Leading the resurgence is the surge in demand for office space from the business process outsourcing or BPO sector.
Strong takeup of the BPO sector pushed 381,000square meters worth of new office space deals, the consultancy firm reported, with 69% located in Metro Manila. The on-demand hub was Iloilo, beating Cebu and Clark.
The IT-BPM industry accounted for 48% of the new leases, which helped offset the exodus of Philippine offshore gaming operators or POGOs, which Leechiu said has not taken up new commercial leases since March when the sector as part of the general lockdowns.
In sum, 540,000 sqm of office space were vacated this year, the bulk of which were in Metro Manila where the coronavirus outbreak was first detected. Of these, 51% were POGO spaces. This translated to ₱1.4 billion in losses from office rent.