Barely a year since the government gave the go signal for offshore gaming firms to operate, pundits are already betting they would make a killing in the country. That is, if their demand for office space is any indication.
The Information Technology-Business Process Management (IT-BPM) industry, which includes call centers, has always gobbled up prime office space, according to Colliers International Philippines. But much has changed under the Duterte administration.
The changes could be a matter of timing or policy. These days, however, the office space market has not been getting the much needed gain as it would want to get from the ballyhooed pillar of the modern economy.
“For 2017, we expect some 350,000 square meters of space [would be] occupied by online gaming firms, covering half of projected office space absorption for the entire year. Meanwhile, we expect IT-BPM companies to account for 25 percent of office space take up for 2017,” Dom Fredrick Andaya, Colliers International Philippines director for office services, told the Inquirer.
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Colliers Philippines said for the first quarter alone, online gaming already accounted for 30 percent of total office space, larger than the 21-percent share of IT-BPM firms. The latter usually leases an average 60 to 70 percent, Colliers said.
State-owned Philippine Amusement and Gaming Corp. (Pagcor) started issuing off-shore gaming licenses in September last year, opening the country to companies engaged in online gaming that caters exclusively to overseas players.