Cebu BPO office deals surge 15% in H1 2023
CEBU, PHILIPPINES — Cebu remains a prominent Business Process Outsourcing (BPO) hub in the Philippines after closing 43,000 square meters (sq.m.) of office deals in the first half of 2023, up 15% from the previous year.
In its latest report, real estate management firm Colliers Philippines revealed that office deals outside the country’s capital, Metro Manila, hit 90,000 sq.m., a 10% rise from the prior year.
Cebu contributed 48% of the total deals, surpassing other regions like Pampanga, Davao, and Cagayan de Oro.
Over half the office deals in the province were from outsourcing firms, with major names like OfficePartners360 (OP360), Cebu tele-net, and Dexcom marking their presence in the Cebu Business and IT Parks.
Joey Roi Bondoc, Colliers Philippines Associate Director for Research, expects Cebu to remain on the radar of major IT-BPM firms “given the availability of skilled workforce, quality but relatively cheaper cost of living, good infrastructure network, and availability of high-quality office space.”
“The viability of flexible workspaces will likely remain given the popularity of ‘work from anywhere’ set up,” he added.
Colliers Philippines also advised Cebu-based stakeholders to leverage the current tenant-favorable market. The increasing focus on environmental and social values offers a chance for landlords and tenants to align their workspace standards.
