A NEW office tower with a Leadership in Energy and Environmental Design (LEED) Gold certification is on track for completion by the second quarter of 2023 in Cebu City.
The 21-storey Johndorf Tower is already seeing pre-commitments from locators months ahead of its completion in the second quarter.
Located along Mindanao Avenue in Cebu Business Park, the office tower is accredited by the Philippine Economic Zone Authority and LEED Gold certified by the US Green Building Council.
Johndorf Tower is developed by Johndorf Ventures Corp., and represented by exclusive leasing agent Leechiu Property Consultants (LPC).
“We are confident Johndorf Tower will be among the most attractive IT-BPM locations in Cebu City in 2023 and that its developer will reap the benefits of great business timing,” Bobby Apas, LPC commercial leasing senior manager, said in a statement.
The building has a typical floor plate of 1,427 square meters (sq.m.). It has 5 passenger elevators, high ceilings and a modern air-conditioning system.
Mr. Apas said that Cebu City has seen its economy rebound from the pandemic and is now “on the road to recovery.”
As of November, office demand in Cebu has surged to 68,451 sq.m., from 16,683 sq.m. demand seen for the entire 2021.
“More transactions expected to be completed before the end of the year,” LPC said.
The bulk or 65% of the demand is from the information technology-business process management (IT-BPM), while serviced offices accounted for 18%.
“Due to its large labor force and dynamic economy, Cebu has been a top choice for IT-BPM firms seeking alternative locations to Metro Manila for almost 15 years now,” Mr. Apas said.
According to LPC, firms in Western economies are “likely” to outsource more jobs to countries like the Philippines and India, similar to what happened during the Global Financial Crisis. — CRAG