RESEARCH METRO MARKET UPDATE 2H 2017

METRO CEBU REAL ESTATE SECTOR REVIEW INFRASTRUCTURE DEVELOPMENT TO BOOST REAL ESTATE COVER | Growth expected across all property sectors

Construction boom and worsening Presently under development is the traffic situation are always Cebu Bus Rapid Transit (BRT) considered as signs that an area is project with the goal of providing SNAPSHOTS progressing. Similar to Metro mobility and ensure safer and a , the level of development in more environment friendly mode of Economic Indicators Metro Cebu over the last decade travel. Moreover, urban areas along has been exceptional. The total the BRT corridor are to be further leasable area of Prime and Grade A fortified. offices more than doubled compared to 2008 numbers. The construction of the Cebu- 6.6% Shopping mall expansions are Cordova Link Expressway (CCLEx) underway in order to match the is another infrastructure project that GDP aims to provide travel efficiency, Q4 2017 broadening consumer market. More than 150 residential condominium drive economic growth and developments are being actively productivity, and improve the overall marketed at present. Furthermore, welfare of Cebu locals and visiting 2017 was considered as the banner guests. This 8.5-kilometer toll 3.3% year for Cebu’s hospitality sector. bridge is expected to service an Inflation Rate estimate of 40,000 vehicles and December 2017 In the latest National Competitive eliminate traffic congestion in the Council’s Cities & Municipalities existing - bridges. Competitive Index, Cebu’s standing Northern Cebu travelers will have an in terms of Cost of Doing Business alternative and more convenient has improved from the 2016 way of accessing the Mactan Cebu 4.0% ranking. This together with Cebu’s International Airport. OFW Remittances large tracts of developable land, 12 Months of 2017 favorable demographics, robust Infrastructure developments consumption economy, and connecting to areas outside the growing talent pool continue to pull Cebu province will further ensure in various real estate investment the dispersal of the population activities. concentrated in Metro Cebu. This is 5.7% substantial to boost economic Avg. Bank Lending Nevertheless, infrastructure activities in other areas and December 2017 programs, specifically those for optimize the distribution process. transportation, need to come online Cebu- Bridge and Cebu- to further increase the Bridge are some of attractiveness of Metro Cebu as an the big projects in the present investment destination. At present, pipeline. 2.03% certain initiatives are being 91-Day T-Bill undertaken to address concerns Increasing the number of water Q4 2017 relative to Cebu’s accessibility and taxis to link mainland Cebu to convenience of travel. The new neighboring islands is likewise being Mactan-Cebu International Airport considered. Better inter-island Passenger Terminal Building is connectivity could be anticipated in 50.39 about 85% complete as of the coming periods. December 31, 2017. It will have a The various property sectors are Avg. PHP-USD capacity of about 8 million December 2017 foreseen to benefit from the passengers per year and will upcoming infrastructure projects as separately cater to domestic and they facilitate movement within the international operations. city, lowering cost of doing business, and integrating critical

2 Cebu-Cordova Link Expressway Concept

Source: SunStar components that promote the live- and Development Authority (NEDA) sector continues to invest in real work-shop-play lifestyle. is positive that construction estate projects and the activities not only in Cebu but in the government’s big infrastructure Among the real estate sectors, entire Central will remain plans take shape one after the however, hospitality is the most upbeat in the coming periods as other. promising. The Cebu Chamber of the private Commerce and Industry (CCCI) acknowledges that tourism will not only bring in cash flow to the economy from tourists spending, FIGURE 1 but more importantly long-term Number of Approved Building Permits (units) investments that will result to more employment opportunities. 6,000 Despite the mounting enthusiasm towards the hospitality sector, the 5,000 Philippine Chamber of Commerce and Industry (PCCI), claimed that Visayas is more than just tourism. A 4,000 boom in construction is very evident all over Cebu. This includes but is 3,000 not limited to residential, office and 1,926 retail buildings. In the third quarter 2,000 of 2017, Cebu ranked second among provincial areas nationwide in terms of number of 1,000 constructions. According to the Philippine Statistics Authority (PSA), 0 Cebu documented a total of 1,926 approved building permits, which is equivalent to 5.3 percent of constructions in the entire country. Moreover, the National Economic Source: Philippine Statistics Authority

3 CEBU OFFICE MARKET STAYS UPBEAT IN BOTH EXISTING AND EMERGING BUSINESS DISTRICTS OFFICE | Record-high numbers for 2H 2017

2016, vacancy declined to the second half of 2017’s 1.24%. Only three buildings, namely i1, Skyrise Building 1, and TGU Tower have remaining spaces available for lease. I1 recorded a net absorption of 1,100 square meters in the second half of the year, while Skyrise Building 1 and TGU Tower both had vacant leasable spaces below 500 square meters. Available spaces in Filinvest Cebu Cyberzone Tower 1 and Park Centrale in the previous period are now leased out.

