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Non-core locations have evolved into viable
alternatives as rents are, on average, about
40-50% lower than in the CBD. Additionally, the
combination of accessibility, vibrancy and the
abundance of high quality o ce space in those
locations, make them desirable destinations.
The banking, financial services and insurance
(BFSI) sector to remain an important anchor in
Asian financial centers, accounting for 25-30% of
total o ce-using jobs. However, growth will be
moderate.
EMERGING SECTORS
While global banks are retrenching,
local and regional banks are expanding
their footprint in prime districts in
some financial centers in the region.
DOWNTOWN REVIVAL
WHERE ARE BANKS GROWING?
As business norms have been relaxed,
some BFSI companies are drawing
inspiration from flexible workspaces,
co-working centers and incubators to attract
talent and maximize the use of space. In financial
centers, a focus for the major banks is flexibility,
wellness, sustainability and technology.
OUTSOURCING
FINANCIAL WORKPLACE
The BPO sector will generate another 100
msf of o ce space requirements in India
and the Philippines through 2020, of
which 30-40% will be attributed to
banking-related oshoring activities.