The Executive Centre to open Singapore Land Tower workspace in January 2024
The latest centre adheres to a collection of four launchings TEC has already performed throughout 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 included almost 1,200 workstations across these primary Southeast Asian markets in 2023, presenting a 33% boost in office growth.
The opening of the TEC center at Singapore Land Tower is a solution to this expanding demand, states Yvonne Lim, TEC’s managing director for Southeast Asia. She adds that the brand-new hub is seeing “strong interest”, according to the strong occupancy price at TEC’s different centres in the city. As of September, TEC’s standard tenancy rate in Singapore ranked at 95%.
TEC’s Lim states the business’s development energy in Southeast Asia is assumed to carry into 2024. Noting that its expansions are steered by client demands, she highlights that TEC’s networks of centers within Southeast Asia are boosted by customers that have a global existence in the place.
The launching of the brand-new facility comes amidst expanding need for office in Singapore, TEC says in a Nov 27 press release. The increased need emerges from MNCs seeking to set up offices in Singapore, in addition to growing back-to-office momentum coming from companies tightening up hybrid working policies. Pointing out CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC details that 64% of companies are focused on raising office attendance or boosting work efficiency.
Open work area provider The Executive Centre will open its eighth centre in Singapore, found at the Singapore Land Tower, in January 2024. The facility is located on the 45th to 47th grounds of the business office high rise at 50 Raffles Place, near to Raffles Place MRT Terminal. Covering 50,720 sq ft, it is going to have 490 offices and include reserved offices and a user lounge.
As of September, TEC’s common occupancy rates stood at 98% in Manila, 91% in Ho Chi Minh City and 81% in Jakarta.
Furthermore, TEC monitors that the way tenants use office has actually altered ever since pre-Covid days, with business positioning better focus on having entry to a combination of purpose-built areas involving private workplaces for focused work, manageable seats, collaborative conference room, and event spaces.