IT-BPM firms drive Q2 office demand in the Philippines
MANILA, PHILIPPINES — The Philippine office real estate market gained traction in the year’s second quarter, largely fueled by the IT-Business Process Management (IT-BPM) industry.
According to investment management firm Colliers, IT-BPM office transactions jumped to 124,681.99 square meters in Q2 2023, up from 113,663.80 sq.m. in the second half of 2022.
Notable transactions in Q2 include Emerson’s 20,500 sq.m. lease in Ortigas Center, trailed by Telus’ 13,100 sq.m. in Quezon City, and OP360’s expansion across Cebu and Cagayan de Oro, encompassing 11,200 sq.m.
Colliers also noted that nearly a quarter of all office transactions in the past three quarters occurred in Philippine provinces, pointing to abundant talent and infrastructural development outside Metro Manila.
“We see this as a continuing trend for outsourcing companies because of the availability of talent outside Metro Manila and the ongoing infrastructure developments in different provinces in the country,” the firm added.
