The Executive Centre to open Singapore Land Tower workspace in January 2024
Flexible work space service provider The Executive Centre will launch its eighth facility in Singapore, found at the Singapore Land Tower, in January 2024. The center rises on the 45th to 47th floors of the business office high rise at 50 Raffles Place, close to Raffles Place MRT Stop. Spanning 50,720 sq ft, it is going to have 490 offices and include exclusive workplaces and a member lounge.
The opening of the brand-new center comes in the middle of growing interest for office in Singapore, TEC states in a Nov 27 press release. The increased interest comes up from MNCs aiming to arrange workplaces in Singapore, in addition to increasing back-to-office force originating from employers tightening up a mix of both working policies. Mentioning CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC details that 64% of firms are centered on increasing office presence or boosting job efficiency.
The opening of the TEC centre at Singapore Land Tower is a response to this growing demand, says Yvonne Lim, TEC’s coordinating supervisor for Southeast Asia. She includes that the brand-new centre is observing “sturdy interest”, in accordance with the good tenancy price at TEC’s different centres in the city. Since September, TEC’s average tenancy rate in Singapore stood at 95%.
TEC’s Lim states the company’s growth energy in Southeast Asia is expected to carry in to 2024. Keeping in mind that its growths are steered by client demands, she emphasize that TEC’s networks of facilities inside Southeast Asia are reinforced by clients that have a multinational existence in the region.
The new centre adheres to a series of four launchings TEC has accomplished across 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 primary Southeast Asian markets in 2023, presenting a 33% boost in office expansion.
Additionally, TEC monitors that the way occupants use workplace has transformed since pre-Covid days, with business placing better focus on having entry to a mix of purpose-built places featuring exclusive workplaces for concentrated work, adjustable seats, joint meeting rooms, and event spaces.
As of September, TEC’s standard tenancy rates stood at 98% in Manila, 91% in Ho Chi Minh City and 81% in Jakarta.