBRE also pointed out that the rates of Prime and Grade A buildings in Metro Manila slipped from 2.53 to 2.13 percent quarter-on-quarter.
Furthermore, CBRE Philippines Chairman and CEO Rick Santos said even with the increase in office property rates throughout CBDs, investors are willing to pay for the quality and value in those areas.
Also, during last year’s fourth quarter, the total office occupancy rate in Makati, Fort Bonifacio, Alabang, Quezon City, and Ortigas is said to be at 97.87 percent.
We can help you understand the possibilities. Reach out to us today.