Further modernization will make more metropolises in the country to become 24-hour cities this year.
According to global real estate services provider Colliers International Philippines, more metropolises in the country will transform into a 24-hour cities.
Colliers International cited Pasay City and Cebu City as potential areas that will transform into full-blown 24-hour cities in the near term, due to the establishments being developed in the area such as business process outsourcing (BPO) offices and casino resort hotels.
“The emerging casino district known as Pagcor City will also drive the transformation into a 24-hour city, promoting entertainment and tourism in the Manila Bay Area,” the company said.
“The emergence of Metro Manila, and to a lesser extent Metro Cebu, as non-stop, 24-hour cities is mainly due to the growth of the BPO sector. With employees working the night shift, support services such as restaurants and convenience stores should also be available for this emerging niche market,” it added.
Because of these trends, the company mentioned that public services such as traffic management and security should also be active day and night in the key cities.
It was reported before that the BPO industry will keep driving office space sector growth in the country. The Business Process Association of the Philippines (BPAP) estimated that by the end of 2013, the industry would employ a total of 960,000 workers nationwide. This translates to a demand for office space of about 2.8 million square meters.
Despite a substantial amount of new office space being developed in the next three years, vacancy rates are still seen to be low because of the continuous strong demand, Colliers International mentioned.
“Expansions will continue in the Next Wave Cities where labor pools are sustainable,” it further said.