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Office space demand recovering

Republika

With the expected conclusion of 330,000 square meters (sqm) of live requirements, demand for office space will be closer to pre-pandemic levels by the end of 2021, Leechiu Property Consultants (LPC) said.


Office take-up could reach 500,000 sqm. to 600,000 sqm. level by year-end with the signing of these pipeline of transactions with developers, LPC director Mikko Barranda said


“Last year, the number was 380,000 (sqm) so we are looking to almost double that assuming that things progress at the same pace but we are confident given that the economy is now opening much more and we have been seeing more vaccines come in, (and) that confidence will just increase as the months go by,” he said.


Barranda said the information technology and business process management (IT-BPM) sector continues to lead the demand for office space at 190,000 sqm., or 58 percent of the live requirements.


Traditional firms like those in e-commerce and logistics which grew during the pandemic posted 122,000 sqm. or 37 percent; while Philippine offshore gaming operators (POGO) firms are seeking 17,000 sqm. or 5 percent, he added.

Photo: PNA


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