THE Philippine office demand hit new highs in the first quarter of 2023, which could boost growth to exceed pre-pandemic levels for the entire year despite global and domestic challenges, a consulting firm said yesterday.
Leasing demand could potentially reach close to one million square meters in 2023, the company announced in a briefing.
In the first quarter of 2023, office demand reached 264,000 square meters compared to 124,000 in the same period, despite headwinds such as COVID-19, remote work and offshore gaming exit, Leechiu data showed.
“First quarter, which historically has been the slowest quarter of the year, [but] we seem to hit new-highs for the first quarter,” Leechiu Property Consultants CEO David Leechiu said.
For the entire year, “it could be at par with 2022 numbers, if not better, and that’s despite all the things that’s going on in the world,” he added.
Leechiu said the economic reopening and the new jobs generated by the business process outsourcing gave office demand a boost.
The IT & Business Process Association of the Philippines (IBPAP) is eyeing to hire over one million workers in the next five to six years, he said.
The condo market, meanwhile, jumped 108 percent in the first quarter compared to the same period last year with a 12,037 take-up, data showed.
However, the company noted that some segments of the market are hit by the higher interest rates and higher inflation in the residential sector.
First quarter residential condominium sales in Metro Manila for the lower middle segment dropped 39 percent, Leechiu data said, adding that there is upward movement for all other segments. (ABS-CBN News)
