By Eileen Mencias
Philippine Offshore Gaming Operators are slowly staging a comeback with the country recording huge transactions for office spaces in the Bay Area in Pasay City and in Makati.
“I think they’re back. If they do come back it will help the property market,” said Colliers senior director Dom Fredrick Andaya.
Colliers associate director Kevin Jara said demand for whole office floors is back which he attributed to the return of the POGOs but whether or not they are back still remains to be seen as foreign arrivals from China are still down.
Joey Roi Bondoc, Colliers associate director, said POGOs have been driving demand prior to the pandemic and vacancies have been dropping.
According to Colliers, POGOs’ committed space accounted for five percent of the total office stock in Metro Manila.
In the first quarter of 2020, POGOs accounted for 1.29 million square meters of office space in Metro Manila.
POGOs started their exodus from the Philippines in the third quarter of 2020, vacating 107,000 square meters of office space.
The trend continued until the first quarter of 2022, with vacated office space from POGOs amounting to 639,000 sq.m.
In the second half , the vacated space declined to 629,000 sq.m.
POGOs also increased their committed office space to 667,000 sq. m. from 654,000 sq. m. in the first quarter. (Eileen Mencias)