POGOs are slowly re-enter PH
The Philippine Offshore Gaming Operator (POGO) industry is slowly making a comeback in the Philippines after two long years.
According to property consulting veteran David Leechiu, POGOs are starting to take up long-vacated offices and urban residences despite the surge in COVID-19 Omicron cases from mid-December 2021 through February 2022.
From April to May alone, Leechiu Property Consultants estimated that POGOs took up 21,000 square meters of office space.
The last time there were new POGO office leasing transactions was in the first quarter of 2020, before the hard lockdowns imposed by the government to curb local COVID-19 transmission.
At its peak, the POGO sector accounted for 10 to 15% of major office landlords’ pre-pandemic portfolios. They also rented residences and contributed to consumer spending.
In an interview with Inquirer, Leechiu said that the Omicron 2 would not change the sector’s recovery soon.
“If it ever successfully stops the growth, then I think it will be very temporary, and as soon as people get well and more people get well, you’re going to see a continuation of this increasing demand because the sentiment has totally changed from a tenant market perspective,” he added.
The Philippines recorded 276,000 square meters of new office leasing transactions in the first five months of this year.
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