How the Real Estate Industry Can Keep Up with the Changing Face of PH’s Office Market
official press release.
The office market here in the Philippines stands to be affected as the demand of the BPO sector for space that best suits their future needs continues to evolve.
This is just one of the findings of JLL, the leading Real Estate professional services in PH, which has come up with the Future of Work, a unique visionary framework which analysed the changing nature of work and its effect on corporate real estate. JLL saw the need to come up with this new perspective so they can provide their global and local owners, occupiers and investors clients with the best counsel as they plan their future projects.
Based on their study, the 1.2 million-strong BPO work force, which accounts for a very substantial part of the employment rate, now face disruption because of several factors. Foremost of these factors is the possibility that the BPO workforce will be cut considerably as many of the voice tasks formerly handled by humans in BPO centres are now being automated through Artificial Intelligence and robotics. In addition, new entrants with "disruptive" business models have started providing on-demand contact centre services through experienced nomadic workforce who work outside the traditional office space like from collaborative spaces or from home and are remunerated on per project or per hour. This has pushed the BPO companies to evolve with their employment contracts to prevent their highest skilled employees from seeking alternatives work arrangements.
According to Anthony Couse, CEO of JLL Asia Pacific: "The way corporate occupiers see a property as a place to set up and run their business is absolutely critical for developers. As forward thinking leaseholders choose real estate assets that meet new requirements, developers would need to keep pace by designing the buildings of the future, integrating smart technology and sustainability as part of basic infrastructure."
According to Jordi Martin, CEO of Corporate Solutions of JLL Asia Pacific: "Real estate was once about acquiring and managing buildings. However, today's workforce demands choice and flexibility which requires work environments beyond the traditional offices. Those that offer high-tech personalized tools and services that enhance the human experiences will stand out and attract the best in the war for talent."
JLL Philippines Country Head Christophe Vicic says the Future of Work is very crucial to the local setting, which is now experiencing brisk progress. He explains: "Real estate investors and developers need to focus their sights on building smart, collaborative and flexible workplaces so both their clients and customers can keep up with the changing times and keep track of their business goals, whatever industry they are in. The different perspectives provided by the Future of Work are designed to equip them with the tools necessary for them to achieve their ambitions".
To learn more about the Future of Work, visit www.futureofwork.jll