2024 is shaping up to be an interesting year for office space in Metro Manila. Despite the boom in demand for office spaces, expected to hit over 300,000 sqm, largely driven by the IT outsourcing sector, there’s a twist – Work-From-Home (WFH) isn’t going away.
(https://www.philstar.com/business/2023/12/29/2321983/metro-manila-office-space-demand-reach-over-300000-sqm-2024)
Even with more people returning to the office and office space demand bouncing back from a low in 2022, high vacancy rates are still expected due to the popularity of hybrid work.
This scenario is even more intriguing considering the growth of outsourcing in the Philippines. There’s a real tug-of-war happening between the increasing need for physical office spaces and the continuing desire of employees to work remotely. With new office developments also slowing down compared to pre-pandemic levels, it’s clear that businesses are still figuring out this balance.
What’s next for 2024?
It’s all about watching how companies in the Philippines and especially Metro Manila will adapt to these conflicting trends. Will they lean more towards expanding office spaces or embrace the WFH model? This ongoing negotiation between what employers need and what employees want is going to define the workplace landscape in the coming year.
efrenchaux.com 
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