SINGAPORE (EDGEPROP) - Flexible workspace provider The Executive Centre will open its eighth centre in Singapore, located at the Singapore Land Tower, in January 2024. The centre is located on the 45th to 47th floors of the office tower at 50 Raffles Place, close to Raffles Place MRT Station. Spanning 50,720 sq ft, it will have 490 workstations and include private offices and a member lounge.

The opening of the new centre comes amid growing demand for office space in Singapore, TEC says in a Nov 27 press release. The higher demand arises from MNCs looking to set up offices in Singapore, as well as increasing back-to-office momentum stemming from employers tightening hybrid working policies. Citing CBRE’s 2023 Singapore Office Occupier Sentiment Survey, TEC notes that 64% of companies are focused on increasing office attendance or improving work efficiency.

In addition, TEC observes that the way tenants use office spaces has changed since pre-Covid days, with companies placing greater emphasis on having access to a combination of purpose-built spaces including private offices for focused work, flexible seating, collaborative meeting rooms, and event spaces.

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The opening of the TEC centre at Singapore Land Tower is a response to this growing demand, says Yvonne Lim, TEC’s managing director for Southeast Asia. She adds that the new centre is seeing “robust demand”, in line with the strong occupancy rate at TEC’s other centres in the city. As of September, TEC’s average occupancy rate in Singapore stood at 95%.

The new centre follows a series of four openings TEC has carried out across Southeast Asia this year: one in Singapore’s Capital Square as well as one each in Jakarta, Ho Chi Minh City and Manila. Together, TEC has added almost 1,200 workstations across these key Southeast Asian markets in 2023, representing a 33% increase in workstation growth.

TEC’s Lim says the company’s growth momentum in Southeast Asia is expected to carry into 2024. Noting that its expansions are driven by client requirements, she highlights that TEC’s networks of centres within Southeast Asia are bolstered by clients that have a multinational presence in the region.

As of September, TEC’s average occupancy rates stood at 98% in Manila, 91% in Ho Chi Minh City and 81% in Jakarta.