The Executive Centre to open Singapore Land Tower workspace in January 2024
The latest centre complies with a set of 4 openings TEC has accomplished across Southeast Asia this year: one in Singapore’s Capital Square together with one each in Jakarta, Ho Chi Minh City and Manila. All together, TEC has certainly included just about 1,200 workstations throughout these key Southeast Asian markets in 2023, offering a 33% increase in workstation expansion.
The opening of the TEC hub at Singapore Land Tower is a response to this expanding necessity, claims Yvonne Lim, TEC’s handling director for Southeast Asia. She adds that the brand-new hub is viewing “robust interest”, in line with the good occupancy rate at TEC’s other facilities in the city. As of September, TEC’s standard tenancy rate in Singapore stood at 95%.
Open workspace service provider The Executive Centre will start its eighth centre in Singapore, located at the Singapore Land Tower, in January 2024. The centre lies on the 45th to 47th grounds of the office high rise at 50 Raffles Place, near to Raffles Place MRT Stop. Spanning 50,720 sq ft, it is going to have 490 workstations and consist of exclusive workplaces and a user lounge.
The beginning of the new centre happens in the middle of growing demand for workplace in Singapore, TEC claims in a Nov 27 news release. The greater need occurs from MNCs wanting to set up offices in Singapore, as well as growing back-to-office force coming from employers tightening up a mix of both working policies. Mentioning CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC notes that 64% of business are centered on raising office presence or boosting work performance.
TEC’s Lim says the firm’s growth momentum in Southeast Asia is assumed to carry in to 2024. Keeping in mind that its growths are driven by customer needs, she emphasize that TEC’s networks of centres throughout Southeast Asia are reinforced by customers that have an international visibility in the place.
As of September, TEC’s standard tenancy rates stood at 98% in Manila, 91% in Ho Chi Minh City and 81% in Jakarta.
Additionally, TEC monitors that the way tenants use office has actually changed since pre-Covid days, with business positioning greater emphasis on having entry to a combination of purpose-built places including personal workplaces for concentrated work, flexible seating, joint conference room, and event areas.