8 Newtown Boulevard Property owners continued to demonstrate confidence in the Source: Santos Knight Frank Research market by increasing rents. TGU Tower, for instance, set higher The National Economic and in the second half of 2017. The asking rates for its newly-released Development Authority (NEDA) office sector ends the year with an space after a long duration of full identified business process average asking rate of PHP546 per occupancy. This price movement outsourcing (BPO) as one of the square meter per month, up 3.4% was a significant upward push on major growth drivers of Cebu, from the previous half. the average lease rate in the CBD, continuing to propel the office increasing by 1.12% to PHP563 per market forward. According to the Over the past years, net absorption square meter per month for bare city government, Metro Cebu’s of office spaces in Metro Cebu shell or warm shell units. BPO workforce is currently at correlated positively with new 140,000 employees, and it intends supply. As new supply is added, Buildings originally scheduled for to employ 60,000 more by 2019. To occupancy rate likewise increased, completion in the second half of sustain the growth of the industry, indicating immediate take-up and 2017 will be completed in 2018. aggressive industry-academe- certainty from pre-commitment of government partnerships are in spaces. place, with the primary aim of Area-specific movements within the improving the city’s talent pool. FIGURE 2 market further displayed the strong Net Absorption vs. New Supply Moreover, the IT & Business performance of Metro Cebu in the (‘000 sqm) Process Association of the last six months of 2017. All central (IBPAP) also sees the business districts (CBD) recorded 140 expansion of the industry outside an increase in lease rates and as a key success 120 occupancy rating. BPO-dominated 100 factor in its goal to increase PH’s Cebu IT Park (CITP) recorded the share in the global BPO market. 80 highest occupancy rating while 60 At a record-breaking 111,707 (CBP), the 40 square meters in office space take- largest operating PEZA-accredited 20 up, the overall occupancy rate in I.T. park in the country, posted the 0 Metro Cebu now stands at 91.94%, highest lease rates. 2013 2014 2015 2016 2017 from 89.67% in the earlier half of Office vacancies in CITP continued Sum of Net Absorption 2017. Increasing rents and to tighten, having no new additional Sum of New Supply shrinking vacancies further supply for the past two years. From characterized Cebu’s office market a rating of 5.42% in the first half of Source: Santos Knight Frank Research

