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.
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Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.
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