Led by the office sector, Cebu’s real-estate sector is back on track showing signs of recovery to pre-pandemic levels.
Signs of recovery are shining on the horizon as manifested in the major improvements in infrastructure, such as the recent opening of the 8.9-kilometer Cebu-Cordova Link Expressway. Santos Knight Frank believes that the infrastructure developments in Cebu are driving the rise of new business hubs, such as the Cebu South Road Properties and the North Reclamation Area. At least 87,700 sq m of aggregate new office supply are in the construction pipeline in these two areas.
On a regional level, Santos said the Central Visayas region’s gross domestic product grew by 7.6 percent in 2022, at par with the national growth rate. He also cited the rebound of local tourism, resumed business activities, outsourcing growth, and booming infrastructure as its growth drivers. “One of the reasons cities like Cebu attract employee-intensive occupiers is because of the total effective cost of real estate. With multinational occupiers rationalizing their Western operations, this becomes an important advantage for Cebu,” said Ankur Maheshwari, Senior Associate Director for Occupier Strategy and Solutions at Santos Knight Frank.
Source: News Formal (newsformal.com)
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