4 66% of the total upcoming supply in rate in CBP. A stabilization in lease TABLE 1 2018 will be coming from CITP. For rates across the area might follow, 2H 2017 Office Data the first six months of 2018, an as landlords increase rates in order estimated 76,000 square meters of to go along with the upward trend Weighted Avg. Vacancy slated additional supply by of rent movement. Lease Rate Rate (PHP/sqm/mo.) developers Skyrise and Filinvest are expected to ease occupancy Aside from Philam Life Center Cebu Business Cebu, MDCT Building along Leyte 596.67 4.39% pressures in the area. Park Loop has also turned over office South of CITP, CBP continues to be spaces to local BPO and online Cebu I.T. Park 563.44 1.24% the frontliner of the Cebu office gaming tenants. Building Fringe Areas 508.59 14.53% market, having the highest average occupancy is presently at 68%. Source: Santos Knight Frank Research lease rate of PHP597 per square Moreover, Alveo Land’s strata-titled meter per month in the second half BPI Cebu Corporate Center and of 2017. Rates in the said urban Cebu Holdings’ Tech Tower are center ranged from PHP450 to expected to go online in CBP this FIGURE 3 PHP800 per square meter per 2018. Weighted Avg. Lease Rate month. In contrast with the (PHP) vs. Rental Growth Rate consistent upward trajectory in rent, Market buildup was also evident (%) vacancies in CBP have been outside the two premier commercial declining since 2016, similar to and business hubs in Metro Cebu, as the fringe areas saw an 560 4% CITP. Only 4.29% of the total office estimated 69,500 square meters 540 inventory in CBP is vacant, lower 3% than the previous period’s 5.12%. office space take-up during the last 520 Inside CBP, Buildcomm Center is six months of 2017. After staying at 500 2% now approaching the 0% vacancy the 25% level in the past four 480 level after starting its operations at semiannual periods, overall vacancy 1% in the fringe areas is now back at 460 the earlier half of the year. CBP’s office inventory is now the 10% level, moving from 23.2% 440 0% to 14.5%. Average asking rate, on H2 H2 H2 H2 H2 approximately 15,000 square 2013 2014 2015 2016 2017 meters bigger than CITP, with the the other hand, grew by 1.7% to addition of 24,310 square meters of PHP509 per square meter, still Weighted Average GLA this period coming from lower than CBP and CITP. Rental Growth Rate completed buildings. On the supply side, the market saw Source: Santos Knight Frank Research Standing at the corner of Cardinal an additional 60,000 square meters Rosales Avenue and Samar Loop in of GLA in fringe areas. Oakridge IT CBP, the most anticipated project, Center 2 in Mandaue and Tower Philam Life Center Cebu, is now One Plaza Magellan in Lapu-lapu FIGURE 4 fully operational. The Grade A City were the biggest contributors Actual and Projected New building is PEZA and LEED-certified of new supply. Tapping into the in- Supply (sqm) and carries multiple awards for its demand BPO office market, efficiency, technology, and vacancies of both buildings are 450 sustainability-centered design. Less currently at a meager 40% and 400 than a year after opening, the zero, respectively. 350 building is already 94% fully- 300 Tower One Plaza Magellan, now occupied as top tier traditional and 250 fully-occupied, is Megaworld’s 200 BPO companies were quick to take seventh office project in Mactan 150 the opportunity to expand in Cebu Newtown, a 30-hectare township in 100 and locate at a prime address. The Lapu-Lapu City that presently holds 50 opening of this notable office 71,800 square meters of office 0 development further elevated the space. Various locators have fully 2017 2018F 2019F 2020F position of Cebu as a top-quality exhausted the remaining available business destination. Fringe Area spaces in Mactan Newtown, Cebu IT Park The lease rate of Philam Life Center particularly from 8 Newtown Boulevard Towers 2-4, Cebu Business Park Cebu is a match to the building’s premium quality offering. The office Continued on Page 9… Source: Santos Knight Frank Research project’s lease rate was a strong pull-up to the overall average

5 UPBEAT CEBU RESIDENTIAL MARKET A SECOND OPTION TO METRO MANILA Residential | Strong demand kept developers confident in the residential property sector

Demand for vertical living in the affordable range from PHP82,011 FIGURE 5 Queen City of the South remains on to PHP153,785 per square meter a high stride as monthly take-up and PHP58,757 to PHP83,631 per Allocation of Condominiums per rates across majority of residential square meter, respectively. Classification classifications soared further in the second half of the year. The need Given the dynamics of Metro 11% for proximate living space and Cebu’s residential condominium alternative vacation residence, as market, it is evidently an alternative 31% well as the potential of recurring income generated from investment destination to Metro condominium investment, provided Manila. From infrastructure stimulus stirring the interests of both developments to improving 58% local and foreign buyers and business and economic climate, up keeping demand at robust levels. to robust market performance across all real estate segments, High-end Mid-end Affordable Middle income condominiums held the highest take-up rate averaging Metro Cebu continues to uphold its Source: Santos Knight Frank Research 17 units per month, which is a 10- distinction as an investment haven unit increase year-on-year (y-o-y). in the country. Monthly take-up of high-end FIGURE 6 projects, meanwhile, averaged 14 Development activities in Metro Average Monthly Take-Up Rates units, which is 5 units higher from Cebu are not far behind from Metro per Area (Units) the previous year’s record. Manila. The worsening congestion in the core, as well as the dwindling 70 62 Conversely, the performance of supply of prime developable lands, 60 affordable condominiums tapered began to push real estate off towards the end of year, after a 50 strong start in the first half of 2017. developments outwards, either up 40 north or at reclaimed areas, The affordable segment’s take-up 30 particularly in Mandaue City. This is 19 averaged 10 units per month 20 evidenced by a number of property 12 coming from 11 units the same 8 6 period last year and 34 units in the launches in the said areas, which 10 4 previous half of the year. amounted to a total of 2,630 units 0 Condominium-specific take-up in the second half of the year, Lapu-Lapu Mandaue City narrowed as more projects reached City near sold out status. Shifting buyer Continued on Page 10… 2H 2016 2H 2017 preferences likewise affected the segment’s performance. The top of Source: Santos Knight Frank Research the affordable segment overlapped with the bottom of the middle income in terms of prices. However, FIGURE 7 the latter’s wider range of amenities Indicative Average Prices per Area (PHP/sqm) and new inclusions added value 250,000 that significantly influenced market buying decisions. 196,813 200,000 178,327 175,471 162,916 The growth in demand was 139,172 ▲5.5% essentially a boon to property 150,000 developers as it justified increasing 100,685 ▲7.2% prices. All residential segments 100,000 ▲7.4% recorded growth, ranging from 6% 80,525 86,399 50,000 to 8% y-o-y. High-end prices now 62,495 58,757 56,224 62,545 range from PHP94,888 to 0 PHP196,813 per square meter, 2H 2016 2H 2017 2H 2016 2H 2017 2H 2016 2H 2017 while middle income and Mandaue City Cebu City Lapu-Lapu City

