BPO Office Stock To Dry Up In 2020
Office stock for the BPO industry in the Philippines is expected to be fully taken up by mid-2020 after the government banned further development of economic zones in Metro Manila. Phillip Anonuevo, executive director of Leechiu Property Consultants (LPC), said the supply is likely to constrict by mid-2020 when the current stock of new office spaces accredited by PEZA will have been occupied.
The Metro Manila office supply has kept up with BPO demand in the second quarter of this year, Anonuevo said. However, the 35,000-square-meter Century Diamond Tower in Makati is the sole PEZA-registered tower to open before the end of this year that will offer space for BPO firms. Nevertheless, Anonuevo said he remains hopeful for BPO firms’ continued growth in the Philippines and that the government will continue to be responsive to the industry’s needs.