Construction & Real Estate
The performance of the construction industry has significantly accelerated as other related-industries exhibited robust growth. The expansion of IT-BPO and tourism industries has propelled new and large construction projects across the country.
With Cebu’s growth and strength in IT-BPO service, real estate developers also took the opportunity to implement relevant construction projects to cater the needs and requirements of the industry. One major business location of IT-BPO companies in Cebu is the Asiatown IT Park where noticeable huge construction projects are continuously implemented. The park is home to operations by key IT-BPO companies like Globe Telecom, Convergies, Aegis, IBM and JP Morgan Chase. As new companies are coming to operate in Cebu, the demand for office spaces is expected to increase further. In a research by Colliers, Cebu City office stock considerably increased by around 60,000 sq. meters in 2011 from the preceding year’s total of 373,295 sq. meters.
The increasing demand for more business spaces in locations like the Asiatown IT Park was not only coming from the IT-BPO companies but also from companies in the allied/support industries such as major food chains, banks and other corporate offices. These industries also pushed real estate developers to work on new construction projects.
On the other hand, the ever increasing influx of tourists in Cebu being one of the premier tourism destinations of the country resulted to more tourism-related infrastructure projects. A number of local hotels and multiuse arcades were recently constructed around Cebu.
With its robust economy that opens opportunities for business expansion and for new companies to come, Cebu will continue to attract people from across the country. Thus, the recent massive construction of condominium buildings in Cebu City and the numerous residential projects across Metro Cebu may not be sufficient soon. Overall, the positive outlook for the construction and real estate industry of Cebu is expected to be sustained.