Office rental rates ease despite demand from BPO

Demand for office spaces from the business process outsourcing (BPO) industry remains strong, but office space rent increases in Metro Manila are expected to slow in the next 12 months, according to real estate services group Cushman and Wakefield Philippines. The firm said the rising number of building completions in the Philippine capital will contribute to the slowdown in office rental rate appreciation. In a report, Cushman and Wakefield Philippines said rental rates are projected to maintain their upward trajectory but the growth is expected to be slow in the next six to 12 months. The BPO sector remains the primary demand driver.