Its robust performance was driven mainly by the vigorous business process outsourcing industry, which reported an annual growth of 7 to 8 percent, further boosted by the strong demand from government agencies and the expanding flexible workspace sector.Prime Philippines Executive Vice President Cholo Florencio said that the Philippine office occupancy rate follows India, with an occupancy rate of 85 percent, and Singapore at the top with 88 percent.
The Philippines is also way ahead of the US and Europe, which reported occupancy rates of 62 percent and 60 percent, respectively. Meanwhile, the worldwide average occupancy rate is 79 percent.Florencio said the country office market's high occupancy rate 'emphasizes the Philippines as a very competitive player in the region, offering significant opportunities to local and international businesses.'For 1H 2024, the total supply of office spaces in Metro Manila stands at 13.