[pushAUX.com] The office property market of the Philippines will continue to be powered by the presence of corporations under the Philippine offshore gaming and outsourcing sector (POGO).
Michael McCullough, KMC Savills
“I think the POGO phenomenon is here to stay. The POGOs are able to make an incredible return on money for a very, very short of time so that continue to take up large amount of office spaces particularly in the Bay Area, and now see them expand in Quezon City, as well as in Cebu and Clark.”
Mr. McCullough furthered that the Bay Area is transforming to a place that can compete with other NCR business zones such as that of the Makati central business district (CBD), Bonifacio Global City (BGC), and Ortigas Center.
Specific to BGC – Mr. McCullough added that the business process outsourcing (BPO) and knowledge process outsourcing (KPO) sector will continue to influence the demand for office spaces for this Makati-Taguig business zone.
KMC Savills reported that the average office rental value in Metro Manila has accelerated, hitting a 5% year-on-year increase by the end of 2018, which impacts residential and land prices in all CBDs.