But businesses are navigating through the crisis. The property sector in Cebu, a dynamic and thriving industry, is likewise coping and managing well amid the crisis.
Occupiers in the Cebu office market are seen adopting a hub-and-club model, as part of their pivoting strategies to decentralize Cebu’s central business district, Jones Lang La Salle (JLL) the Philippines said.
“We anticipate the emergence of the ‘hub-and-club model’ where occupiers will maintain a head office (club) for socializations such as client meetings and town hall. They will also expand through satellite offices (hubs), which may be closer to where their employees reside,” JLL Philippines head of research and consultancy Janlo de Los Reyes said in a webinar.
“This is taking shape now and may redefine the real estate strategy of occupiers moving forward,” he added.
JLL director of commercial leasing Antonio Sabarre said that while most options are currently concentrated at the Cebu IT Park and Cebu Business Park, office spaces are available outside the central district.
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