O&O Firms Fuel Philippine Office Market Demand
The demand for office space in several cities in the Philippines has continued to rise, with offshoring and outsourcing (O&O) companies generally driving the growth, according to JLL Philippines. JLL said O&O companies and online gambling firms are fueling the demand for office properties in Metro Manila. Similarly, Metro Cebu is also seeing a growing demand for office space due to the rising number of O&O firms, online gaming companies and English-as-a-second-language schools in the city, according to Janlo de los Reyes, head of research at JLL Philippines.
Meanwhile, JLL Philippines country head Christophe Vicic said the office boom in Davao city can also be attributed to O&O expansion. The real estate industry in Asia Pacific will continue to grow in the second half of 2019, said Anthony Couse, JLL Asia Pacific chief executive officer, adding that as capital allocations to real estate are increasing, investors are diversifying their portfolio to keep yields up.
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