Vol. XXI, No. 193 [ Business World Online ]
Friday, May 2, 2008 | MANILA, PHILIPPINES
CEBU HAS become the country’s fastest-growing metropolis, being the top choice of business process outsourcing (BPO) companies as an expansion area outside Metro Manila.
While bullish on the Metro Cebu property market, real estate services firm CB Richard Ellis Philippines said economic growth and the environment must be sustained, such as by addressing power supply.
"This growth in Metro Cebu comes with a price. The rapid expansion has led to a strain in the supply of power and potable water in the area," CB Richard Ellis said in its property market overview.
So far, there has been no significant effect on selling and lease rates for industrial properties and rates are expected to remain stable due to adequate supply.
Major industrial parks mostly in Lapu-Lapu City have maintained lease rates for industrial lots of P20 to P30 per square meter per month.
Meanwhile, the Cebu office market will be fueled by the growth of the BPO sector and traditional businesses.
Since supply in the Cebu Business Park remains tight with only one office building, lease rates are expected to increase within the area, CB Richard Ellis said. — Ruby Anne M. Rubio
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