The Executive Centre to open Singapore Land Tower workspace in January 2024
Flexible work space service provider The Executive Centre will launch its eighth center in Singapore, situated at the Singapore Land Tower, in January 2024. The facility lies on the 45th to 47th floors of the office tower at 50 Raffles Place, near to Raffles Place MRT Station. Extending 50,720 sq ft, it will most likely have 490 workstations and include exclusive workplaces and a user lounge.
The launching of the brand-new centre comes amidst growing demand for office space in Singapore, TEC states in a Nov 27 announcement. The greater demand emerges from MNCs wanting to arrange offices in Singapore, in addition to increasing back-to-office force stemming from companies tightening up a mix of both working regulations. Mentioning CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC details that 64% of companies are centered on raising office attendance or improving work efficiency.
On top of that, TEC observes that the way lessees use office spaces has actually transformed since pre-Covid days, with firms putting greater focus on having accessibility to a mix of purpose-built spaces involving exclusive workplaces for focused work, adjustable seating, joint meeting rooms, and activity rooms.
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The opening of the TEC centre at Singapore Land Tower is a solution to this expanding necessity, claims Yvonne Lim, TEC’s handling director for Southeast Asia. She includes that the brand-new hub is viewing “sturdy interest”, in accordance with the solid tenancy price at TEC’s other centres in the city. As of September, TEC’s standard tenancy rate in Singapore ranked at 95%.
TEC’s Lim says the company’s development momentum in Southeast Asia is anticipated to carry into 2024. Keeping in mind that its growths are steered by client demands, she highlights that TEC’s networks of facilities throughout Southeast Asia are reinforced by customers that have a global visibility in the region.
The latest centre follows a collection of 4 launchings TEC has already accomplished across Southeast Asia this year: one in Singapore’s Capital Square along with one each in Jakarta, Ho Chi Minh City and Manila. Collectively, TEC has added almost 1,200 workstations across these key Southeast Asian markets in 2023, offering a 33% boost in workstation expansion.
Since September, TEC’s common tenancy rates stood at 98% in Manila, 91% in Ho Chi Minh City and 81% in Jakarta.
