Property sector in the Philippines is seen to recover in 2021 but slowly. Office occupancy rates in the country went down to almost 20% when the pandemic began. Jones Lang Lasalle Philippines forecasted that the recovery will begin mid to late this year. The business process outsourcing (BPO) companies are expected to lead in the recovery period with the sector driving the demand for office spaces specifically in Metro Manila. The IT & Business Process Association of the Philippines (IBPAP) reported a consistent growth in the BPO industry since the beginning of the COVID-19 quarantine, from 50% in April to 90% in July. Identified potential growth areas for the real estate industry include logistics, data centers, tech and security companies, and the REIT market.
