IT-BPM sector leads PH office market recovery
The Information Technology-Business Process Management (IT-BPM) industry in the Philippines is leading the office market recovery, taking up 383,000 sqm. in the first three quarters of 2021, according to a report by real estate services company Leechiu Property Consultants (LPC).
This figure is already equal to 98% of 2020’s full-year demand.
Compared to the previous quarters, office demand in Q3 slowed down due to strict lockdowns and rising COVID-19 cases. However, the decline has been offset by the 228,000 sqm. active office leasing requirements that will be completed in the next six months.
Currently, the IT-BPM sector represents 44%, or 169,— sqm., of the overall demand. About 25% of these, or 94,000 sqm., are located in key provinces in the country, led by Iloilo with 37,000 sqm.
In a media briefing, LPC CEO David Leechiu said that the reforms implemented by the government have helped the industry recover amid the pandemic.
Among those reforms, the POGO Law (RA 11590) halted the withdrawal of Philippine Offshore Gaming Operators (POGOs) from the country. LPC expects POGOs offices to reopen by the second quarter of 2022.
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