Jones Lang Lasalle calls for more office projects

More commercial property is needed, especially in the office segment, given huge demand from the rapidly expanding business process outsourcing (BPO) industry, said JLL Philippines Regional Director Sheila Lobien at The Manila Times’ 6th Business Forum held at the Marriott Hotel in Pasay City. By 2020 the demand side of the BPO global market will grow by $250 billion and currently the Philippines market is at $23 billion. “That’s a lot. So we need to have more office space, more condominiums, more residential, more retail space,” says Lobien. The Philippines, she noted, currently accounts for about 13 percent of the global outsourcing industry. To date, there is a 64 percent increase in supply, but it’s all being taken up. “The vacancy rate today is very minimal, 4 percent,” she says.