PROPERTY developer Ortigas and Co. is looking to build more office developments in response to brisk demand from the business process out-sourcing (BPO) and knowledge process outsourcing (KPO) companies.
“The recent rise in the number of business and knowledge process outsourcing companies (BPO / KPO) and technology firms has led us to rethink our land banking strategy to accommodate these pioneers with more office spaces,” Ortigas and Co. chief operating officer Thomas Mirasol said in a statement.
Ortigas & Co. said it has observed a rise in KPO and technology firm locators in one of its projects, particularly the Estancia, a high-end mixed-use space in its Capitol Commons development in Pasig City.
“Among those already holding fort in Estancia are news website Rappler, Denmark-based conglomerate Maersk Group, and the US-based e-payment services leader VeriFone,” the company said.
The Maersk Group alone occupies 8,900 square meters of Estancia, almost half of the development’s office space inventory of 19,000 square meters.
“What the current trend shows us is that the BPO and KPO industries will continue to thrive in the country. With these companies’ needs to establish operations in Manila, Ortigas & Co. has made its land bank ready to house these innovative firms,” Mirasol said.
The company will also take part in the co-working space trend through the addition of Launchgarage—which provides co-working spaces to startup companie—as a tenant in its Circulo Verde development.
“Co-working spaces are also gaining popularity these days, especially among freelancers and startups.
Launchgarage opened its doors in Circulo Verde recently and we are glad to have them as part of the property’s growing community,” Mirasol said.
The company cited a study from property consultancy firm Leechiu Property Consultants which noted that the demand for office spaces from the information technology and business process management (IT-BPM) industry is seen to rise, as revenues generated by the sector are forecast to hit $20 billion this year.
“Ortigas & Co. is ready to take on this challenge, whether it’s from the IT-BPM industry or other sectors. We are actively assessing our assets and finding ways on how they can be more efficient,” Mirasol said.
“We believe that providing various players, whether they’re from the IT-BPM industry or more independent sectors, with the space they need to build and bring their work and ideas to life gives the company and its land bank more value. It also highlights our commitment to exceptional quality and service in the property space,” he said.