The office space market in the Philippines is setting new records, led by demand from business process outsourcing (BPO) companies and multinationals, indicating growing business confidence, according to one of the country’s largest property consulting firms.
While demand for office space in Metro Manila remains high, real estate advisory firm CB Richard Ellis Philippines has warned landlords against hiking rental rates too much because this can negatively impact the country’s competitiveness as an investment destination.
The local business process outsourcing sector is seen benefiting from the uncertainties in the American and European markets, as companies there scramble to outsource some of their business requirements to locations that provide quality service at lower costs.
Rental rates for prime office space in Metro Manila trekked higher in the second quarter of the year, driven mainly by demand from business process outsourcing firms, according to a report of CBRE Philippines. The property consulting firm said demand from “traditional” offices also helped boost the market and pushed prices of “Grade A” space [...]
Only a handful of companies can boast of providing employees ample room for work and several other amenities or avenues for self-improvement. Oftentimes, employees are given just enough space—a desk and chair—to perform their tasks. Considering that the average hardworking Filipino spends at least eight hours or roughly half of his waking hours in the [...]
