Cebu still largest market office outside Manila - Colliers

CEBU CITY, Philippines — While newer hubs like Iloilo begin to capture headlines for recent office transactions, Cebu continues to stand as a heavyweight of the Visayas-Mindanao (VisMin) real estate corridor.

According to the latest Colliers VisMin Report released in July 2026, the province is poised for a massive multi-sector expansion through 2029, driven by resilient demand in residential, office, and hospitality segments.

Dominant office

Cebu remains the largest office market outside of Metro Manila, boasting a total stock of 1.54 million square meters.

READ MORE: Growth prospects of Cebu property market

Although office transactions during the first quarter this year dipped to 9,000 square meters compared to the 20,000 square meters recorded in the same period last year, allowing Iloilo to take a temporary lead in quarterly deals, the long-term outlook for the “Queen City of the South” remains robust.

The market is anchored by the Cebu Business Park and Cebu IT Park, which hold 599,000 and 445,000 square meters of stock, respectively.

Looking ahead, Colliers forecasts an additional 208,000 square meters of new office stock to be delivered by 2029.

Residential

In the residential sector, Cebu’s dominance is even more pronounced.

Along with Davao, the province is expected to account for more than 60 percent of the 45,000 new condominium units slated for delivery across VisMin by 2029.

READ MORE: Cebu continues to attract outsourcing, ESL firms — Colliers International

Specifically, Cebu’s condominium stock is projected to grow from 92,270 units at the end of 2025 to 108,900 units by the end of the forecast period.

This growth is mirrored in the horizontal market, where Cebu currently holds the largest house-and-lot (H&L) stock in the entire region.

READ: Construction dominates PH procurement as health stays marginal—data expert

Investor confidence remains high, as evidenced by a 93 percent take-up of total H&L inventory.

Furthermore, residential lot prices in the Central Visayas region have seen formidable gains, increasing by an average of 7 percent to 13 percent annually since 2016.

Property firms are also capitalizing on the rising demand for resort-themed projects, particularly in Mactan.

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