The real estate sector in Cebu continues to grow at healthy levels, with outsourcing and traditional companies and offshore gambling operators fueling demand for office space.
According to Joey Bondoc, senior research manager at Colliers International, Cebu is one of the preferred investment destinations outside Manila, increasing demand for its office market. Bondoc said offshore gambling firms have become major contributors to office space absorption in the city, and he urged landlords and tenants to consider their needs.
Flexible workspaces have also become popular, particularly among small businesses. Kling Lacson, Cebu director for occupier services and commercial agency at Santos Knight, said the dynamic and outgoing culture in today’s workplaces has helped push the growth of the co-working space sector in Cebu, adding that the Cebu office market will continue to grow in 2020.
Lacson said there has been positive take-up from the outsourcing and information technology sectors, reflecting steady and healthy growth of the industry, with new entrants and expansions of existing firms accounting for major office space take-up this year.