The Executive Centre to open Singapore Land Tower workspace in January 2024
The opening of the brand-new facility happens amid expanding need for office space in Singapore, TEC claims in a Nov 27 announcement. The higher demand comes up from MNCs aiming to establish workplaces in Singapore, in addition to growing back-to-office force stemming from employers tightening up hybrid working protocols. Mentioning CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC details that 64% of companies are centered on raising office presence or enhancing work effectiveness.
The opening of the TEC center at Singapore Land Tower is a response to this expanding demand, claims Yvonne Lim, TEC’s managing supervisor for Southeast Asia. She includes that the brand-new centre is viewing “robust demand”, according to the solid occupancy rate at TEC’s other facilities in the city. As of September, TEC’s standard tenancy price in Singapore stood at 95%.
TEC’s Lim says the company’s development momentum in Southeast Asia is anticipated to carry toward 2024. Noting that its developments are steered by customer needs, she emphasize that TEC’s networks of facilities within Southeast Asia are strengthened by customers that have a multinational existence in the place.
The latest centre follows a series of four openings TEC has already performed across 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 added just about 1,200 workstations across these key Southeast Asian markets in 2023, offering a 33% increase in office growth.
Additionally, TEC observes that the way renters use workplace has transformed ever since pre-Covid days, with business placing better emphasis on having entry to a mix of purpose-built areas involving private workplaces for concentrated work, manageable seating, joint meeting rooms, and activity rooms.
Flexible work space company The Executive Centre is going to start its 8th centre in Singapore, found at the Singapore Land Tower, in January 2024. The center lies on the 45th to 47th floors of the office tower at 50 Raffles Place, close to Raffles Place MRT Station. Covering 50,720 sq ft, it will most likely have 490 offices and consist of private workplaces and a user lounge.
Since September, TEC’s average occupancy rates stood at 98% in Manila, 91% in Ho Chi Minh City and 81% in Jakarta.