ILOILO City — This city has overtaken Metro Cebu in total occupied office spaces in the first quarter of 2026 – a major milestone in its rapid transformation into one of the country’s fastest-rising business and property hubs outside Metro Manila.
This growth, revealed by Colliers Philippines research director Joey Roi Bondoc, highlights Iloilo’s growing dominance in the office and real estate sector, driven by aggressive business expansion, high-value outsourcing firms, and booming investments in residential and commercial developments.
“It’s only Iloilo in the first quarter. I believe that, because of supply-driven transactions… for a city like Iloilo, they attract not just BPO companies but also high-value outsourcing companies. Let’s just go around Iloilo Business Park, look at the buildings, you see the tenants..and that’s a pretty interesting insight. Will Iloilo sustain that? Will Iloilo keep outpacing Cebu? We will see that, but at least in the first quarter of this year, yes,” said Bondoc.
The latest property briefing, held in partnership with Megaworld Corp., underscored Iloilo City’s growing reputation as a premier investment destination amid the continued decentralization of economic activity from the National Capital Region.
Bondoc said Iloilo’s strong performance reflects surging demand for office spaces, residential projects, and retail and leisure developments, particularly in emerging business districts such as Iloilo Business Park.
“We are very optimistic about the future of property in Iloilo City. The indicators suggest a broadening appetite for new and innovative developments as both developers and investors explore thriving locations,” Bondoc stated.
The residential sector also posted remarkable gains. Data showed condominium developments in the Visayas and Mindanao regions posted an overall take-up rate of 87 percent, with Iloilo City recording a higher 89 percent.
House-and-lot developments performed even stronger, with Iloilo posting a 96 percent take-up rate compared to the 92 percent regional average.
Bondoc attributed the robust growth to increasing consumer confidence, expanding business activity, and sustained remittances from overseas Filipino workers.
Citing a survey by the Bangko Sentral ng Pilipinas, Bondoc noted that 17 percent of household remittances are now being allocated for real estate investments, including condominiums, house-and-lot packages, and vacant lots.
Meanwhile, Harold Geronimo, first vice president for corporate communications and media affairs of Megaworld Corp., said the company remains bullish on provincial township developments, including projects in Iloilo.
“We remain on track with our developments, especially our township projects spread across the Philippines, particularly in the provinces. Our core businesses have all reported growth during the first quarter of 2026,” Geronimo said.
The city’s upward trajectory has also been boosted by continued infrastructure development, improved connectivity, and investment-friendly initiatives pushed by the Iloilo City government to attract local and foreign investors.
Adding to the momentum, the Philippine Statistics Authority earlier reported that Western Visayas emerged as the country’s fastest-growing regional economy in 2025, posting a 6.4-percent expansion among the nation’s 18 regions./PN
