Strong Office Demand Expected To Rise As IT-BPM Hiring Increases

The demand for office spaces is projected to reach one million square meters (sq.m.) this year, primarily driven by growth in the information technology and business process management (IT-BPM) sector, according to real estate brokerage services firm Leechiu Property Consultants (LPC).

The Cebu IT Park I Photo: Avida Land

Mikko Barranda, LPC's Director for Commercial Leasing, mentioned during a media briefing that historically, a significant portion of leasing activity occurs in the last three months of the year.

He expressed optimism about surpassing the figures from 2022, stating, "There is a chance that we should reach one million sq.m. by the end of the year."

To provide context, Barranda noted that the total for the previous year was 989,000 sq.m. and reported that as of the end of September, the figure stood at 809,000 sq.m., indicating a 17% increase compared to the same period last year.

He attributed this year-end projection to the growth of the IT-BPM sector, which is expected to hire 135,000 workers.

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