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Colliers: Strong BPO, remittances to drive Cebu’s retail sector

Thursday January 1, 1970

METRO Cebu’s dynamism as a major retail hub is poised to continue amid robust business and knowledge process outsourcing, tourism, and strong overseas Filipino workers’ (OFW) remittance, said a property management and research firm. “Despite the substantial increase in retail stock since 2008, overall vacancy remains low as the additional supply is offset by a continuously expanding local economy, which effectively boosts Cebuanos’ disposable income,” said Colliers International Philippines in a statement on Tuesday. As of the first quarter of 2017, Colliers said Metro Cebu’s retail stock stood at around 1.01 million square meters (sq.m.) of leasable space, or more than double the metro’s retail supply in 2008 of 465,000 sq.m. Retail vacancy during this period was at 2.2 percent from two percent recorded a year ago. Over the next 12 to 36 months, retail space in Cebu will further expand. Among those expected to be completed this year are Il Corso of Filinvest at the South Road Properties and NorthDrive Complex of local developer Elin Land in North Reclamation. The projects, once completed, will deliver an estimated 44,000 sq.m. of leasable space. Other retail projects in the pipeline are Ayala Land’s Ayala Mall at Central Bloc located in Cebu IT Park that will bring in 42,000 sq. m. of leasable retail as well as Ayala Land and Aboitiz Land’s Ayala Mall at Gatewalk Central in Mandaue City offering more than 110,000 sq. m. of leasable area. The Gatewalk Central mall will be anchored by a Landmark department store. Gerard Padriga, general manager of Colliers International Cebu office said overall vacancy at the end of this year will hover between two percent and four percent. Currently, Cebu’s average retail rents range from P230 to P980 per sq.m. per month, or an increase of about three percent compared to year-ago rates. “Colliers sees rental rates growing at the same pace over the next 12 months,” the firm added. Central Visayas, where Cebu serves as the financial capital, recorded an annual economic expansion of 7.2 percent from 2014 to 2016, making it among the fastest growing regions in the country. During the same period, gross domestic product (GDP) per capita or the proxy for individual income, grew by an average of 5.5 percent per annum. “This robust macroeconomic environment effectively boosts Cebu households’ propensity to consume,” Colliers said. (JOG)

Distinctly Tavolata

Thursday January 1, 1970

FROM the design center and into the mall. The seemingly elusive yet popular Tavolata has found a new venue in Ayala Center Cebu. It’s the first time for the establishment to branch out. Expect generous portions in a casual yet sophisticated dining place on both venues in the heart of the metropolis. “It’s actually the same Tavolata although we added a few items on the menu. The idea is for more people to enjoy the same great food and experience,” said Chef Patrick “Pat” Corpuz. “It’s a fixed menu for now, but perhaps in a couple of months, we’ll do specials every now and then. This is in keeping with the Tavolata tradition, which is launching premium items that’s all Italian inspired,” he said. Shoppers, ladies who lunch, businessmen, expats, or even just the curious passersby can now enjoy our homemade pasta and hand tossed pizzas— Tavolata’s core in its take on the Italian trattoria. It’s real food using the finest ingredients sourced from local and international suppliers. The wide array of exquisite antipasto, cocktails and wine, pastries and desserts are also available. “I think our pizzas are unique for their Neopolitan flavor that is why people crave for them. We also have a lot of takeouts, even from new customers and first-timers. Our philosophy in Tavolata is to be like a trattoria, that is simple Italian-style dining, less formal than a ristorante, but more formal than an osteria,” said Corpuz. “We take pride in training the best cooks we have, and cook everything right. Instead of adding or doing this and that, we simply go back to doing things right which is what really matters,” he added. The food quality, cozy ambience and stylish interiors—though devoid of its signature high ceiling but with the unique soft lighting—contributes to the overall Tavolata experience. Feast in its selection evoking the Italian dining experience. “Ultimately, we want to create the same feel. Although we might look upscale and intimidating on the outside, it’s actually casual. The look of this restaurant is somehow different compared to the one in Design Center of Cebu (DCC), simply because we adapt with the surroundings of the mall. However, parts in DCC… the chandelier and furnishings like chairs and tables are similar here,” Corpuz said. With a seating capacity of 42 and straightforward-mancave-minimalist interiors, this Tavolata is warm, serene, relaxing, and a veritable extension of the mall—an intimate haven in the midst of the busy business district. With the array of modern restaurants, including Maya La Cocina de Abaca, A Cafe, and Phat Pho; the establishment joins in the ranks of mindful dining places owned and operated by The Abaca Group. Ultimately it’s the same taste and feel, albeit in a different place. Drop by with family and friends to celebrate, or date and dine with your special one while enjoying a magnificent view of the business district. Be pleasantly surprised with the cost because it’s really not that much. (CEBU DAILY NEWS)

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