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PH BPO to Continue Driving Demand for Real Estate

by: Sarah Joson

Wednesday, July 8, 2015 |

According to property consultancy agency Jones Lang LaSalle (JLL), the upbeat growth momentum of the business process outsourcing (BPO) industry in the Philippines continues to drive local demand for office and residential spaces.
JLL Local Director Phillip Anonuevo cited the data from the IT and Business Process Association of the Philippines (ITBPAP) which states that the headcount for full-time BPO workers is expected to reach 1.3 million this year, which is set to take up 900 square meters of office space.

For this year, the total available office space is 745,390 sqm, and 68 percent or 506,574 sqm are already leased out, while 63 percent of the demand is from the BPO industry.
The country’s “new wave cities” such as Tuguegarao, Antipolo, Kalibo, Iloilo, Bohol, Davao, Puerto Princesa, Cavite, Balanga, Subic, and Clark could also benefit from the demand of office spaces as investors such as call center companies go where people are.
Apart from the BPO industry, remittances from Filipinos working abroad are also sustaining the demand for residential units.
Residential condominium units in Metro Manila totaled 216,830 sq.m., majority of which are near business districts where most BPOs are located.


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