Source: Santos Knight Frank Research

6 FULL OCCUPANCY IN MAJOR SHOPPING MALLS DEMONSTRATES RETAIL MARKET STRENGTH RETAIL | Retail activities boosted the sector’s exceptional performance

The traffic situation in Cebu is the Cebu countryside anticipating horrific especially in areas near retail the completion of lined-up Cebu establishments and shopping malls. infrastructure projects that will This is a good indication that the create and sustain communities. local retail sector is booming. Most Furthermore, infrastructure projects of the retail areas are at 85% to full are expected to generate additional occupancy. Occupiers are still jobs that will assumingly result to a mainly under clothing apparel and rise in consumer spending. food and beverages categories. Moreover, the influx of foreign Mr. Go likewise added that brands continues as the Cebu although online shopping may have consumer market remains huge in threatened brick-and-mortar stores number and presents a very in other places, this is not the same attractive income potential. case in Cebu. Limited access to Upcoming stores to watch for fast and reliable internet, and include foreign brands, Benefit San doubts about the security and Francisco and Sfera Madrid. reliability of online payment schemes were some of the reasons Metro Gaisano Malls, Il Corso of he stated on why online shopping Filinvest and Central Bloc Mall are has not passed its infancy stage few of the notable retail just yet. establishments in Metro Cebu at Source: Santos Knight Frank Research present. Expansions of existing shopping malls, such as , are on-going and TABLE 2 expected to match the growing 2H 2017 Data on Selected Retail Establishments consumer demand. Private spending is fueled by remittances from overseas Filipino workers Vacancy Vacancy Occupancy (OFWs), the BPO industry and the Malls GLA (sqm) (sqm) Rate Rate rising income of Filipinos. In addition, local tourism boosts retail activities in Metro Cebu. SM Seaside 470,490 2,064 0.44% 99.56% Cebu’s weather and delectable cuisine continue to attract foreign Ayala Centre Cebu 128,686 2,853 2.22% 97.78% tourists. Mactan’s beautiful beaches pull in domestic travelers, whether Robinsons Galleria 56,000 7,435 13.28% 86.72% for official functions or personal rest and relaxation activities. Both allot heaps of pocket money and budget SM City Cebu 273,804 3,796 1.39% 98.61% for spending and splurging in Cebu shopping malls and dining 18,000 30 0.17% 99.83% establishments.

Robert Go, the president of the Robinsons Fuente 15,000 136 0.91% 99.09% Philippine Retailers’ Association Cebu Chapter, is confident that J Centre 51,226 1,436 2.80% 97.20% infrastructure will drive retail activities in 2018. Retail developers Parkmall 47,200 0 0.00% 100.00% and retailers expand to Source: Santos Knight Frank Research

7 IMPROVED AIR INFRASTRUCTURE SETS CEBU AS A LEISURE AND MICE POWERHOUSE HOSPITALITY | Hospitality industry sustains momentum

