On BusinessWorld: Traditional businesses fuel office space demand
BusinessWorld’s Special Features Reporter Bjorn Beltran cited Pronove Tai Data from the 3Q 2019 Metro Manila Office Market Overview on the print and online edition of the newspaper on November 5, 2019. Read on for an excerpt.
TRADITIONAL businesses have overtaken the Philippine offshore gaming operators (POGOs) and IT-business process management (IT-BPM) companies in terms of office space demand in the third quarter.
In its Q3 Metro Manila Office Market Overview and Full Year Outlook, Pronove Tai International Property Consultants tracked a total of about 305,000 square meters (sq.m.) of pre-leasing and leasing transactions from July to September 2019.
Traditional offices accounted for 40% or 122,000 sq.m. of total transactions, followed by IT-BPM sector at 32% or 96,000 sq.m., POGOs at 23% or 71,000 sq.m., and flexible workspaces at 5%, or 16,000 sq.m.
“The third quarter proved to be an exceptionally strong period for the traditional firms with a significant 61% growth YoY (year-on-year) from only 76,000 sq.m. last year” Monique Cornelio Pronove, president and CEO of the property consultancy firm, said.
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