Offshore gaming boosts Philippines real estate industry
The offshore gaming business has become a major contributor to office space take up in the Philippines. According to Ortigas & Co COO Thomas Mirasol, in a briefing hosted by Lamudi Philippines, the influx of offshore gaming companies – many of which are Chinese – has notably spurred demand for office space last year. For residential developments, Mirasol said, the Philippine offshore gaming operator (POGO) market is the newest and most significant change in the real estate industry. As of June this year, the country has reported 51 offshore gaming operators and most are located in the Bay Area, occupying offices ranging from 10,000 to 30,000 sqm. Michael McCullough, managing director of KMC Savills, disclosed that office take up of POGOs last year reached some 400,000 sqm. For 2018, they expect the same take up, bringing the total to some 800,000 sqm in the past two years.
