The Executive Centre to open Singapore Land Tower workspace in January 2024
Open workspace company The Executive Centre will start its eighth center 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, close to Raffles Place MRT Stop. Extending 50,720 sq ft, it will have 490 workstations and include private workplaces and a member lounge.
As of September, TEC’s standard tenancy 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 increasing necessity, states Yvonne Lim, TEC’s handling director for Southeast Asia. She includes that the brand-new centre is observing “strong interest”, according to the strong occupancy price at TEC’s different centers in the city. Since September, TEC’s common occupancy rate in Singapore remained at 95%.
On top of that, TEC observes that the way occupants use office has altered since pre-Covid days, with firms placing better emphasis on having access to a mix of purpose-built places including private offices for concentrated work, manageable seating, collaborative conference room, and event spaces.
TEC’s Lim claims the company’s development energy in Southeast Asia is expected to carry into 2024. Keeping in mind that its growths are driven by customer needs, she emphasize that TEC’s networks of centers inside Southeast Asia are reinforced by clients that have a global existence in the region.
The latest centre adheres to a set of four openings TEC has 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. Collectively, TEC has included almost 1,200 workstations across these key Southeast Asian markets in 2023, offering a 33% boost in workstation expansion.
The launching of the brand-new facility comes amid expanding demand for office space in Singapore, TEC claims in a Nov 27 news release. The greater need occurs from MNCs seeking to arrange workplaces in Singapore, along with growing back-to-office momentum originating from companies tightening hybrid working regulations. Citing CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC details that 64% of business are focused on boosting office attendance or improving work performance.