NextGen Day

According to the latest report by Leechiu Property Consultants, Philippine office demand rose in the last quarter of the year, registering year-to-date at 539,000 square meters (sqm), or 38 percent higher than the 2020 number of 389,000 sqm, owing to solid fundamentals (LPC).

Despite the peaks and valleys in demand that characterized the 2021 office market, take-up will exceed estimates by the end of the year, according to the report.

Office demand levels, driven by continued take-ups from information technology-business process management (IT-BPMs) enterprises, would have been higher if not for mobility constraints caused by the third-quarter lockdowns, according to LPC CEO David Leechiu.

“Even at the peak of the epidemic in 2020, IT-BPMs occupied space.” We believe they will continue to be a driving force in the office segment for as long as outsourcing is a viable option for struggling companies in the West,” he added.

According to the Leechiu survey, IT-BPMs would occupy at least 54,000 square meters of office space in the fourth quarter of this year.

It also predicted that by the end of the year, the total demand for this category in 2021 would be 229,000 sqm.

“We’re excited to see new brands emerge from captives wishing to offshore and outsource to the country,” Leechiu said.

Aside from BPOs, online retail enterprises, often known as e-commerce, will continue to fuel growth and boost both office and industrial needs.

The surging need for industrial and storage to suit logistics requirements was also mentioned in the study.

Most businesses will gradually return to downtown areas while continuing to operate from home for a portion of their operations. According to the report, this will lead to hybrid operations.

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