






{"id":30804,"date":"2022-10-19T12:00:05","date_gmt":"2022-10-19T05:00:05","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=30804"},"modified":"2022-10-20T10:34:19","modified_gmt":"2022-10-20T03:34:19","slug":"philippine-offshore-gaming-operators-a-crucial-contributor-to-the-commercial-market","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/philippine-offshore-gaming-operators-a-crucial-contributor-to-the-commercial-market\/","title":{"rendered":"Philippine offshore gaming operators, a crucial contributor to commercial market"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">By the end of the year, office take-up is expected to reach the 750,000 to 800,000 sq m mark<\/span><\/p>\n<figure id=\"attachment_30805\" aria-describedby=\"caption-attachment-30805\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-30805\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/10\/shutterstock_89915026.jpg\" alt=\"\" width=\"1000\" height=\"662\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/10\/shutterstock_89915026.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/10\/shutterstock_89915026-400x265.jpg 400w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/10\/shutterstock_89915026-600x397.jpg 600w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2022\/10\/shutterstock_89915026-768x508.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-30805\" class=\"wp-caption-text\">A total ban on POGOs may trigger another crisis in the property market, as it may result in approximately PHP200 billion (USD3.4 billion) in annual losses. Antonio V. Oquias\/Shutterstock<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">As long as Philippine Offshore Gaming Operators (POGOs) are permitted to operate, several segments of the real estate market will sustain their upward trend, according to Leechiu Property Consultants, Inc.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, it anticipates that demand for commercial properties will remain, as jobs could be shifted to the country in case a global downturn occurs, reported <\/span><a href=\"https:\/\/www.bworldonline.com\/corporate\/2022\/10\/11\/479690\/property-market-uptrend-expected-if-pogos-stay\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BusinessWorld<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Alvin Magat, director for investment sales at Leechiu, seconded this sentiment, saying that POGOs are crucial for the commercial market to maintain its upward trend in the coming year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cYes, it will be positive for commercial properties considering that POGO will stay because if that will be gone right now, we will need to come up with a demand that will fill up all the supply that will be left out by the POGO industry,\u201d said Magat.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, <\/span><a href=\"https:\/\/businessmirror.com.ph\/2022\/10\/11\/it-bpm-sector-drives-officespace-demand-in-q3-report\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BusinessMirror<\/span><\/a><span style=\"font-weight: 400;\"> noted that Q3 office demand registered reached 313,000 sq m, the highest quarterly level recorded since January 2020. Furthermore, office demand went up by 78 percent from 2020 to year-to-date.<\/span><\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/en\/the-philippines-office-market-continues-to-gain-momentum-as-h1-2022-comes-to-a-close\/\" target=\"_blank\" rel=\"noopener\"><strong>More: The Philippines\u2019 office market continues to gain momentum as H1 2022 comes to a close<\/strong><\/a><\/p>\n<p><span style=\"font-weight: 400;\">By the end of the year, office take-up is expected to reach the 750,000 to 800,000 sq m mark, as notable live requirements, or office transactions in various stages, are currently at 488,000 sq m.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, a total ban on POGOs may trigger another crisis in the property market, as it may result in approximately PHP200 billion (USD3.4 billion) in annual losses, according to <\/span><a href=\"https:\/\/www.philstar.com\/business\/2022\/09\/26\/2212187\/pogo-ban-trigger-real-estate-crisis\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Philstar.com<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to the additional vacancies caused by the complete ban on POGOs, there will also be an additional 1.1 million square meters of office space. Consequently, according to LPC estimates, the POGO exodus could result in losses of roughly PHP190 billion (USD3.2 billion).<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">The Property Report editors wrote this article. For more information, email: <a href=\"mailto:propertyreport@propertyguru.com\" target=\"_blank\" rel=\"noopener\">propertyreport@propertyguru.com<\/a>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By the end of the year, office take-up is expected to reach the 750,000 to 800,000 sq m mark<\/p>\n","protected":false},"author":12,"featured_media":30805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[464,3167,638],"class_list":["post-30804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-economy","tag-pogos","tag-real-estate","news_country-philippines","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Philippine 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