IT-BPOs to help revive Cebu’s office market this year
CEBU, PHILIPPINES — The rebound in demand from the Information Technology-Business Process Outsourcing (IT-BPO) sector would help Cebu’s office market this 2023.
In its latest briefing, property consultancy firm KMC Savills said that around 187,900 square meters (sq.m.) of office spaces would be completed in Cebu this year, the province’s highest since 2015.
The vacancy rate is also forecasted to drop from 21.8% in 2022 to 18.8% this 2023.
“Cebu Business Park (CBP) may edge closer to single-digit vacancy rates this year while most leasing activity may concentrate in Cebu IT Park (CITP) and Cebu Fringe due to the number of vacancies,” KMC Savills added.
Cebu closed 2022 with a total net absorption of 51,800 sq.m.
CBP accounted for around half of the absorption, while CITP registered a net absorption of 12,800 sq.m.