The Executive Centre to open Singapore Land Tower workspace in January 2024
As of September, TEC’s average occupancy rates stood at 98% in Manila, 91% in Ho Chi Minh City and 81% in Jakarta.
TEC’s Lim says the company’s expansion energy in Southeast Asia is expected to carry toward 2024. Keeping in mind that its growths are steered by client needs, she emphasize that TEC’s networks of centres within Southeast Asia are strengthened by customers that have a global presence in the place.
On top of that, TEC observes that the way tenants use workplace has altered since pre-Covid days, with companies placing greater focus on having entry to a combination of purpose-built spaces involving exclusive offices for focused work, adjustable seats, shared meeting rooms, and activity spaces.
The opening of the TEC hub at Singapore Land Tower is a solution to this growing necessity, states Yvonne Lim, TEC’s managing supervisor for Southeast Asia. She adds that the brand-new hub is observing “robust demand”, in accordance with the solid tenancy price at TEC’s other facilities in the city. As of September, TEC’s common tenancy price in Singapore stood at 95%.
The latest centre follows a series of 4 launchings TEC has performed 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 across these major Southeast Asian markets in 2023, representing a 33% increase in workstation expansion.
Marina View Residences IOI Properties
The opening of the brand-new center comes amidst evolving need for office space in Singapore, TEC says in a Nov 27 news release. The higher need comes up from MNCs seeking to set up offices in Singapore, in addition to increasing back-to-office momentum coming from employers tightening up a mix of both working protocols. Pointing out CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC details that 64% of companies are centered on increasing office presence or enhancing job efficiency.
Open workspace service provider The Executive Centre will start its eighth centre in Singapore, found at the Singapore Land Tower, in January 2024. The centre is located on the 45th to 47th grounds of the workplace tower at 50 Raffles Place, near to Raffles Place MRT Terminal. Extending 50,720 sq ft, it is going to have 490 workstations and consist of private workplaces and a member lounge.
