The local real estate industry’s office sector is expected to correct from its current oversupply situation by mid-2010 even as the last crop of office spaces launched in the pre-crisis days of 2008 are completed and come on-stream.

This is according to a study by Jones Lang Lasalle Leechiu (JLLL), a global services firm focused on real estate and operating in over 60 countries.

In a press briefing yesterday, JLLL country head David Leechiu said that the Philippines is one of the few places in the globe where demand for offices continues to grow. “Unlike many other places, we are not experiencing any net contraction in demand here – thanks to a robust business process outsourcing industry and other players ready to absorb the new inventory,” he noted.

Thus, Leechiu said developers and other investors focused on this market are likely to experience a boost as big movers in the office segment continue to expand or relocate their businesses in the Philippines.