Cebu’s total office supply to exceed one million sq m
The rise of offshore gambling in the Philippines will be one of the key drivers of the leasing activity in Cebu’s office sector. According to research firm Colliers International Philippines, Cebu will see a total office space supply of one million sq m this year. Cebu’s office stock reached 960,000 sq m of gross leasable area as of 2017, up by 7% from about 897,000 sq m in 2016. Some 63,000 sq m of office space was completed last year. Offshore gambling accounted for almost 25% of recorded transactions in Cebu’s office sector in 2017. Voice companies dominated office leasing, accounting for more than half of the transactions last year, according to Colliers.
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