The Executive Centre to open Singapore Land Tower workspace in January 2024
As of September, TEC’s average tenancy rates stood at 98% in Manila, 91% in Ho Chi Minh City and 81% in Jakarta.
The new centre complies with a collection of four openings TEC has performed throughout 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 included nearly 1,200 workstations across these key Southeast Asian markets in 2023, offering a 33% boost in office growth.
The opening of the TEC hub at Singapore Land Tower is a feedback to this increasing demand, claims Yvonne Lim, TEC’s coordinating director for Southeast Asia. She includes that the brand-new centre is viewing “strong demand”, in accordance with the solid occupancy price at TEC’s different centers in the city. Since September, TEC’s average tenancy price in Singapore stood at 95%.
Furthermore, TEC observes that the way occupants use workplace has actually changed since pre-Covid days, with companies positioning higher emphasis on having entry to a combination of purpose-built spaces involving exclusive offices for focused work, manageable seats, collaborative meeting rooms, and event areas.
The beginning of the brand-new facility comes in the middle of expanding interest for workplace in Singapore, TEC claims in a Nov 27 press release. The higher need emerges from MNCs looking to set up workplaces in Singapore, along with raising back-to-office momentum originating from companies tightening up hybrid working protocols. Citing CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC details that 64% of firms are centered on boosting office presence or boosting job efficiency.
TEC’s Lim says the firm’s development energy in Southeast Asia is assumed to carry into 2024. Keeping in mind that its growths are steered by customer demands, she emphasize that TEC’s networks of centers inside Southeast Asia are bolstered by clients that have an international existence in the area.
Open work space service provider The Executive Centre will launch its eighth centre in Singapore, found at the Singapore Land Tower, in January 2024. The center is located on the 45th to 47th floors of the workplace tower at 50 Raffles Place, around Raffles Place MRT Stop. Spanning 50,720 sq ft, it is going to have 490 workstations and include exclusive workplaces and a member lounge.
