CEBU, Philippines - Despite the gloomy economy, a new IT center at the Asiatown IT Park continues to attract big locators coming from different multinational firms with varied business operations.
Barely two years after it opened its doors to multinational occupants in June of 2007, TGU Tower is now already 70 percent occupied.
The building, composed of 15 storys and a roof deck, is currently occupied by 17 companies ranging from retail banks, insurance company, business process outsourcing companies, corporate offices of subsidiary companies of some multinational firms, said TG Universal Business Ventures, Corp. VP for operations Charles Vincent G. Ong.
Ong said in an interview that so far the roster of tenants are big multinational companies and among which include the recently opened Bombardier Transportation’s Global Financial Shared Services Center as well as companies like Pru Life UK, and subsidiary of the biggest printing company in the world Taylor Science and Technology Corporation.
He said that attracting big multinational has been a challenging feat but snagging deals with these companies prove that the infrastructure of their building is capable in serving the demands of foreign clients.
Ong said that in the case of attracting Bombardier Transportation, the world leading manufacturer of innovative transportation solutions from commercial aircraft and business jets to rail transportation equipment, systems and services; it was property consultant Colliers International who evaluated different IT buildings.
He said that more than 10 buildings were shortlisted here in Cebu before the firm finally settled for the TGU Tower.
“We are very happy with the take outs of our building and the mix of locators that we were able to attract,” said Ong.
He added that IT centers are market driven and so far, the demand for office spaces is peaking up because a lot of companies are coming over to Cebu to outsource some of their operations especially at the height of a global crisis and this has been doing positive movements in their business.
Ong also noted that the European market is also slowly coming in as more European companies are starting to outsource their operations in Cebu.
He also said that despite the slowdown of space take outs due to the economic crisis, it has not hindered them to attract new locators.
“Before the industry was US-driven but then Europeans are starting to look at the Philippines as a growth area, The crisis may have created a slowdown but this has also opened up the market because there is a crisis, more companies would want to cut on their cost and this is though outsourcing some of their operations in countries like the Philippines so the demand for office spaces also increases,” said Ong.
Ong’s family started with the business on scrap metals, now they not only operate the TGU Tower but also the Sykes Synergies building in Panagdait, Mabolo as well as another establishment along Mango Avenue.
He revealed that with the success of their TGU Tower and the positive reception of the market, they are currently on a planning stage of putting up more IT centers in the city that can cater to the growing demand of the BPO industry.