MANILA, Philippines – Cebu is now seen as one of the fastest-growing property markets in the country amid improving economic conditions in the area, commercial real estate services firm CBRE Philippines said.
CBRE Philippines said new developments and expansions from both local and foreign investors are expected in Cebu in the coming years.
“Current economic conditions [in Cebu] are opening more opportunities for local and foreign investors across real estate sectors,” CBRE Philippines founder and chairman Rick Santos said in a statement.
He said Cebu remains to be among the top business process outsourcing (BPO) destinations for BPO firms in the world. In the 2014 ranking of investment advisory firm Tholons, Cebu City placed 8th among top global destinations for BPO firms.
“While office space developments are typically concentrated in Cebu Business Park and Cebu IT Park, activity can also be seen in surrounding areas,” Santos said.
Cebu’s retail and industrial sectors are also expected to grow on the back of continued entry of global players.
“Global players from the industrial sector are taking advantage of Cebu’s large dedicated land area and local manpower for the expansion of their operations,” Santos said.
“Despite the continued expansion of light industries, heavy industries are now being pushed to drive the market. Efforts from regional government agencies aimed at forging alliances and solidifying negotiations with investors are currently underway,” he added.
Santos also said that the booming business industry in Cebu has also helped boost tourism in the area.
“Sustaining the demand and supply is paramount in helping Cebu maximize its potential. Especially with the congestion of Metro Manila, Cebu is proving to be a viable option for practically all real estate segments,” he said.