Office space demand in Cebu continues to surge
CEBU, PHILIPPINES — Recovering from the effects of the pandemic, the demand for office space in the “Queen City of the South” continues to surge with a drastic increase in occupancies.
In a report by real estate services firm KMC Savills, Cebu Province saw a drastic increase in occupancies as the vacancy rate fell to 21.9% from 25.1% in the second quarter.
KMC Savills notes that Cebu Business Park accounted for almost half of net absorption with 17,500 sq m. Office spaces located outside Cebu central business district also improved its standing with a vacancy rate of 27.9% – a drop of 6.0% from the second quarter of 2022.
The information technology business management (IT-BPM) sector “reinvigorated” the demand for office spaces in Cebu, KMC Savills said in the report.
