The call center outsourcing industry in the Philippines is the main factor driving the demand for office spaces, according to a leading real estate firm.
In an Inquirer news report, CB Richard Ellis Philippines Inc. (CBRE) said that the BPO takes up 80% of the office market annually.
According to their report, the fast expansion of global firms caused a drop in the overall office vacancy rate in Metro Manila, from 3.21% in the last quarter to 2.51% in the second quarter of this year.
The effect of this trend extends to the retail sector. Stores - including convenience shops such as 7-11, Ministop, and the new Japanese brand Family Mart as well as coffee shops - lease on commercial spaces of office buildings, particularly in the ground level, to cater to the growing BPO (business process outsourcing) crowd.
These stores previously operate only on regular hours, but are now open 24/7. Some of these establishments are even doing business during local holidays to accommodate BPO workers on the night shift.
Aside from retail and commercial spaces, the shifting schedule in call center outsourcing companies also proves to be beneficial to the residential property market. Agents working the night shift prefer getting condominiums or apartments near business centers for safety and convenience.
A previous report by CBRE said that the total office space occupied by the BPO industry is expected to double by 2017.
All these show how the growth of the BPO industry and the lifestyle change brought about by changing schedules help stimulate the economy, particularly in the property market for office, retail, and residential spaces.
Open Access BPO is a market leader in offshore outsourcing solutions. Based in San Carlos, California, we have an operating arm located in a multi-floor hub in the business district of Makati, Philippines. Learn more about us on our website or Google+ page.