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The Philippine office market is expected to grow faster with 358,000 square meters (sq.m.) of ongoing transactions likely to be concluded in the next six months, Leechiu Property Consultants (LPC) said in a report by BusinessWorld.
“Live requirements for office space are the highest they have ever been in any quarter since COVID-19 (coronavirus disease 2019) took its toll and IT-BPM (information technology-business process management) friendly spaces are likely to be among the first to benefit from this resurgence,” Mikko Barranda, LPC director for commercial leasing, said in a statement.
LPC noted that of the 358,000 sq.m. of live requirements, more than half or 195,000 sq.m. are from IT-BPM firms.
There is strong demand for buildings accredited by the Philippine Economic Zone Authority located in strategic locations.
For instance, Ortigas Technopoint Two along Julia Vargas Avenue in Ortigas Center has seen a high number of inquiries for its few available spaces.
Mr. Barranda said the building’s floor plates that are typically 4,000 sq.m. would mean greater floor efficiencies for locators. “This allows a 1:5 density ratio or one person for every five square meters of space and has been key in attracting established IT-BPMs to locate there,” he added.
Miguel Manipol, LPC director for commercial leasing, said IT-BPM firms are driven to keep their costs low, but also provide a conducive work environment for their employees.
“Workplaces like Ortigas Technopoint Two, which is highly accessible via public transportation from the residential communities of Quezon City, Pasig City and Mandaluyong City, are thus preferred locations,” he said.
The building is accessible to a six-storey parking facility, and offers branding rights and ground floor space for recruitment purposes to tenants who will take up spaces in the second and third floors.
Ortigas Technopoint Two is also located close to malls and other recreational establishments.
“Especially now that the industry employs 1.8 million nationwide, IT-BPMs seek work environments that are part of mixed-use communities to retain their employees,” Mr. Barranda said.