Southeast Asia a Bright Spot in the Global Flexible Office Market in 2023 with TEC Centres in the Region Exhibiting Average Occupancy Rates of Over 90%

TEC's operations in Southeast Asia has seen exceptional growth in 2023, driven by client-led demand in Singapore, Indonesia, Vietnam and the Philippines; growth momentum projected to continue through 2024.

The Executive Centre (“TEC”), the leading premium flexible workspace provider that serves more than 47,000 Members in 33 cities across Asia-Pacific and the Middle East, has seen exceptional growth in Southeast Asia in 2023, with the momentum expected to carry on into 2024.

Led by client demand, TEC has added four new centres in Singapore, Jakarta, Ho Chi Minh City and Manila this year, with the latest addition in Manila on the 8th floor of Ayala Triangle Gardens Tower 2 which opened last month.

These new openings are backed by consistently high demand and occupancy rates of over 90% across multiple markets in the region in 2023. As of September 2023, TEC’s centres in Singapore and Manila are leading its portfolio at 95% and 98% occupancy rates, followed not far behind by Ho Chi Minh City at 91% and Jakarta at 81%. With these new expansions, TEC has added almost 1,200 workstations across these four key Southeast Asian markets in 2023, representing a 33% increase in workstation growth.

In Singapore, demand for office space is growing as multinational companies seek to relocate to the city-state and set up headquarters there to take advantage of Singapore’s status as a gateway city and key business hub. These include firms from the financial industry such as asset managers, private wealth managers, private equity firms and family offices, as well as technology startups from across the region that are seeking to move to more flexible workspaces which will allow them to downsize or upsize nimbly.

Office demand is also bolstered by the increasing “back-to-office” momentum in Singapore, as employers tighten hybrid working policies, with CBRE’s 2023 Singapore Office Occupier Sentiment Survey finding that 64% of companies are focused on increasing office attendance or improving work efficiency.

Despite the “back-to-office” trend, the way tenants use office spaces has irrevocably changed since pre-Covid days, as companies place 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.

In response to this increased demand for flexible seating, meeting and event spaces, TEC will be opening a new centre from the 45th to 47th floors at Singapore Land Tower in January 2024.

Yvonne Lim, Managing Director of Southeast Asia at The Executive Centre said, “We have done exceptionally well particularly in Singapore with a city average occupancy of 95% in 2023, at the same time, we are seeing robust demand for our upcoming new centre at Singapore Land Tower on Levels 45 to 47. TEC’s expansions are largely driven by client’s requirement and the inter-city network within SEA continue to look strong with clients having multiple presence with TEC SEA network.”

Appendix: 2023 New Openings in Southeast Asia

Singapore

  • Capital Square (opened January 2023)

Capital Square is a Grade A office building located in Singapore’s no. 23 Church Street. Composing of a 16-storey office tower, Capital Square also features two blocks of restored heritage shop houses, boutique food and beverage outlets, retail amenities, and seven levels of parking space. Providing unrivalled accessibility and convenience to a myriad of users and business entities commuting from across the city and beyond, Capital Square is a strategic and modern location suited for future-forward corporate entities, creative businesses and innovative technology companies.

Size (square metres)2,625
Workstations430

  • Singapore Land Tower (opening in January 2024)

The Executive Centre at Singapore Land Tower provides a flexible workspace solution in the heart of Singapore’s central business district. Situated within 50 Raffles Place and located just steps away from Raffles Place MRT station, the tower is surrounded by shopping malls, restaurants and cafes. The 47-storey tower attracts reputable companies and organisations. Several embassies also call the building home, including Germany, Colombia and Ukraine

Opening in 2024:
Levels 45 to 47 Private Offices, Member Lounge and Reception (January 2024)

Size (square metres)4,712
Workstations490

Jakarta

  • Pacific Century Place (opened April 2023)

Located in the heart of Sudirman Central Business District, The Executive Centre at Pacific Century Place (PCP) is the professional’s first choice in flexible workspace, serviced offices and coworking solutions in the region. A sustainability-forward establishment, PCP is also the first office building in Indonesia to obtain Leed Platinum status and Platinum Grade certification by Greenship New Building. Businesses that are looking for a Sudirman Central office space that’s sustainable and accessible will not be disappointed by TEC’s level 39 centre, which features stunning city views and contemporary interior design.

Size (square metres)1,600
Workstations268

Ho Chi Minh City

  • Friendship Tower (opened July 2023)

Friendship Tower is a LEED-certified Grade A office building located in Ho Chi Minh City’s most well-known and strategic boulevards.

Size (square metres)722
Workstations125

Manila

  • Ayala Triangle Gardens Tower 2 (opened October 2023)

Ayala Triangle Gardens Tower 2 is the most sought-after location in the Philippines for domestic and multinational companies. Strategically located in the heart of Makati City’s business hub, it is surrounded by some of the most successful corporate names in the world. Companies from industries such as IT, financial services, real estate, manufacturing and legal can be found in Ayala Triangle Gardens.

Size (square metres)1,895
Workstations358

 

About The Executive Centre

The Executive Centre (TEC) is Asia’s premium flexible workspace provider, opened its doors in Hong Kong in 1994 and today boasts over 200+ Centres in 33 cities and 15 markets. It is the third largest serviced office business in Asia.

The Executive Centre caters to ambitious professionals and industry leaders looking for more than just an office space – they are looking for a place for their organisation to thrive. TEC has cultivated an environment designed for success with a global network spanning Greater China, Southeast Asia, North Asia, India, Sri Lanka, the Middle East, and Australia, with sights to go further and grow faster. Each Executive Centre offers a prestigious address with the advanced infrastructure to pre-empt, meet, and exceed the needs of its Members. Walking with Members through every milestone and achievement, The Executive Centre empowers ambitious professionals and organisations to succeed.

Privately owned and headquartered in Hong Kong, TEC provides first class Private and Shared Workspaces, Business Concierge Services, and Meeting & Events facilities to suit any business’ needs.

www.executivecentre.com

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