A looming recession in the United States is expected to boost the Philippine’s booming property market and its outsourcing industries, real estate consultant C. B. Richard Ellis (CBRE) said Thursday.
“We see no end for the demand for commercial real estate,” CBRE Philippines chairman Rick Santos told reporters at a news conference.
“We haven’t seen this much interest since pre-1997 (before the Asian crisis),” he said.
CBRE sees the availability of over half-a-million square meters of office space in the country to accommodate expanding and new BPO (business process outsourcing) offices in 2008.
In a news conference on the country’s property outlook for 2008 held at the Fontaine Room, Mandarin Oriental Hotel in Makati City yesterday, Santos emphasized the completion of 520,000 square meters (5,597,233 square feet) of new office space in Metro Manila. That includes key provinces in the country to cater to the projected increase in BPO operations.
In a presentation, Santos said the demand for office space remains strong as existing BPO players continue to expand not only in Metro Manila but also in major urban centers nationwide including Metro Cebu.
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