The Executive Centre to open Singapore Land Tower workspace in January 2024
TEC’s Lim states the company’s expansion momentum in Southeast Asia is assumed to carry in to 2024. Keeping in mind that its growths are driven by customer demands, she highlights that TEC’s networks of centers throughout Southeast Asia are bolstered by clients that have an international existence in the area.
In addition, TEC observes that the way tenants use office spaces has actually transformed ever since pre-Covid days, with companies placing greater emphasis on having accessibility to a combination of purpose-built spaces including personal offices for focused work, adjustable seating, collaborative meeting rooms, and event spaces.
As of 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 need, says Yvonne Lim, TEC’s coordinating supervisor for Southeast Asia. She includes that the brand-new hub is seeing “robust need”, according to the solid tenancy rate at TEC’s other facilities in the city. Since September, TEC’s standard tenancy rate in Singapore remained at 95%.
Open work area provider The Executive Centre will open its eighth center in Singapore, found at the Singapore Land Tower, in January 2024. The facility lies on the 45th to 47th floors of the office tower at 50 Raffles Place, around Raffles Place MRT Stop. Covering 50,720 sq ft, it is going to have 490 workstations and include reserved workplaces and a member lounge.
The launching of the brand-new facility comes amidst expanding interest for office space in Singapore, TEC states in a Nov 27 news release. The higher interest comes up from MNCs aiming to establish workplaces in Singapore, along with growing back-to-office force coming from employers tightening up a mix of both working protocols. Citing CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC notes that 64% of business are concentrated on raising office presence or enhancing job efficiency.
The latest centre follows a series of 4 openings TEC has already accomplished across Southeast Asia this year: one in Singapore’s Capital Square along with one each in Jakarta, Ho Chi Minh City and Manila. Collectively, TEC has certainly included almost 1,200 workstations throughout these key Southeast Asian markets in 2023, presenting a 33% boost in office expansion.