Outsourcing sector to need 100 million sq ft of office space

The outsourcing sector will need around 100 million square feet of office spaces in the Philippines and India through 2020, according to global property consultant Cushman & Wakefield. In a report, the company said the need for office space in both countries will be driven mostly be global banks seeking to establish call centers in the Philippines and India. The report added that global financial giants are increasingly opting for more cost-efficient locations to house their back-end operations, in line with efforts to contain costs. Among global financial firms looking to add office space are Barclays, Credit Suisse, Standard Chartered, and Citigroup.