A growing number of MNC's and SME's from around the globe that have decided to put up an offshore location in the Philippines has revive the Philippine Property Market.
Prior to the Philippines being the choice of destination among top sourcing companies, the country's property market has not been like the way it is today. Way back the year of 1997, most offices in Makati City, the central business district of the Philippines, were uninhabited.
Mitch Locsin, executive director of the Business Process Association of the Philippines, the local BPO industry group, looked back how cheerless Makati was in those days. “The buildings were empty with office space priced at 300 pesos ($6.5) per square meter.”
At present, the tide has changed in favor of property real estate owners. Booming demand for office spaces and condominiums is highly jumping because of a rise in outsourcing to the Philippines. This scenario has been a red hot topic in the international property real estate developers.
On the front page of the Singapore's Straits Times Newspaper, the most popular broadsheet in the city-state, reporter Alistair Mcindoe analyzed the state of the Philippine property sector. It was bullish and very encouraging. Here is the full text of his report.
However, Philippines' real estate developers seem to be unable to provide the demands for enough office spaces for new investors coming in the Philippines to establish their own satellite office here. It is because more businesses doing back office operations for their US client-company have opted to hold offices in rent-to-own apartment buildings or in converted houses inside residential subdivisions than to wait long to rent a corporate office in Makati, Ortigas, Eastwood and The Fort Global.
If we cannot supply office spaces for today's demands, how can we accommodate the ever growing Philippine Outsourcing which is expected to employ 920,000 Filipinos by 2010 as businesses expand and new investors are coming in?
No comments:
Post a Comment