Cebu is seeing a resurgence in office leasing.
The demand for office space in Cebu’s business areas is expected to rebound dramatically next year, with the outsourcing industry continuing to employ people.
In an interview with the Philippine News Agency (PNA) on Friday, Joey Bondoc, Global realtor Colliers International associate director for research, said that “moving forward, office leasing will be driven by companies based in the US and other major economies that continue to expand and outsource activities from hubs such as the Philippines.”
Cebu, according to Bondoc, would remain appealing because of its high-quality workforce, improved infrastructure, and lower cost of living than Metro Manila.
“Companies in large economies are projected to continue outsourcing to maintain growth post-pandemic.” This was evident following the global financial crisis. To maintain growth beyond 2021, companies are expected to continue outsourcing, according to the researcher.
According to Maricris Joson, Colliers’ director of office services, most outsourcing businesses will begin assigning their staff to the office set-up as the government continues to restore the economy.
According to her, this will undoubtedly increase demand for office space.
While office work among outsourced employees is expected to make a comeback, Joson believes that the work-from-home and on-site mix will remain in the sector.
As the economy nears the end of 2021, Colliers noted office leasing enablers.
As more individuals return to work, the government’s ongoing and vigorous immunization effort is likely to assist propel the sector beyond 2021.
Colliers also remarked on Metro Cebu’s rapidly improving infrastructure.
Cebu Monorail, Cebu Bus Rapid Transit, Metro Cebu Expressway, and the much-anticipated Cebu-Cordova Bridge, which is set to open in 2022, are just a few of these infrastructural projects.