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Philippine Office Rents To Stabilize In 2010 -CB Richard Ellis

The development of the BPO industry in the Philippines has sparked growth in other areas as well. In fact, real estate services firm CB Richard Ellis said that they foresee an improvement in the demand for office space in 2010. Vice Chairman for CB Richard Ellis Joey Radovan also said that the decrease in rent will attract more investors to set up their organizations in key cities in the Philippines.
Office rent is expected to stabilize thanks to the help of BPO companies setting up their sites in the country. This also helps prevent rent from plunging to 2002’s low of PhP 350 per square meter. So far, the retail and residential segments have also contributed to avoiding the decline in revenue and profit of quite a number of real estate firms.
With the BPO industry burgeoning this year, office and communications infrastructure must keep up with the growth of various markets. So far, the Philippines has a lot, if not enough office space to accommodate more BPO companies investing in key cities in the country. The government is currently working with the private sector in developing more cities to welcome the new wave of both BPO and KPO investments expected to flourish within the next couple of years.

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