A leading real estate company pinpointed the growing millennial work force as the next target market of property developers.
“The 1.3 million strong workers in the IT-BPO sector represents a sizeable market for residential developers and investors. Developers have thus designed new residential products that fit the specific need of millennials and reduce travel time at affordable rents,” Santos Knight Frank Senior Director and Research Consultancy Jan Custodio said in a press briefing held in Makati Shangri-la recently.
According to the forecast, the 50 percent growth represents three million square meters of additional housing space. The increase will be driven by the BPO boom, growing Filipino middle class, demand for high-end and luxury residential market, and demand for professional tendency management.
“Shared accommodation spaces such as condormitels, which feature facilities such as swimming pools, gyms and 24/7 security, are expected to be the new wave of residential develop..
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