We’ve seen not a few business establishments close in the past year. Vacant spaces where stores used to be, “for lease” signs, and closure sales were a common sight. But just when you think that the leasing industry is taking a beating from the economic downturn, many areas are seeing a colossal rise in the office leasing business. Evidently, this goes to show that demand remains despite work-from-home arrangements adapted by many organizations.
NEARSOL alone has renewed its lease on a 3,000 sqm office at the Three Techno Place, Iloilo Business Park. And with additional accounts in their roster, the need for more space prompted NEARSOL to sign up for an additional 2,000 sqm at Two Fintech Place.
It seems that the outsourcing sector is going against the grain. Many BPOs have even expanded. The only difference was the consideration for safety protocols. Hybrid working schemes were now part of the picture. A mix of on-site and work-from-home arrangements allowed for continuous and safe operations.
Global brands and many of the world’s top 500 companies have called the Philippines its “2nd home” in the last year alone. Zoom is one example. When demand and use for this videoconferencing platform astronomically increased, the US-based company turned to the Philippines for its customer and operations support. India, our closest competitor had to take a hit as they battled the worst COVID-19 cases in early 2021. Their safety protocols prodded companies to reroute a major chunk of the jobs to the Philippines.
Social distancing and the need to stay indoors were a huge boon too. While physical encounters were indeed limited, businesses were forced to prioritize a digital platform to keep the relationship between brand and consumer. Thus, the heavy need for backroom operations, inbound sales services, and technical support in the retail, e-commerce, and tech industries.
So how is it looking for us?
With more and more companies s favoring the Philippines for their backroom offices, we don’t see any slowing down in the long run. Expect leasing services in the major cities, such as Manila, Cebu, Davao, and Iloilo to flourish even more.
So, contrary to early speculation, NEARSOL and the industry to which NEARSOL belongs is robust as it is essential. The BPO sector is touted as the Philippines’ other leg in the Philippine economy, with contributions of up to $ 26 billion in 2019 alone. To date, BPOs employ at least a million people spread over 1000 firms. This number is expected to grow in the next year.
Remember when lockdowns were imposed early on in March of 2020? Along with food and health care, BPOs were allowed to stay open, albeit in a limited capacity. We provide much-needed services for overseas corporations that range from retail to insurance coverage, health care, customer support, and telehealth. Hybrid work arrangements are here to stay. Clients have realized that remote work is possible. And it can be done without sacrificing agent service, activity, and quality.
Come and be part of a flourishing industry.
Work with us at NEARSOL! We offer hybrid work arrangements.
NEARSOL is a US-based BPO and service company that offers clients custom-design solutions. It began operations in 2006 and has since gained a strong presence in the Latin American regions, the Caribbean, and the Asia Pacific, winning numerous awards for quality and service along the way. Most recent of which is its Great Place to Work-Certified™ Recognition.
The Great Place to Work-Certified™ Recognition is a global accreditation that tells stakeholders what employees think of the company culture. In brief, it says a lot about the happiness and productivity index in NEARSOL Certification means people are happy working here and that leadership trust is palpable and real.
Come and discover why our employees and clients think we’re a great place to work!