This development was noted by top professional services firm Jones Lang LaSalle in its market overview for the period.
“We have observed a lag in terms of the impact of the pandemic on the office sector overall, and this is seen in the relative resiliency of office rentals in the previous quarters despite the overall slowdown in the market,” said JLL Philippines Head for Research and Consultancy Janlo de los Reyes as he explained the overall resiliency of the office market.
According to the JLL market overview, the average vacancy rate in the office spaces in metro Cebu jumped by 18.6 percent in the third quarter.
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