Iloilo has overtaken Cebu as the leading office transaction hub in the Visayas, reflecting the city’s growing appeal to business process outsourcing (BPO) firms and corporate investors, according to Joey Roi Bondoc, Research Director of Colliers Philippines.
Bondoc highlighted the finding during the presentation of Colliers’ latest Visayas and Mindanao (VisMin) real estate report, which identified Iloilo as the top office transaction hub in the first quarter of 2026, surpassing Cebu.
He said outsourcing firms continue to drive office demand in Iloilo because of the city’s skilled labor pool, lower operating costs, and business-friendly environment.
The report noted that office space demand across the Visayas and Mindanao remains largely fueled by the outsourcing industry, with Iloilo emerging as one of the country’s fastest-growing provincial office markets.
Beyond the office sector, Colliers said the VisMin property market continues to post resilient growth, driven by decentralization from Metro Manila, expanding infrastructure, and increasing demand across the residential, commercial, and tourism sectors.
From 2026 to 2029, around 45,000 condominium units are expected to be completed across the region, led by Cebu and Davao. Demand is projected to remain strongest in the affordable and mid-income segments, while house-and-lot and lot-only developments continue to post steady price appreciation and healthy take-up rates.
The hospitality sector is likewise expected to expand, with more than 60 percent of new hotel supply coming from international brands. According to the report, rising tourism, airport upgrades, and increasing demand from high-spending travelers are encouraging investments in destinations such as Iloilo, Bohol, and Cagayan de Oro.
Bondoc said the sustained growth across Visayas and Mindanao underscores the increasing importance of regional cities in the country’s real estate landscape.
Colliers recommended that developers accelerate expansion into growth centers like Iloilo through mixed-use and township developments tailored to local demand. It also urged office developers and landlords to provide flexible and cost-efficient spaces that will continue to attract BPO firms, government agencies, and technology occupiers.
The report concluded that steady property value appreciation, continued infrastructure investments, and strong end-user demand position Iloilo as one of the country’s most promising real estate investment destinations.
