The Executive Centre to open Singapore Land Tower workspace in January 2024
The beginning of the new centre comes amid expanding demand for office in Singapore, TEC says in a Nov 27 announcement. The increased interest comes up from MNCs wanting to establish workplaces in Singapore, along with raising back-to-office force stemming from employers tightening up hybrid working regulations. Mentioning CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC details that 64% of firms are centered on boosting office attendance or improving job performance.
The latest centre follows a series of 4 openings TEC has already 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. Collectively, TEC has included nearly 1,200 workstations throughout these key Southeast Asian markets in 2023, representing a 33% rise in workstation growth.
Furthermore, TEC monitors that the way renters use workplace has changed since pre-Covid days, with business positioning greater focus on having entry to a mix of purpose-built places involving personal offices for focused work, flexible seats, shared conference room, and activity rooms.
Since September, TEC’s standard occupancy rates stood at 98% in Manila, 91% in Ho Chi Minh City and 81% in Jakarta.
The opening of the TEC hub at Singapore Land Tower is a response to this growing demand, claims Yvonne Lim, TEC’s coordinating director for Southeast Asia. She adds that the new hub is viewing “robust demand”, in line with the solid tenancy rate at TEC’s other facilities in the city. Since September, TEC’s common tenancy price in Singapore remained at 95%.
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TEC’s Lim states the business’s growth energy in Southeast Asia is anticipated to carry in to 2024. Keeping in mind that its developments are steered by client demands, she accentuate that TEC’s networks of centres inside Southeast Asia are bolstered by customers that have a multinational visibility in the place.
Flexible work space provider The Executive Centre is going to start its eighth facility in Singapore, found at the Singapore Land Tower, in January 2024. The centre rises on the 45th to 47th levels of the workplace high rise at 50 Raffles Place, close to Raffles Place MRT Terminal. Spanning 50,720 sq ft, it will most likely have 490 offices and include reserved offices and a user lounge.