The new and additional flights that Philippine Airlines introduced a were launched by various airlines in Cebu-Bangkok flight route as a the first half of the year boded well means to open-up and promote for tourism stakeholders as these commercial exchange, particularly were able to increase business and in tourism, between the two travel opportunities in Cebu during markets. the latter half of the year. These further strengthened passenger Expected to further improve air traffic at the Mactan-Cebu connectivity between Cebu and International Airport (MCIA) which other countries is the completion of was able to breach its 10 million the MCIA Terminal 2 in June 2018. passenger target for the whole of Anticipating the potential influx of Bai Hotel 2017. visitors and the additional benefits that may be reaped from such a Source: Santos Knight Frank Research As reported by the MCIA Authority, milestone, hospitality stakeholders the primary air hub to Southern have begun to take an aggressive Philippines recorded a 13.8% surge stance in ramping up tourism- Mactan Island in Lapu-Lapu City, in passenger traffic from 8.83 million promoting activities and which was launched at the end of in 2016. Both domestic and foreign developments. 2017. Seagrove is a 13.6-hectare passenger traffics posted positive project that is envisioned to growth rates of 8% and 29.1% Earlier during the second half of the integrate an “eco-destination” year-on-year (y-o-y), respectively. year, Filipino-owned Air Juan concept alongside retail and hotel Increase in foreign passenger traffic, Aviation, which offers landplane, developments. A 200-room Holiday however, was more evident as seaplane, and helicopter services, Inn Resort and a 10,000 sqm of foreigners accounted for about formally launched its Cebu hub as a gross leasable area (GLA) allotted 31.3% of the 2017 figure, an means of connecting Cebu to for The Shops at Seagrove will be increase of 3.7 percentage points several islands in the Visayas. Air its main features. The initial phase from last year’s record. Juan Aviation aspires to spur of the project, which consists of a tourism and increase people’s boardwalk, support restaurants and The growing Chinese market visiting propensity to take trips by ensuring shops, a portion of the lagoon, an Cebu backs the increased role of fast and hassle-free travel. events ground, and the pedestrian foreigners in passenger traffic. corridor, is targeted to be Tourism participants in Cebu, on Partial data from the Department of completed by 2020. Tourism-Region 7 showed that the other hand, also began to Korea, Japan, and China were the embark on differentiated tourism Completion and renovation of top visitor markets in Cebu for the products and services, aside from hospitality developments is also first 8 months of the year. Chinese the usual sightseeing tourism, that rampant in Metro Cebu, taking nationals, however, posted the promise positive market advantage of the robust domestic highest y-o-y growth of 57% among opportunities. These include faith and foreign arrivals in the province. other nationalities during the same tourism, shopping tourism, and Bai Hotel in Mandaue City recently period. This growth has been a interactive tourism, which banks on initiated the opening of 300 out of product of the increased access the province’s rich cultural, its 668 rooms last September 2017. and rekindled ties between the religious, and natural heritage. Meanwhile, Waterfront Hotels Cebu reported plans of upgrading their country and China, which are ways On the accommodation side, existing developments to further to further enable tourism and launching and ongoing construction accommodate the active leisure investments. of hospitality developments across and MICE (meetings, incentive, the province aim to level up the Aside from China, increase in conferences, exhibits) markets in playing field in the industry. A visitors is expected to come from the province. European countries, such as notable development to watch out France, and Thailand. Recently, for is AyalaLand’s newest Continued on Page 10… venture in

8 DWINDLING SUPPLY PRESENTS A CHALLENGE TO THE METRO CEBU INDUSTRIAL SECTOR Industrial | Investments continue to pour in driving industrial sector growth

The Metro Cebu industrial sector ecozones in Metro Cebu. The land remained resilient in the second half selling price in Cebu Light Industrial FIGURE 9 of 2017, backed by the continuous Park is PHP6,500 per square meter Net Foreign Direct Investments influx of foreign investments. From a while land lease prices in West (in USD Billions) 14% year-on-year decrease in year- Cebu Industrial Park range from to-date Foreign Direct Investments USD0.35 to USD0.40 per square 12 (FDI) that was recorded at the end meter per month Moreover, only of the first half of 2017, FDI about 12,000 square meters of increased by 21% year-on year as leasable space are available in 10 of the latest report, covering the buildings inside industrial zones periods January to December 2017. such as Mactan Economic Zone 8 10.05

The Cebu Investment and and Cebu Light Industrial Park. With 8.28 Promotions Office declared that the booming retail sector, the 6 investors conduct their own studies challenge is developing new and arrive at the conclusion that industrial zones for warehousing 4 Cebu is a favorable investment and manufacturing to support the destination, mainly due to the growing industry. technical and language skills of the 2 local labor pool. In partnership with the local government, San Miguel 0

However, the present supply is Corporation (SMC) plans to build an

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 unable to match the rising demand. industrial estate in Mandaue City in 2005 A very limited number of industrial a bid to increase manufacturing Source: Bangko Sentral ng Pilipinas lots are available for sale or lease in activity and create more jobs in the the various industrial parks and country.

