The Executive Centre to open Singapore Land Tower workspace in January 2024
As of September, TEC’s common occupancy rates stood at 98% in Manila, 91% in Ho Chi Minh City and 81% in Jakarta.
The opening of the brand-new facility comes amidst expanding interest for office space in Singapore, TEC claims in a Nov 27 news release. The greater need occurs from MNCs aiming to set up offices in Singapore, along with growing back-to-office force originating from companies tightening up a mix of both working regulations. Mentioning CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC notes that 64% of firms are focused on improving office attendance or boosting job efficiency.
Flexible workspace company The Executive Centre will start its eighth center in Singapore, found at the Singapore Land Tower, in January 2024. The center rises on the 45th to 47th grounds of the workplace tower at 50 Raffles Place, near to Raffles Place MRT Station. Extending 50,720 sq ft, it is going to have 490 workstations and include reserved offices and a member lounge.
The latest centre complies with a series of 4 openings TEC has already performed throughout Southeast Asia this year: one in Singapore’s Capital Square as well as one each in Jakarta, Ho Chi Minh City and Manila. Together, TEC has certainly added nearly 1,200 workstations throughout these primary Southeast Asian markets in 2023, offering a 33% increase in workstation growth.
On top of that, TEC observes that the way renters use workplace has actually changed since pre-Covid days, with firms placing greater emphasis on having access to a mix of purpose-built areas including exclusive offices for focused work, manageable seating, shared conference room, and activity rooms.
The opening of the TEC center at Singapore Land Tower is a solution to this increasing need, says Yvonne Lim, TEC’s managing supervisor for Southeast Asia. She includes that the new hub is observing “sturdy demand”, in accordance with the strong tenancy rate at TEC’s different centers in the city. As of September, TEC’s common tenancy rate in Singapore ranked at 95%.
TEC’s Lim says the firm’s growth energy in Southeast Asia is anticipated to carry in to 2024. Noting that its developments are driven by customer requirements, she highlights that TEC’s networks of centers throughout Southeast Asia are strengthened by customers that have a multinational existence in the area.
