The growing domestic economy has provided a boost to both outsourcing and traditional/non-outsourcing businesses, according to an official of Colliers International. Joey Bondoc, research manager at Colliers, said that they had noted a good rate of absorption of new office space, especially in Cebu, led by business process outsourcing (BPO) firms. He said local and national developers had taken advantage of these opportunities by constructing more offices, residential condominiums, hotels and serviced apartments in the province. There still remained opportunities in the Cebu property market despite the current high inflation rate, Bondoc said, but to attract more higher-value firms, developers should upgrade their properties, both residential and commercial. Public infrastructure and government support are also vital to help spur more development in Cebu. The real estate consulting firm projects metro Cebu to have a lower-than-10% office space vacancy rate this year.
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