Bonifacio Global City, touted as the "Home of Passionate Minds," emerged as the top location for Business Process Outsourcing (BPO), taking up 35 percent of the market. Quezon City ranked second with 28 percent, while Makati City, with 21 percent, came in at third.
BPOs took the lion's share of the office sector in 2014, with more than 50 to 60 percent of the total take-up, according Jones Lang LaSalle (JLL), a property advisory firm. Information technology (IT), in second place, took up 11 percent of the market, said the same research.
Counted as one of the primary drivers of growth in the real estate industry, BPOs have prompted big-league property developers to erect high-rise towers with BPO-ready infrastructure to cater to the growing demand from this market.
BPOs are expected to continue to grow as an industry; additionally, it's a sector that's largely immune to economic and political factors, said Shiela Lobien, head of leasing of JLL.
"The BPO is minimally affected by economic and political situations and it will continue to buoy the office space industry as BPO companies continue to demand BPO-ready buildings in secure locations where there is an ample supply of talent at lower costs," Lobien stated.
Lobien issued that more than 180,000 square meters were rented by BPOs in 2014, among them a space measuring 51,500 square meters, leased to a multinational BPO in BGC.
"BGC is the most logical choice for a BPO because it is accessible to Makati and its new buildings are ready and equipped for such requirements," said Lobien.