– Growing global demand for flexible workspace continues amidst market uncertainty;
– MNCs and domestic corporates in China shift away from traditional leases to manage costs;
– New centre opening will add additional 725 workstations and 43,938 square foot
The Executive Centre (TEC), the leading premium flexible workspace provider, today announces it has opened two new Centres in China: Shui On Plaza in Shanghai and The One Place in Hangzhou, and expanded its GEM Tower Centre in Shenzhen.
The Centres, which opened in July, add to TEC’s footprint in China of 725 workstations and 43,938 sq ft. Globally TEC has more than 135 Centres in 32 cities and 14 countries across Asia-Pacific and the Middle East.
“Our approach is always to think of our Members first, even when it comes to our international expansion strategy. We move into cities and markets based on client demand,” said TEC Founder and CEO, Paul Salnikow. “We continue to see strong demand coming from MNCs and domestic corporates in China, who are looking for premium Grade A office space, but want more flexibility at the current time as they try to manage costs. Since the beginning of 2020, our occupancy rates in China have remained robust at close to 80% and we are pleased to see a growing number of enquiries from domestic biotech and new economy companies in Tier 1 and Tier 2 cities.”
KEY HIGHLIGHTS FOR CHINA
– China has seen consistent average revenue growth of 11% over the last 5 years
– Total of 47 Centres (983,998 sq. ft)
– New Centres add 725 new workstations bringing the total across China to 8,813
– Average occupancy rate of 78.8% for 2020 YTD
– Average client length of stay of 30 months in China
– Diversified client based across sectors, with increasing enquiries from Biotech firms:
– Sector : Percentage %
Professional Consulting: 22%
Financial Services & Banking: 17%
Information Technology: 16%
Biotech & medical: 5%
Other: 40%
CENTRES ARE DESIGNED TO REFLECT LOCAL HERITAGE AND CULTURE
Shanghai – Shui On Plaza
Shanghai is one of TEC’s fastest growing markets, with 17 Centres in the city. TEC’s new centre is in one of Shanghai’s most well-known commercial buildings, Shui On Plaza, on the Huaihai Road in Xintiandi. The 9,084 square ft workspace provides over 130 workstations. The centre has been designed for comfort, with open lounge areas furnished with Timothy Oulton pieces. There is a central shared space, which TEC’s research has found, helps to connect like-minded professionals and encourage collaboration and creativity through sharing ideas and inspirations.
Hangzhou – The One Place
The One Place is the latest icon at the heart of regional business district (RBD) of Gong Shu District in Hangzhou. The new Centre spans four floors and has 416 workstations over 24,154 square ft. Each level carries a unique theme inspired by the local history and natural scenery, such as the West Lake and Longjing tea, while mixing contemporary design pieces and Herman Miller.
Shenzhen – GEM Tower
TEC’s additional Centre in GEM Tower is located in the heart of the Shenzhen Nanshan district, the home of tech giants Tencent and Baidu. In addition to the 186 workstations on level 13, TEC is adding 174 more to the newly added level 14, with a net area totalling nearly 21,500 square ft. GEM Tower is the first commercial building to use 4C diamond-grade glass walls, bringing in natural light which illuminates the comfortable environment and encourages collaboration. The Centre is uniquely designed and is also the first TEC Centre in China that features an internal staircase connecting both floors for increase convenience.
About The Executive Centre
The Executive Centre (TEC) opened its doors in Hong Kong in 1994 and today boasts over 135+ Centres in 32 cities and 14 countries.
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 organization 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 organizations to succeed.
Privately owned and headquartered in Hong Kong, TEC provides first class Private and Shared Workspaces, Business Concierge Services, and Meeting & Conference facilities to suit any business’ needs.
For more information please visit www.executivecentre.com
Press Enquiries
Finsbury
Sheena Shah / Crystal Chow
Sheena.Shah@Finsbury.com / +852 3166 9855
Crystal.Chow@Finsbury.com / +852 3166 9838
