ASEAN KEY DESTINATIONS
PHL to produce 5.5M sqm of office space in next 7 years
Robust demand for office spaces amid the country's growing economy will drive property developers to build at least 5.5 million square meters of office space in the next seven years, according to Leechiu Property Consultants (LPC).
"In the next seven years, the Philippines is going to produce 5.5 million square meters of office space. There are very few countries in the world that is producing that much office space, very few have that much construction activity and most of that is going to be absorbed," LPC CEO David Leechiu said in COL Financial Property Market Briefing in Pasig City on Saturday.
"These year we are gonna complete 1.1 million square meters," Leechiu said.
Growing demand for office space from the business process outsourcing (BPO) sector will compel property developers to build more office buildings.
"All the developers are building office spaces to boost their recurring income and to catch the demand coming from the BPO sector," Leechiu told GMA News Online on the sidelines of the briefing.
"But it's not just the BPO sector anymore that's eating up space, it's also retail, manufacturing, and online gaming. Online gaming is the second biggest demand driver for office space and it's happening allover the Philippines," he added.
The Philippines's attractiveness for investment amid its growing economy will be the key in ramping up construction for more office spaces as the country needs to absorb the foreign investors coming in, according to Leechiu.
"It has a lot to do with the growing economy, it has a lot to do with the fact that a lot of companies want to come in to the Philippines," he said.
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