INFORMATION technology-business process management (IT-BPM) firms are following workers who returned to their home provinces after the pandemic, supporting office demand outside Metro Manila, according to SM Offices.
The office leasing arm of SM Prime Holdings, Inc. said access to regional talent, transport infrastructure and mixed-use developments is becoming increasingly important in attracting IT-BPM firms and global capability centers (GCCs).
Antonio Felix L. Ortiga, head of SM Offices, said the post-pandemic movement of workers to the provinces prompted companies to expand closer to their employees.
“I think it’s no secret that the IT-BPM industry followed, that, and so now, there’s a gentrification of wealth throughout the country,” he said at a media briefing.
Mr. Ortiga said the shift has allowed employees to secure skilled jobs and maintain a sustainable cost of living in their home provinces instead of relocating to Metro Manila.
He added that property developers can support the movement of jobs and investments by providing offices and related infrastructure in regional business hubs.
Mr. Ortiga cited SM Offices’ 10-tower Clark Tech Hub in Pampanga, which has reached full occupancy, as an example of demand outside the capital.
He said the company’s performance is also supported by the “SM ecosystem,” which integrates office developments with malls, hotels and convention centers.
“Any project that we get into, we do it. We calculate properly, so that in times of downturns, we’re ready,” Mr. Ortiga said.
He added that the strategy allows SM Offices to manage risks while creating opportunities for tenants within mixed-use developments.
Transport connectivity is another part of the company’s strategy. Mr. Ortiga cited the Metro Rail Transit Line 7 and the North-South Commuter Railway (NSCR) as projects that could improve access to SM Prime developments along their routes.
He described the NSCR as a “game changer” that could reduce travel times between Clark, Pampanga and Metro Manila.
In April, SM opened an elevated concourse linking SM Megamall to the Ortigas station of the Epifanio de los Santos Avenue Busway.
SM Offices is also seeking to address tenant recruitment requirements through its partnership with National University (NU).
Its Bridges to Success program connects tenant companies directly with NU students and graduates.
“All these employers need that fresh blood to fill their seats,” Mr. Ortiga said, adding that access to a steady talent pipeline serves as a differentiating factor for SM Offices.
Mr. Ortiga also said SM Offices had maintained strong performance in the Bay Area despite a broader market slowdown.
Data from property consultancy Colliers showed that the Bay Area’s office vacancy rate had reached 40.6%, the second-highest among Metro Manila office submarkets.
Colliers attributed the elevated vacancy rate partly to the departure of Philippine offshore gaming operators. — Juliana Chloe A. Gonzales
SM Offices sees IT-BPM firms following talent to provinces
Philippines Pandemic
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