A number of developments are taking place in the Bay Area, where demand for office space is seen growing at a faster pace in the coming quarters. The Bay Area office market is expected to generate new office stock of about 380,000 square meters in addition to the existing 300,000 square meter of space. Among the developments that are scheduled to be completed this year is iMet BPO building, a property developed by Federal Land. iMet BPO building will added 18,543 square meters of leasable space in the Bay Area. Vacancy rate in the area remained low in Q1 of this year due to the strong interest from the business process outsourcing (BPO) industry.
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