Rentals in business districts may slide in H1

The luckluster performance of traditional markets — multinational companies from the financial and information technology sectors — might exacerbate the situation and prompt developers and investors to adopt a more cautious stance.

“As the global economy slips into a recessionary phase, office rental growth in the country will continue to be challenged by uncertain demand for office space [brought about] by the weaker short-term demand from the offshoring and outsourcing industry,” said Claro G. Cordero, research head of Jones Lang LaSalle.

He noted that as large European and American economies, on which offshoring and outsourcing firms depend for their businesses, enter into a deeper recession, the future growth path of the outsourcing industry remains uncertain.

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