Leading properties and real estate advisory firm Santos Frank Knight predicted a surge in the entry of co-working space brands in 2019 as global and local companies embrace a new corporate lifestyle that is convenient and more flexible.
Santos Frank Knight chairman and chief executive Rick Santos said the increasing take-up of office spaces would be driven by the growing demand for co-working space locations.
“Flexible workspace is a ‘sunrise idea’ in the Philippines. While a number of multinational companies with local offices have converted to flexible workspace to increase productivity, the concept is yet to be adopted by most local corporations. This presents local pioneers with a vast opportunity to reap the benefits of an optimized workplace,” he said in a news briefing Friday.
The entry of new Chinese entrants buying spaces by floors, with the intent of retailing space as co-working locations, also drove up prices per square meter.
Based on the report, the rate of vacancy in Metro Manila shrank to 3.9 percent in the first nine months from 4.5 percent a year ago.