Iloilo City outpaces Cebu, Clark in office space sales

THE City of Love has charmed most locators to settle in the metropolis despite difficult times, as spaces were selling like hotcakes amid lockdowns.

This was the assessment of industry leader Leechiu Property Consultants (LPC) in its latest report.

"Mayor Jerry P. Treñas's programs to address the pandemic has shown leadership and preparedness," LPC stated.

The real estate sector expert noticed Trenas's initiatives resulted in favorable peace and order situation with the city ranked eighth safest in Southeast Asia in an online survey.

Looking forward, LPC further credited the soon-to-rise P38-million Command Center for Disaster Risk Reduction and Traffic Management at Iloilo City Center township along Diversion Road in Mandurriao district.

The Iloilo City Action and Response (ICare) facility hosting emergency, police and fire personnel and equipment is expected to be completed next year.

The site accessible and nearest from centerpoint has been donated by Gaisano Capital Group of Companies, among the big support extended by giant firms to City Hall.

LPC also affirmed Treñas's environmental efforts and swift pandemic response.

The operations of Uswag Iloilo City Molecular Laboratory has helped manage coronaVirus disease (Covid-19) cases effectively as part of the holistic approach that has brought down daily cases to single digit.

Treñas hoped this development sparks a bright spot for economic recovery amidst crisis due to Covid-19.

Earlier, Treñas welcomed the entry of technology company Asurion set to open at Megaworld Iloilo Business Park starting January, bringing in 1,200 jobs.

"In focus: Iloilo is the largest recipient of office demand outside Manila. It transacted 50,000 sqm office space, overtaking Cebu and Clark/Pampanga for the first time," LPC cited.

"With 144,000 sqm total current supply, vacancy stands at 10 percent," it added.

Iloilo has been hailed Most Business-Friendly Highly Urbanized City outside Manila by Philippine Chamber of Commerce and Industry in 2019.

Ilonggo talents that are trainable and skilled attract investors.

"Universities are able to produce viable labor force," LPC said, referring to the educational center of the region.

Megaworld has been a major contributor, supplying 76,000 square meters with another 76,000 square meters in the pipeline accredited by Philippine Economic Zone Authority (Peza), thus the perks of tax holidays.

LPC also attributed the presence of ease of doing business including Peza supply, efficient processes, local government and private sector partnership, academe and developed and improved infrastructure to the real property boom. (PR)