Office Demand Sees More Improvement in PH

According to property market experts, office demand in the Philippines has recovered during 2021.

In a report by Colliers, office space transactions went up to 18% last year, From 357,000 square meters to 422,000 square meters.

Experts also say that the recovery of the office market is predicted to continue this year — as the economy in the Philippines is recovering and also easing the restrictions due to the current pandemic.

Colliers also reported that the COVID-19 delta variant surge slowed down the transactions in the third quarter last year.

Colliers Philippines Director of Office Services Dom Frederick Andaya said that the office demand sees more growth this year.

He also pointed out that one of the key factors is the vaccination efforts that gave confidence among businesses even during this pandemic.

Moreover, Andaya also mentioned that the Business Process Outsourcing (BPO) industry remains the industry with the highest demand for office spaces.

Meanwhile, Philippine offshore gaming operators (POGO) are also seen to make a comeback in the country and will also take up vacant spaces. (ASC)