Cebu Landmasters debuts into coworking space
Visayas and Mindanao-focused developer Cebu Landmasters Inc. (CLI) has entered the coworking space business as increasing demand for flexible arrangements pushes companies to diversify their offerings.
In a stock exchange filing on Monday, the Soberano family-led company said it had launched WorkNook in Cebu City, whose “growing appeal as a remote work hub” attracted more professionals.
“WorkNook reflects our vision of creating spaces where today’s professionals can thrive,” Joanna Soberano-Bergundthal, CLI senior vice president for marketing and leasing, said in a statement.
“We’re excited to contribute to Cebu’s dynamic remote work and business scene,” Bergundthal added.
Introductory rates at WorkNook are pegged at P250 for half-day reservations, P350 daily, P1,800 weekly and P5,500 monthly.
Its private offices can be rented out at P9,000 every month, while dedicated seats are priced at P7,500 monthly.
WorkNook, located at Base Line Center near Citadines Cebu and lyf Cebu, also offers high-speed internet, office-grade furniture, lockers and a pantry.
This comes amid the rising popularity of flexible work arrangements postpandemic.
Real estate investment management firm Colliers Philippines earlier reported that companies saw the importance of flexible workspaces as part of their business continuity plans, especially after the COVID-19 pandemic had paralyzed office operations.
Cebu, in particular, emerged as one of the key areas where flexible workspaces were rising.
CLI, which has long been focusing on building its residential and hospitality portfolio in the Visayas and Mindanao, now joins property giants such as Robinsons Land Corp. (Work.able) and Ayala Land Inc. (Clock In) in offering coworking spaces.
In the first nine months of 2024, CLI’s earnings grew by 7 percent to P2.3 billion due to a surge in leasing and hospitality revenues.
Leasing revenues soared by 47 percent to P144 million after CLI had added 9,219 square meters of new leasable space.
Hospitality revenues, meanwhile, swelled by 52 percent to P149 million following the opening of three new projects during the period.
Last December, CLI announced plans to raise up to P5 billion from the debt market to support its expansion plans in Luzon amid an anticipated improvement in real estate demand.
