BPO will take all new office space over next three years – JLL

Owners of newly opened office space need not worry about their occupancy rates as the country’s business process outsourcing (BPO) industry is forecast to absorb the huge amount of new units over the next three years, according to Jones Lang Lasalle’s head of research and consultancy, Claro Cordero Jr in a recent interview with reporters. Cordero said gross take-up of office space reached new highs, with offshoring and outsourcing firms expanding not only in Metro Manila but also in other urban centers like Cebu and Davao. In Metro Manila alone, around 1.8 million square meters of new office space is expected to enter the market in 2016 and 2017 but Cordero said the robust BPO industry will absorb the new office spaces and will keep the realty sector afloat.