Cebu’s office market remains competitive

The business process outsourcing (BPO) sector heavily drives Cebu’s real estate industry, especially the office market. According to Pinnacle Real Estate Consulting Service, Cebu’s real estate market is nearly fully developed, but the city still commands the lowest rental rate among the Philippines’ key business districts. Pinnacle added that there is a total of approximately 700,000 square meters of Grade A office spaces in Cebu while average rents are slightly higher than P500 per square meter per month, which is substantially lower than those of Makati and Bonifacio Global City (BGC) districts. Overall, Pinnacle sees continued growth in the Philippine economy and the real estate market.