The second quarter property market report released by Colliers Philippines showed that the business process outsourcing (BPO) industry remains the top booster of the office property market. The strong local economy also further pushed up the country’s property market, where high occupancy levels have been sustained by the BPO sector. The Colliers report also noted that an estimated 75,000 square meters of new office net usable area (NUA) were completed in the second quarter of this year, bringing Metro Manila’s office stock to around 7.7 million sqm. However, the property consultancy firm said it expects that the volume of new office space completed by the end of 2016 will be much lower than initially projected due in part to construction delay.
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