GCCs creating demand in PHL office market

The rise of more global capability centers (GCCs) is creating demand in the country's office market as more foreign firms see the Philippines as a viable option for their offshore centers, according to a property consultancy firm.

- By CATHERINE TALAVERA

In a media briefing on December 10, Leechiu Property Consultants (LPC) director for commercial leasing Mikko Barranda shared that the country's office market posted a 10 percent year-to-date growth in terms of demand to 1.22 million square meters (sqm) from 1.11 million last year.

Barranda said the office sector has been heavily anchored on the information technology-business process management (IT-BPM) industry in the past six years.

Data from LPC showed that year-to-date office space demand from the IT-BPM sector reached 549,000 sqm this year. Of the total demand from the IT-BPM sector, 174,000 sqm were from GCCs, while 375,000 sqm were from third-party service providers.