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#IndustryUpdate | Facing pressure from government officials and industry groups, President Marcos pronounced a ban on Philippine Offshore Gaming Operators (POGOs) during his State of the Nation Address last July 22, sending shivers to the office sector which is just regaining stability. This pronouncement, however, was welcomed by the Finance department’s chief, who said “the cost outweighs the benefits” of allowing the industry to continue operating in the country. Colliers data show that at the peak of POGO demand in 2019, the sector occupied nearly 1.3 million square meters of office space or about 10% of Metro Manila’s the total stock. This has since decreased to just 3.5%, which to our view will still impact the office market. However, Colliers experts highlights that there is comfort from the fact that major developers’ exposure to this industry has also gone down to negligible level, while other demand drivers like the IT-BPM companies; traditional, local, and multinational companies; and government agencies continue to take up office spaces. Read our latest Industry Update to know more: tinyurl.com/mpa2swpw. #ColliersPH #BeExperts #MeaningfulInsights #MeaningfulConversations #POGO #PhilippineOffshoreGamingOperators #OfficeMarket #OfficeSector Dom Fredrick Andaya, Richard Raymundo, Kevin Jara, Kath Ryne Taburada

#IndustryUpdate | Over three months after President Marcos announced the ban on Philippine Offshore Gaming Operators (POGOs) during his SONA, the much-awaited executive order was officially issued on November 5, marking the end of POGO demand in the office market. Despite the total ban, the office market remains buoyant, supported by traditional occupiers and IT-BPM firms who continue to drive demand. According to Colliers’ Office Services experts, the absence of POGOs has not weakened the sector; rather, it has opened up opportunities for office occupiers in meeting their office space needs. Click here to read more: https://lnkd.in/gRjBNuqm. #ColliersPH #BeExperts #AcceleratingSuccess #MeaningfulInsights #POGO #PhilippineOffshoreGamingOperators #POGOBan

#OfficeSector | In the first half of 2024, net absorption in the office market saw a significant increase of 26% year-over-year, a figure primarily fueled by traditional and outsourcing firms. However, space surrenders from Philippine Offshore Gaming Operators (POGOs) and the non-renewal of pre-pandemic leases are expected to outpace demand— likely resulting in a negative net take-up by year-end. In Q2 2024, about 70,800 sqm of new office space was completed. Colliers Philippines expects the Bay Area, Quezon City, and Makati Fringe to account for more than half of the new supply delivered in 2024. Our Q2 2024 Philippine Property Market Report on the Office sector is available for download on our website. Click here: bit.ly/Q22024_Office. #ColliersPH #BeExperts #AcceleratingSuccess #MarketResearch #RealEstateResearch #BusinessIntelligence #OfficeMarket #Outsourcing #POGO #Coworking

Ploenchit-Chidlom- Wireless: Bangkok’s resilient core for prime office demand - Knight Frank Bangkok's office market is undergoing a period of rapid transformation, yet the impacts of rising supply and shifting tenant demands are far from uniform across the city says Mr. Nattha Kahapana Managing Director of Knight Frank Thailand. "The office market in the Ploenchit-Chidlom-Wireless corridor is on track for a strong recovery, with occupancy rates projected to rebound to 87% by 2029—well ahead of the CBD average of 74%." Mr. Nattha Kahapana, Managing Director of Knight Frank Thailand added. Read more on RETalk Asia - https://lnkd.in/gEDEDe74 Sunchai Kooakachai Panya Jenkitvathanalert Nattha Kahapana Phanom Kanjanathiemthao Knight Frank Thailand #knightfrank #Knightfrankthailand #commercialrealestate #thailandmarket #thailandrealestate #officedemand

With hybrid working now the norm for the vast majority of businesses, Hong Kong’s flex market is booming as businesses increasingly favour investment in a network of shared workspaces, while downsizing their traditional office footprint. Offering significant cost advantages for businesses, property owners and investors can capitalise on this rapid shift by partnering with International Workplace Group to convert their spaces into thriving flexible workplaces, meeting the ongoing demand for hybrid solutions in Hong Kong and beyond. #IWG #NikkeiAsia #HybridWork #FlexSpace #FutureofWork

With hybrid working now the norm for the vast majority of businesses, Hong Kong’s flex market is booming as businesses increasingly favour investment in a network of shared workspaces, while downsizing their traditional office footprint. Offering significant cost advantages for businesses, property owners and investors can capitalise on this rapid shift by partnering with International Workplace Group to convert their spaces into thriving flexible workplaces, meeting the ongoing demand for hybrid solutions in Hong Kong and beyond. #IWG #NikkeiAsia #HybridWork #FlexSpace #FutureofWork

Will the cessation of POGO operations significantly impact the real estate sector in the Philippines? With the current government directive to halt POGO operations until the year's end, companies in this industry will need to vacate their current office spaces. Nevertheless, the ongoing appetite of BPOs to acquire larger office spaces will continue to drive positive shifts in the office and residential market. The BPO sector's demand for additional 600,000 sqm spaces is expected to persist, albeit at a slower pace over the next three years. Consequently, as BPOs seek larger office spaces, the exit of POGOs from the country is anticipated to have minimal impact on the property sector. #realestatephilippines #realestatebrokerph

With hybrid working now the norm for the vast majority of businesses, Hong Kong’s flex market is booming as businesses increasingly favour investment in a network of shared workspaces, while downsizing their traditional office footprint. Offering significant cost advantages for businesses, property owners and investors can capitalise on this rapid shift by partnering with International Workplace Group to convert their spaces into thriving flexible workplaces, meeting the ongoing demand for hybrid solutions in Hong Kong and beyond. #IWG #NikkeiAsia #HybridWork #FlexSpace #FutureofWork

With hybrid working now the norm for the vast majority of businesses, Hong Kong’s flex market is booming as businesses increasingly favour investment in a network of shared workspaces, while downsizing their traditional office footprint. Offering significant cost advantages for businesses, property owners and investors can capitalise on this rapid shift by partnering with International Workplace Group to convert their spaces into thriving flexible workplaces, meeting the ongoing demand for hybrid solutions in Hong Kong and beyond. #IWG #NikkeiAsia #HybridWork #FlexSpace #FutureofWork

Our Q1 2024 Metro Manila Office Market Update reveals how businesses continue to find value in Metro Manila office spaces despite evolving dynamics. Here's an insight from our Research Manager, Leo Amadeus Ruiz. 🏢 Get the data and read the full insights here: https://lnkd.in/g89Y44eD 🏢 Check property listings at https://lnkd.in/dE4H_nfP #YourPartnersinProperty #SantosKnightFrank #KnightFrank #Q1OfficeUpdate