IT-BPM sector leads Metro office market growth
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.