Outsourcing contributes to real estate boom in PH
Offshoring and outsourcing firms are one of the main contributors to Metro Manila’s increase in residential, office space, and other property resources. Due to these demands, 673,500 square meters will be added to retail property in the next three years.
The office demand is also prevalent in Metro Cebu, mainly because of the offshoring and outsourcing firms. According to Janlo de los Reyes, head of research of JLL Philippines, it coincides with the growth for the residential leasing market due to the demand of high-salaried employees.
The same also goes for Davao City, said JLL Philippines country lead, Christophe Vicic, where the office property market is also soaring due to expansions of offshoring and outsourcing firms. Other contributors for this are leasing activities from local and foreign students and overseas Filipino workers.
In alignment with this, the development of various infrastructure projects across the country will no doubt contribute to more foreign investments in the future.