Property analyst David Leechiu said office supply in Cebu will grow 46% from 2020 to 2023, with the Cebu IT Park, home to most of the city’s call center companies, to account for about 43% of the total pipeline. The growth will be propelled by the continuous construction of more office towers around the city, Leechiu said.
The outsourcing sector has been the major driver in the demand for office space in Cebu. The city has built around 1.31 million square meters of office space since the 1990s. In the next three years, the city is forecast to see a total of 603,000 square meters of new supply.