The expansion of the business process outsourcing industry in Cebu will continue to keep the province’s property market buoyant, according to real estate consultant CBRE Philippines. In the second half of last year, about 86,000 square meters of leasable area was added into Metro Cebu’s new office stock, including nine buildings. Despite the glut, CBRE expressed confidence that the available space will eventually be occupied, especially by outsourcing companies and top local firms. The real estate firm noted that the take-up rate for BPO-ready offices nationwide has been slower compared to the speed at which the buildings’ had come to market. Still, CBRE expects the new office supply to eventually be absorbed by new BPO locators.
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