It is expected that a third of every new building in the country will be a co-working space.
London-based International Workplace Group (IWG) is one with the government in developing areas outside of the urban areas of the National Capital Region (NCR) and turning them into so-called tier-2 cities.
This was learned from IWG country manager for the Philippines Lars Wittig who noted the large but essentially rural population waiting to be tapped for its economic potential.
“We agree 100 percent with the drive and the intention of the government, which is to expand into tier-2 cities,” Wittig told reporters.
He said more than half of the population (or) 52 percent still live in the rural areas of the country although quite a large number have moved to more urban areas like Manila.
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According to him, the IWG is “totally on the same page” with the government in developing infrastructure outside the NCR which would not only help alleviate the pressure in Metro Manila but provide economic opportunities in these areas as well.
“You have the best universities all over. Universities are not limited to the (NCR). The human capital is available throughout the country,” the IWG executive said.
Also, Wittig highlighted the growing demand for co-working space that brought the rise of co-sharing business in the country.
Co-sharing, which include so-called co-working spaces, has grown significantly around the world, growing 21 percent year-on-year the past few years.
In the Philippines alone, the pace of expansion has proven faster, with the occupancy for co-working spaces growing by 40 percent, making the country among the best and high-performing markets for companies like IWG.
“Forty percent is superfast. But as I indicated, less than 5 years ago (the flexible working space) was between 2 percent and 3 percent of commercial office space. Now it’s already at 7 percent,” Wittig explained.
It is expected that a third of every new building in the country will be a co-working space.
“The Philippines is probably the biggest market. If I look at occupancy, the Philippines is probably number one. The Philippines has demonstrated an ability to take the lead,” he quickly added.
