PH IT-BPM office demand grew by 67% QoQ

MANILA, PHILIPPINES — Office demand from the Information Technology and Business Process Management (IT-BPM) in the Philippines grew by 67% in Q1 compared to the previous quarter. 

In its latest property market briefing, Leechiu Property Consultants (LPC) revealed that IT-BPM demand in Metro Manila reached 114,000 square meters (sq.m.), second only to traditional offices. 

Meanwhile, the sector took up the majority of demand in provincial areas at 96% or 130,000 sq.m.

“[Growth will still be driven] by the [IT-BPM] sectors and the traditional offices because earlier, the Asia Development Bank said that the Philippines will most likely grow by 6% this year and 6.2% next year,” said LPC CEO David Leechiu.

Overall, the total demand for office spaces more than doubled to 264,000 sq.m. from 124,000 sq.m. seen in the same period last year. 

At the same time, the total vacancy totaled 2.6 million sq.m., 40% of which are fragmented spaces.

“We expect another 969,000 sq.m. to be completed by the end of 2023,” LPC added.