The Executive Centre to open Singapore Land Tower workspace in January 2024

The new centre follows a set of 4 openings TEC has actually accomplished throughout Southeast Asia this year: one in Singapore’s Capital Square along with one each in Jakarta, Ho Chi Minh City and Manila. Together, TEC has added nearly 1,200 workstations throughout these key Southeast Asian markets in 2023, presenting a 33% increase in office expansion.

Open work area service provider The Executive Centre will start its eighth centre in Singapore, situated at the Singapore Land Tower, in January 2024. The center lies on the 45th to 47th grounds of the business office tower at 50 Raffles Place, close to Raffles Place MRT Stop. Spanning 50,720 sq ft, it will most likely have 490 offices and include private workplaces and a user lounge.

The Arden Singapore

TEC’s Lim says the business’s expansion energy in Southeast Asia is anticipated to carry in to 2024. Keeping in mind that its growths are steered by client demands, she accentuate that TEC’s networks of facilities inside Southeast Asia are bolstered by customers that have a multinational visibility in the place.

Additionally, TEC observes that the way occupants use office has actually altered since pre-Covid days, with firms placing greater focus on having access to a mix of purpose-built areas involving personal offices for focused work, manageable seats, collaborative meeting rooms, and event spaces.

Since 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 solution to this increasing demand, says Yvonne Lim, TEC’s managing director for Southeast Asia. She adds that the brand-new hub is viewing “robust interest”, in line with the good tenancy rate at TEC’s other centers in the city. Since September, TEC’s average tenancy price in Singapore ranked at 95%.

The beginning of the new centre happens amidst growing interest for office in Singapore, TEC claims in a Nov 27 announcement. The higher interest arises from MNCs seeking to set up workplaces in Singapore, along with raising back-to-office momentum originating from employers tightening hybrid working protocols. Citing CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC details that 64% of business are concentrated on increasing office attendance or enhancing job performance.

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