The overall inventory of office buildings in major financial districts grew by 3% with an additional supply of 276,000 square meters in the first quarter of 2019, mostly occupied by the information-technology and business process management (IT-BPM) sector. The Metro Manila Office Market Overview Q1 2019 showed that Makati and Taguig cities remain the two largest office districts. Both account for 3.4 million square meters and 2.2 million square meters, respectively, of the total stock of 10.9 million square meters as of March 31. Ortigas Center, the third-largest district, showed the fastest growth in the first quarter at 6% upon the completion of the Podium West Tower, which provides 94,000 square meters of office space. The office supply in the first three months remains 31% higher than the quarterly average in 2018 despite a construction delivery delay of 30%, said Monique Pronove, president and CEO of Pronove Tai International Property Consultants.
Join the world's premier outsourcing community
Get the world's leading outsourcing news summary, Inside Outsourcing, delivered to your inbox each week, for free. Plus, benefit from being a part of the fastest growing outsourcing community.
- Breaking news: daily web updates with outsourcing sector updates
- Newshub: Browse over 4,000 outsourcing industry news items
- Access: get outsourcing white papers, guides, articles, videos and podcast episodes
- BPO community: join our extensive outsourcing community
- Cancel anytime: zero obligation, no spam, just great information