The Executive Centre to open Singapore Land Tower workspace in January 2024
The new centre follows a set of 4 openings TEC has carried out across Southeast Asia this year: one in Singapore’s Capital Square as well as one each in Jakarta, Ho Chi Minh City and Manila. All together, TEC has added almost 1,200 workstations throughout these major Southeast Asian markets in 2023, representing a 33% increase in workstation expansion.
TEC’s Lim states the firm’s development momentum in Southeast Asia is assumed to carry into 2024. Keeping in mind that its growths are steered by client needs, she highlights that TEC’s networks of facilities within Southeast Asia are strengthened by clients that have a global existence in the region.
Open workspace provider The Executive Centre will start its eighth center in Singapore, found at the Singapore Land Tower, in January 2024. The center lies on the 45th to 47th grounds of the business office tower at 50 Raffles Place, near to Raffles Place MRT Stop. Covering 50,720 sq ft, it will most likely have 490 offices and include exclusive offices and a member lounge.
The opening of the TEC centre at Singapore Land Tower is a response to this growing demand, claims Yvonne Lim, TEC’s coordinating director for Southeast Asia. She includes that the new centre is viewing “sturdy interest”, in accordance with the strong occupancy price at TEC’s different centres in the city. As of September, TEC’s common occupancy price in Singapore stood at 95%.
Furthermore, TEC observes that the way tenants use office spaces has actually transformed ever since pre-Covid days, with business putting greater focus on having accessibility to a combination of purpose-built spaces featuring private workplaces for focused work, adjustable seating, collaborative meeting rooms, and activity areas.
As of September, TEC’s standard occupancy rates stood at 98% in Manila, 91% in Ho Chi Minh City and 81% in Jakarta.
The launching of the brand-new facility comes amidst evolving need for office in Singapore, TEC states in a Nov 27 news release. The greater demand emerges from MNCs looking to arrange offices in Singapore, as well as increasing back-to-office force originating from employers tightening up a mix of both working policies. Pointing out CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC details that 64% of companies are centered on boosting office attendance or improving work efficiency.