Cebu office vacancy to expand

cebu office vacancy to expand

Sumary of Cebu office vacancy to expand:

  • COLLIERS Philippines sees the vacancy in Cebu’s office spaces expanding further next year due to the expected number of supply.
  • In a webinar on Thursday, Colliers Philippines Director for Office Services Dom Andaya noted that the occupied space in the Cebu area is increasing but vacancies are still expected to rise due to the supply.
  • “With the amount of supply available in the market, the vacancies are still expected to increase until 2022,” he said.
  • Andaya reported that the current vacancy rate in the Cebu office market stands at 22.3 percent in the nine-month period.
  • “The vacancies are expected to peak in 2022 and then we will see the decline from that point,” Andaya said.
  • } For supply, Andaya said they expect around 145,000 sqm of office space to be completed this year.

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