THE initial effects of the ban on the Philippine offshore gaming operators and the implementation of the Create More bill that supports flexible work arrangements have led to elevated vacancy rates in the National Capital Region office market, slowing down its expected recovery during the third quarter of 2024. Another factor was the addition of 114,000 square meters of office space to the market.
'Another game-changer that can reduce the demand growth for office spaces in the IT-BPM sector is the rising use of artificial intelligence advancements such as virtual assistants, chatbots and automated customer service interfaces, which can replace human workers. Cordero points out that it is imperative that 'industry stakeholders develop policies and programs that equip and upskill workers. ...