PH Office demand in Q4 rose by 38%
Office demand in the Philippines surged to 38% or 539,000 square meters (sqm) in the last quarter of the year amid the challenging 2021 market, according to Leechiu Property Consultants (LPC). This is a big improvement from last year’s 389,000 sqm.
In the study, LPC said that the IT-BPM industry is still expected to further increase office demand, taking up at least 54,000 sqm. of office space in the fourth quarter and registering a total year-end capacity of 229,000 sqm.
LPC CEO David Leechiu stated that they are expecting the sector to “remain a catalyst of the office segment for as long as outsourcing remains a viable solution for recovering firms in the West.”
Meanwhile, the e-commerce, industrial and warehousing sectors are also expected to help the office market’s recovery this year.
LPC’s study also predicted that most companies may resort to a hybrid office setup in the coming months.
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