The Executive Centre to open Singapore Land Tower workspace in January 2024
TEC’s Lim says the firm’s expansion energy in Southeast Asia is assumed to carry in to 2024. Noting that its developments are driven by client demands, she accentuate that TEC’s networks of facilities inside Southeast Asia are boosted by clients that have a global visibility in the area.
The latest centre follows a collection of 4 openings TEC has actually accomplished throughout Southeast Asia this year: one in Singapore’s Capital Square along with one each in Jakarta, Ho Chi Minh City and Manila. All together, TEC has included nearly 1,200 workstations across these primary Southeast Asian markets in 2023, representing a 33% increase in workstation growth.
Since September, TEC’s common tenancy rates stood at 98% in Manila, 91% in Ho Chi Minh City and 81% in Jakarta.
The opening of the TEC center at Singapore Land Tower is a response to this expanding necessity, claims Yvonne Lim, TEC’s managing director for Southeast Asia. She includes that the new centre is viewing “robust need”, in accordance with the good tenancy price at TEC’s other facilities in the city. As of September, TEC’s average occupancy rate in Singapore ranked at 95%.
In addition, TEC monitors that the way lessees use office has altered ever since pre-Covid days, with firms positioning higher emphasis on having accessibility to a mix of purpose-built places featuring personal workplaces for focused work, flexible seating, collaborative meeting rooms, and event rooms.
Flexible work space company The Executive Centre will open its eighth center in Singapore, located at the Singapore Land Tower, in January 2024. The center lies on the 45th to 47th levels of the business office tower at 50 Raffles Place, close to Raffles Place MRT Station. Covering 50,720 sq ft, it will have 490 offices and include reserved offices and a user lounge.
The beginning of the new facility comes amidst evolving demand for office in Singapore, TEC claims in a Nov 27 announcement. The greater interest occurs from MNCs wanting to set up offices in Singapore, as well as increasing back-to-office momentum originating from employers tightening hybrid working regulations. Pointing out CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC notes that 64% of firms are focused on boosting office presence or enhancing work efficiency.