Office spaces vacated by Philippine Offshore Operators since the second quarter this year were taken up by higher demand from the information technology-business management (IT-BPM) sector to boost opportunities for the real property industry amid the pandemic.
Improved fundamentals, along with government measures to address the pandemic and raise funds and the resiliency of the domestic property market, among others, are seen to back the real property sector next year, according to Leechiu Property Consultants chief executive officer David Leechiu.
He said demand continues to be high in Metro Manila, particularly in Quezon City, Ortigas in Pasig City, and Makati City at 69 percent, followed by those from Iloilo and Cebu.
He traced IT-BPM firms’ office space demand to availability of buildings that are accredited by the Philippine Economic Zone Authority (PEZA) as tax incentives eligible.
“We are confident that they will continue expanding in the country, which remains a leading outsourcing arena for global business now seeking to cut costs and recover from Covid (coronavirus disease),” he said.
Leechiu cited the increased demand in Iloilo, surpassing Cebu and Clark/Pampanga for the first time. This, after Iloilo was named as the most business-friendly highly urbanized city outside of Metro Manila last year by the Philippine Chamber of Commerce and Industry (PCCI).