By Othel V. Campos | Jul. 02, 2015 at 11:01pm [ manilastandardtoday.com ]
Real estate and investment management house Jones Lang Lasalle said companies are expected to absorb a million square meters of office space this year, or nearly double last year’s 513,800 sqm.
Jones Lang Lasalle director Philip Anonuevo said in the first half of the year alone, companies led by business process outsourcing firms absorbed 506,674 sqm of office space.
“It is highly possible that figures will double this year. A lot of space has been taken up by the BPOs. They remain the single biggest occupant of commercial spaces,” Anonuevo said.
Total supply of new office space is estimated to reach 745,380 sqm in 2015 on of maturing lease contracts that will add to current inventory.
The BPO sector is expected to take up 63 percent of the demand in 2015, as full time employees in the sector is expected to expand to 1.3 million by 2016 from the expected 1.1 million in 2015.
“Translated, this will require another 900,000 square meters of office requirement in 2016. This year, BPO gets 500,000 square meters of available space,” said Anonuevo.