Business Process Outsourcing (BPO) accounts for 80-90 percent of the office space rented in the Philippines, according to South China Morning Post. This booming industry, which is fueling one of the fastest growing economies in Asia, is expected to double its current employee base of 600,000 by 2016.

Manilla’s commercial real estate market benefits from this growth. Take-up of new office space (expected to be 4.3msf this year) is up 25 percent from last year, according to the report. Rents in Bonifacio Global City, a new business district under development, are at 1.81/sf and are expected to match up with rents in Makati – Manilla’s main business district – in the not too distant future. An additional 14msf of new office space is expected to deliver by 2015.
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BPO firms, which cater to Western multinationals looking to cut costs, provide services such as call centers, data processing, accounting and legal services. BPO firms are a major source of employment for the country’s college graduates.

Last Updated on November 28, 2012 by Ramin Seddiq