In Cebu, annual launches reached 6,900 units from 2013 to 2019 while take up was 6,300 units per year during the period. New supply reached a record-high 10,455 units in 2019 matched by a record-high take up of 9,526 in the same year. Condominium launches in Davao meanwhile reached 3,890 annually from 2013 to 2019 while take-up was at 3,500 a year. In 2019, take up in the Davao condominium market reached close to 6,400 units from about 5,600 units in 2018, representing a 14 percent rise.
For the house and lot market, about 3,550 units were launched annually in Cebu from 2011 to 2019 while close to 3,600 units were sold per year during the period. In Davao, about 1,200 house and lot units were launched a year during the period and this was matched by a yearly take up of 1,400 units. House and lot as well as lot only projects in Cebu and Davao have sold between 90 and 97 percent of total inventory as of the end of second quarter of this year.
In our opinion, landlords in Cebu and Davao should comprehensively assess the space requirements of outsourcing occupants planning to open shop or expand. Spaces within the Cebu IT and Business Park as well as the fringes are among the more attractive options due to availability of Peza space. In Davao, some 15,000 sqm of new Peza space will be available from 2020 to 2022.
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