SE Asia Workspace Soars

Singapore, Nov 28: The Executive Centre (TEC), a leading premium flexible workspace provider serving over 47,000 members across 33 cities in the Asia-Pacific and the Middle East, has experienced exceptional growth in Southeast Asia in 2023.
This momentum is anticipated to continue into 2024, fueled by robust client demand in key markets such as Singapore, Indonesia, Vietnam, and the Philippines.
TEC’s strategic response to heightened demand has led to the opening of four new centres this year, strategically positioned in Singapore, Jakarta, Ho Chi Minh City, and Manila.
The latest addition, situated on the 8th floor of Ayala Triangle Gardens Tower 2 in Manila, opened last month, contributing to TEC’s consistently high occupancy rates exceeding 90 per cent across multiple Southeast Asian markets.

As of September 2023, TEC’s centres in Singapore and Manila lead the portfolio with occupancy rates of 95 per cent and 98 per cent, respectively. Following closely are Ho Chi Minh City at 91 per cent and Jakarta at 81 per cent. This expansion has resulted in the addition of nearly 1,200 workstations, marking a 33 per cent increase in workstation growth across these four key Southeast Asian markets in 2023.
In Singapore, the surge in demand for office space is driven by multinational companies relocating to capitalize on the city-state’s status as a gateway city and business hub.
This includes entities from the financial industry, technology startups, and various businesses seeking the flexibility of dynamic workspaces.
The “back-to-office” trend in Singapore is further reinforcing office demand, as revealed by CBRE’s 2023 Singapore Office Occupier Sentiment Survey, where 64 per cent of companies aim to increase office attendance or enhance work efficiency.
However, the evolving nature of office space utilization since the pre-Covid era is evident.
Companies now prioritize access to a blend of purpose-built spaces, including private offices, flexible seating arrangements, collaborative meeting rooms, and event spaces.
In response to the growing demand for flexible seating and multifunctional spaces, TEC is set to open a new centre spanning the 45th to 47th floors at Singapore Land Tower in January 2024.
Yvonne Lim, Managing Director of Southeast Asia at The Executive Centre, expressed the company’s success in Singapore, noting a citywide average occupancy of 95 per cent in 2023.
Lim stated, “TEC’s expansions are largely driven by clients’ requirements, and the inter-city network within SEA continues to look strong, with clients establishing a presence across the TEC SEA network.”

Below are TEC’s New Openings in Southeast Asia

Singapore:

1. Capital Square (Opened January 2023)
   • Size: 2,625 square meters
   • Workstations: 430
2. Singapore Land Tower (Opening in January 2024)
   • Size: 4,712 square meters
   • Workstations: 490

Jakarta: Pacific Century Place (Opened April 2023)

• Size: 1,600 square meters
• Workstations: 268

Ho Chi Minh City: Friendship Tower (Opened July 2023)

• Size: 722 square meters
• Workstations: 125

Manila: Ayala Triangle Gardens Tower 2 (Opened October 2023)

• Size: 1,895 square meters
• Workstations: 358