Cebu office market seen to boom further

MANILA, Philippines – Cebu’s office market remains far from being over saturated and would continue to boom in the coming years, real estate services firm Colliers International said.

Colliers International said the Cebu office market, despite remaining a relatively small market compared to Metro Manila, has grown more than 57 percent in demand since 2013.

“In terms of the overall market, Cebu accounts for nine percent of the total demand, increasing market share by five percent since 2013. This is contrary to market perception that the Cebu market has grown to be over saturated,” Colliers International’s associate director for office services Dom Andaya said.

Andaya attributed Cebu’s robust demand for office space to a combination of both organic growth and the arrival of new business process outsourcing and knowledge process outsourcing locators in the city.

“Cebu’s skyline continues to change as the growing office market booms. New developments are expected to augment the growing need for space in the Queen City of the South,” he said.

Colliers International said one of the companies looking to take advantage of a continuously growing Cebu office market is the Gokongwei-led property firm  Robinsons Land Corp. (RLC).

RLC plans to add about 9,000 square meters of new office space in Cebu through its flagship development in Robinsons Galleria Cebu.  The 4.7 hectare mixed use development will consist of a mall, hotel, and residential towers.

“The availability of the office space in the development comes at a time when the Cebu office market is experiencing robust growth,” Colliers International said.Robinsons Galleria Cebu BPO Office Spaces is targeted to be ready for turn over by March next year.