Real estate consulting and services firm Pinnacle said the business process outsourcing sector continues to be the driving force of the local office market. Cebu, it said, follows the national trend where the BPO industry heavily drives the market. In a report, Pinnacle said the annual average growth rate of new office property stock in Metro Cebu is about 12%, which is at the low end of the projected growth rate for the BPO industry in the Philippines. The BPO industry is forecast to grow between 12% and 18% annually over the next five years. By the end of 2016, there will be nearly 900,000 square meters of Grade A office space in Metro Cebu, the report added. There are approximately 120,000 BPO workers in Metro Cebu currently.
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