BPO demand drives most new offices in Metro Manila in quarter century
About 710,000 square meters of office space will be built in Metro Manila this year and another 780,000 square meters in 2017, the most in at least 26 years. According to Colliers International, Philippine builders will continue to add office spaces in the capital as more international companies, such as American Express and IBM, are outsourcing jobs to the country. Real estate developer Eton Properties Philippines Inc. said demand for office space from the outsourcing sector is still very high and real estate developers are answering this demand. Due to the entry of more office spaces this year, Colliers expect office rents in Metro Manila’s four biggest business districts to not increase.
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