Study reveals more co-working facilities open in BGC

A RECENTLY-released study by real estate services firm Leechiu Property Consultants discloses the presence of at least 70 serviced office and co-working space facilities in Bonifacio Global City and Makati alone accounting for around 80,000 sqm. of office space. Favored by freelancers, independent professionals and other occupiers, these facilities appear to be a growing trend in key business districts.

Phillip Anonuevo, LPC director, said he has received inquiries for space in strategically-located buildings like Milestone @ Fifth Avenue in BGC from providers of service offices and coworking spaces indicating their continued expansion and growing popularity with their clients. The 20-storey building is situated along BGC’s main thoroughfare and is set for completion in October 2018.

He explained that a serviced office is a fully fitted suite operated by a management company that rents out private rooms to individuals or companies. A co-working space, on the other hand, offers shared, communal work areas designed with various themes, often a café or a lounge. Both arrangements allow professionals and corporations to quickly set up office in the country’s most prime business locations.

Mr. Anonuevo observes that the special appeal of Milestone @ Fifth Avenue to providers of flexible work spaces would be giving their clients the right to claim that they hold office on the same district where Google, Coca-Cola and Procter and Gamble have located.

He added: “Doing business from out of a flexible work space is now quite popular in Hongkong and Singapore. It looks like entrepreneurs and professionals in the Philippines are now also seeing the benefits of these options.”

In the meantime, industry specialists observe that BPOs and online gaming firms continue to strongly drive demand in the Metro Manila office segment. Jo Abellanosa, LPC manager, revealed that inquiries from firms in the BPO space interested in Milestone @ Fifth have strengthened since the start of the year. This is partly because it will be the only new Grade A building in the area offering a large floor plate required by BPOs upon its completion in October this year.

Mr. Anonuevo also explained that demand for office space from BPOs in 2017 decreased compared to demand in previous years but is expected to rebound this year. As early as January, a record 415,000 sqm. of office space was pre-committed, the largest transaction in terms of space in precommitment history.