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News Release

Manila

Office take-up rate rising

Underscoring inherent attraction of Philippines as a business destination


Manila, 15 June 2011 - Multinational firms - many of which are in the BPO industry - remain bullish about doing business in the Philippines, according to Jones Lang LaSalle Leechiu Chief Operating Officer Mr. Lindsay Orr at the launch of the 2011 Asia CEO Awards today.
 
The executive of the leading real estate services firm in the country disclosed that in 2011 up to 2013, 400,000 to 500,000 sq. m. of office space will be built annually in Metro Manila business districts in anticipation of the sustained influx of multinational firms.  The growing confidence of the business sector in the inherent attractions of the Philippines as a business destination is also reflected in key cities outside Metro Manila like those in Pampanga, Cavite, and in Cagayan de Oro where office supply has doubled or even tripled in the past few years.
 
"The stream of office buildings coming into the market in Manila and other cities is the result of sustained demand for office space in the country, which in turn indicates a generally favorable business environment and the depth of Filipino talent," he said.
 
Orr made the observation at the launch of the 2011 Asia CEO Awards, which aims to highlight the quality of managerial talent found in the Philippines.  The program recognizes individuals from local as well as multinational companies who have shown exceptional corporate leadership as well as management teams that have excelled in finance, human resource, technology and entrepreneurship among other categories.  Nominations for a range of awards are now being accepted and results will be given out in November at the Awards Gala.
 
He observed that Jones Lang LaSalle Leechiu, which transacted 92 percent of office space in Bonifacio Global District, has witnessed in the past few years the growing attraction of the Philippines as a place for corporations to thrive and get a foothold in the booming markets of Southeast Asia.  "The increasing demand for office space, as well as resulting increased supply, throughout the country is proof of this."
 
According to data from Jones Lang LaSalle Leechiu, 239,078 sq. m. of office space in Metro Manila came on-stream in 2011.  Another 434,369 sq. m. is expected in 2011, and 521,949 sq. m. in 2012. Pampanga now has 62,719 sq. m. of office space and Cavite 167,810 sq. m. More than a third of those spaces were built out in the past year or so.  Bacolod, Davao, Iloilo, Cagayan de Oro, Baguio and Laguna cities have experienced similar growth spurts in office space.
 
Orr commented: "Our firm's growth is tied up with the sustained growth of the Philippines as a business destination.  We are thus pleased to participate in the Asia CEO Awards which helps highlight the successes of firms in the country today."