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M.Mla flexible workspace stock seen to grow 10%

COLLIERS said flexible workspace stock in Metro Manila is likely to expand by around 10% in the next 12 months. — COURTESY OF COLLIERS

FLEXIBLE workspace stock in Metro Manila is expected to grow by around 10% in the next 12 months, according to Colliers.

“The availability of high-quality office towers, complemented by attractive lease rates, should make these sites viable for flexible workspace operators,” Joey Roi Bondoc, research director at Colliers, said in a statement.

As of the end of the third quarter 2022, Metro Manila’s flexible workspace stock stood at 220,200 square meters, which represents about 2% of the total leasable office space in the capital region.

Mr. Bondoc said take-up for flexible workspaces will likely be fueled by traditional occupiers in construction, architecture, logistics, financial technology, as well as startup companies.

“But regardless of industry, flexible workspaces are a feasible alternative for companies seeking short-term leases and looking to right-size operations. Outsourcing firms with immediate office space requirements should also consider plug-and-play or fitted offices,” he said.

Mr. Bondoc noted that flexible workspaces are also popular among firms looking to expand office spaces in the near term.

Patricia Cruz, Colliers associate director of office services — tenant representation, said multinational companies are now focused on hybrid work schemes.

“Occupiers should revisit their short- and long-term growth projections to properly assess their real estate needs and take advantage of the flexible work solutions as an interim alternative,” she said.

Colliers said office occupiers should revisit their business continuity plans and consider integrating flexible workspaces into hybrid work arrangements.

Office landlords should team up with flexible workspace operators or launch their own brands, it added.

Flexible workspace operators should also look into securing space in transit-oriented retail projects and partner with in-mall retailers to add value to their services, Colliers said. — CRAG

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