COMMERCIAL lease rates in Cebu City’s information technology (IT) park remain the same amid rising demand for office spaces.
The developer of Asiatown IT Park, Cebu Property Ventures and Development Corp. also disclosed that it has not made any price adjustments to its rental rates as well.
CPVDC president Francis Monera said the lease rates of prime office spaces in Metro Cebu are between P450 and P500 per square meter.
In Manila, prime spaces already cost around P800 per square meter.
Monera attributed the stable rates to the enterprising nature of the Cebuanos. He said there is also a collective effort by the
industry and CPVDC to maintain competitive prices.
But if and when market forces will eventually compel CPVDC to adjust its rates, he said the business sector “will adjust to market situations.”
Quality
As part of its commitment to its stakeholders, CPVDC sees to it that it delivers the kind of quality that is expected of it despite rising costs of construction materials, Monera said.
As such, none of CPVDC’s projects encountered delays, he added.
Yesterday, CPVDC topped off its latest development—the 12-story eBloc Tower building at Asiatown IT Park, Cebu City.
Unveiled in the last quarter of 2007, eBloc Tower will be operational by the end of this year.
“We are targeting 66 percent occupancy by the end of the year,” Monera told a news conference.
The building will be ready for occupancy by September.
The eBloc Tower, also a project of Asian I-Office Properties Inc., a firm created under the partnership of CPVDC and Ayala Land Inc.’s Corporate Business Group, is positioned to address the continuing demand for office spaces.
New companies
Monera also said that CPVDC is currently in discussion with “a good number” of prospective locators for the building. He, however, declined to identify the companies.
He also mentioned that aside from existing players at Asiatown IT Park, there are also new companies that are interested to locate in the eBloc Tower.
Aside from the eBloc Tower, the new retail strip within Asiatown IT Park also soft-opened with four stores out of a total of 18 outlets. These are Pier 1, La Marea, Figaro and Shakey’s.
Aside from the restaurants and the coffeshop, The Walk—formerly known as The Village—will also feature a wellness center or spa and a convenience store. The Walk will be fully occupied before the year ends.
As more buildings are scheduled to be completed within the year, Monera said CPVDC has also beefed up its security force, considering that most locators in the park operate for 24-hours a day. (DME)