Continued from Page 5 Office commercial establishments which and living, all in one complex, opened first. wherein schedules for each will adjust to the needs of the BPO joining other big-name (SRP), workers. Retail and leisure corporations, Manulife, The Results where the country’s third largest establishments inside the complex Companies, Enfra USA, and shopping mall is located, is an area will likewise accommodate and Concentrix. Pacific World Tower is to watch out for, especially with support the schedules and lifestyles another office project in the several infrastructure projects in the of the workers. The proposal was township that is for completion pipeline. In 2017, Cebu City Mayor met with positive response from within the next semiannual period. Tomas Osmeña proposed the large BPO employers operating in development of “Call Center City” at To ride along the expansion of the the country, such as Convergys, a 60-hectare lot in SRP, which is Xerox, Teleperformance, E- BPO sector in the region, three times the size of IT Park. commercial malls Island Central Performax, Accenture and Qualfon. Aspiring to provide education and DoubleDragon Properties has also Mactan and J Centre Mall in the employment to the city’s young fringe areas have also ventured into expressed interest in developing the citizens, the city government seeks project. office leasing. Both offer PEZA- to partner with the BPO industry to certified office spaces at their package a program where a call Aside from its locational advantage respective top floors. SM Cebu center agent can finish college or of being near the airport, Mandaue Towers 1 and 2 and Robinsons’ pursue postgraduate studies debt- is another growth area that will Cybergate Galleria Cebu in North free while still working and earning. benefit from the planned Reclamation Area are other Call Center City will provide an infrastructure developments. upcoming office developments integrated space for work, studies, branching from well-known

9 A.S. Fortuna is the busiest road in Continued from Page 6 Residential Continued from Page 8 Hospitality the area with several hotels, offices, and retail establishments dotting its 30-kilometer stretch. roughly 500 units higher than those Cebu’s thriving MICE market is Astra Centre Cebu, The Space, and launched within Cebu City. expected to be the top game- Oakridge IT Center 3 are some of changer in the hospitality industry. the upcoming projects along the Notable property launches include MICE events, complemented by street that will spur office leasing Quay, the first tower non-MICE activities, will continue to activity. ’s Gatewalk of the second phase of Mandani be a significant demand-driver. Central in Subangdaku is another Bay, offering a total of 1,118 units. Reported occupancy rates brought mixed-use development under Approximately 81% have already about by MICE groups averaged construction in Mandaue that been sold in the four months after 75% to 90% during the period. carries an office component. project launch. The brisk demand was reported to have come from a Despite all these, traffic congestion The infrastructure boom in Metro mix of foreigners, Singaporeans in and environmental concerns remain Cebu is expected to result in particular, and affluent locals. a huge challenge in sustaining the improved access and mobility that hospitality industry’s performance. will subsequently stimulate further Meanwhile, local property However, with the government’s growth of the office market developers, JIPROP Development planned infrastructure projects especially in the fringe areas. In Corp. and Priland Development shaping up and as long as market 2018, an addition of at least Corp. comprise the remaining players address environmental 100,000 square meters of office figure, which is equivalent to 1,512 concerns without risking the upbeat space should increase the share of units. The latter recently unveiled J tourism climate in the province, the fringe areas in the Metro Cebu Tower Residences with 1,274 units, Cebu is on its way to becoming a office market. which will marvel alongside J Centre renowned leisure and MICE Mall and Toyoko Inn Hotel. The powerhouse. Metro Cebu continues to be the former launched Northwoods place, economic epicenter in the Visayas a two-tower residential and region providing development with a home office businesses an environment component, as part of their first conducive for growth. The region’s venture and direct response to the undeniable progress, along with a growing demand for condominiums thriving and expanding BPO sector, in the Metro. further nurtures a highly-positive sentiment for Metro Cebu’s office market. Market players are encouraged to recognize this opportunity and ride along the growth as circumstances present a certain win-win situation.

One Pacific Residence

Source: Santos Knight Frank Research

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