According to research presented by real estate consultancy company Lobien Realty Group (LRG), the Philippines’ real estate industry has been severely impacted by COVID-19, as the pandemic halts the operations of most businesses.
LRG says that COVID-19 has slowed down the office market, especially in Metro Manila. BPOs may soon scout for alternative business locations in the provincial hubs for competitive rates and lower labour costs. Projected POGO office demand for this year is also expected to slip, and traditional offices may consider work from home arrangements to lower costs.
However, an improved demand for office space is predicted by 2021 if the pandemic is contained by the second half of 2020. LRG claims there may even be a more robust demand for the BPO sector as global companies need to outsource their businesses while their countries fight the effects of COVID-19.