THE regional office market across the Philippines saw significant improvement in 1H 2024, driven by ongoing development and the completion of numerous buildings. The Visayas office market, in particular, demonstrated strong growth, led by Iloilo's addition of 105,200 sq m of office space with Cebu set to surpass this by 2025. While cities like Bacolod and Davao are experiencing positive momentum, Metro Cebu and Metro Clark faced slowdowns due to limited supply. Rental rates in Iloilo and Bacolod have dropped, reflecting rising vacancies, while Metro Cebu, Clark, and Davao saw increases driven by strong demand.
Cebu is expected to surpass Iloilo with an additional 143,800 sq m of office supply by the end of 2025. Bacolod, Metro Clark, and Davao also have upcoming office spaces, with Bacolod completing two buildings during this period. Metro Cebu is anticipated to see an increase in office space transactions due to its popularity for business expansion.
Continue reading with one of these options:
Ad-free access
P 80 per month
(billed annually at P 960)
- Unlimited ad-free access to website articles
- Limited offer: Subscribe today and get digital edition access for free (accessible with up to 3 devices)