Gig economy offers untapped opportunities for real estate industry

MANILA, PHILIPPINES — The booming gig economy offers plenty of untapped potential for the local real estate industry, according to real estate management firm Colliers. 

In its recent report, Colliers said that with the rise of the freelance industry, the demand for flexible workspace also grows. 

“The gig economy appears to offer plenty of opportunities for flexible workspace providers and the office market altogether,” Colliers said. 

Young professionals engaged in these “gigs” have gained financial security because of higher pay rates coming from local and international clients and flexibility with their work schedule, which provides them with better time management.

The real estate management firm said that assuming a 70-30 work-from-home arrangement, 1.5 million freelance workers could translate to roughly 450,000 seats or 2.7 million square meters of possible office space demand, which marks an opportunity for the office market as the economy ventures into this shift.

“As more individuals enter freelancing and more workers get higher or more complex responsibilities, freelancers may see the benefits of taking space in a flexible workspace solution which could provide them improved office infrastructure and better telco reliability. As such, flexible workspaces can create a community which is conducive to the freelance industry especially since networking and collaboration with other freelancers for potential projects is at their reach,” Colliers’ report read.