While full recovery will take time, demand for office leasing in Cebu’s business districts is picking up as the economy is opening up.
In an interview with the Philippine News Agency, Colliers International associate director for research Joey Bondoc said the demand is driven by “companies based in the US and other major economies that continue to expand and outsource activities from hubs such as the Philippines.”
Bondoc said Cebu remains attractive to foreign firms due to its quality workforce, improving infrastructure, and relatively cheaper cost of living compared to Metro Manila.
“To sustain growth post-pandemic, companies in major economies are expected to continue outsourcing. We saw this after the global financial crisis. Firms are likely to continue outsourcing to sustain growth beyond 2021,” Bondoc said.
Maricris Joson, director for office services at Colliers, expects most outsourcing companies to start assigning their workers to the office set-up as the country further eases mobility restrictions.
Joson said that while office work among outsourcing employees is expected to make a comeback, the work-from-home and on-site hybrid is expected to stay. in the industry.
The government’s sustained and aggressive vaccination program is expected to help drive the office sector beyond 2021 as more people go back to the office.
Colliers also noted the quickly improving infrastructure developments in Metro Cebu.
Some of these infrastructure projects include Cebu Monorail, Cebu Bus Rapid Transit, Metro Cebu Expressway, and the highly anticipated Cebu-Cordova Bridge, which is due for completion in 2022. (PNA)
SOURCE: Bilyonaryo
