Looking Forward: What to Expect from TEC in 2020
We closed out 2019 with our Year in Review , where we took the opportunity to reflect on some of our major accomplishments and learnings, so it seems only fitting that we would kick off a brand new year with a round up of some of our goals, predictions and intentions for 2020. As always, our Members will continue to set the tone for our operational and expansion strategy, but we are looking forward to continuing to innovate, grow and evolve. Enterprise Solutions will be a big focus for us in 2020 and we think that this unique product offering will really define the future of our industry. We will continue to draw on our more than 25 years of experience as we tackle new challenges, grow our global footprint and respond to the inevitable changes and challenges that lie ahead.
2020, we're ready, here’s to another exceptional year…
Last year we celebrated our 25th anniversary, and in the words of our CEO and Founder, Paul Salnikow we have shown in this time that we are sustainable, profitable, growing and exceptional.
The best in class service that The Executive Centre provides within our industry is a challenging standard that we've set for ourselves. It means that every single day we have to rally ourselves to deliver the very best. Every single day we need to be listening to our membership, listening to the marketplace, and we need to be evolving our product and our offerings and how we interact with our members. So nowadays we are an open communicative group of The Executive Centre teammates interacting with a client base that is likewise open and communicative. So, this evolution is daily and never ending and if you've got the passion for it it's very exciting, because every day, it brings something new and brings a new way to do what we do which is serve our clients.
Essentially everything that we do at TEC is guided by our Members, and our strategy for the year ahead has been shaped by the needs and wants of our network. Our Annual Member Survey helps us learn more about Members, it helps us tailor our products, refine our services and create innovative new strategies that help our network thrive professionally.
What did we learn about our Members as part of our 2019 survey;
- Our Members are staying with us longer. The tenure breakdown of respondents showed that we have a dedicated group of Members that stay with us well beyond the industry average.
- Serviced Office is still the primary form of membership, but Coworking is becoming increasingly popular, and Virtual Office is still an essential service for much of our network.
- We're proud to say that more than 90% of respondents were ‘very happy' with in-Centre support.
- For anyone still unsure about the value of belonging to a flexible workspace community, 92% say that being with TEC has benefited either their business or their individual professional trajectory.
Our CEO and Founder explains our Member-first philosophy;
“The best-in-class service that The Executive Centre provides is a challenging standard that we've set for ourselves. It means that every single day we have to rally ourselves to deliver the very best. Every single day we need to be listening to our membership, listening to the marketplace, and we need to be evolving our product and our offerings and how we interact with our Members. We are an open, communicative group, interacting with a client base that is likewise open and communicative. This evolution is daily and never-ending, and if you've got the passion for it it's very exciting, because every day, it brings something new, a new way to do what we do which is serve our Members."
Enterprise Solutions is where we see real opportunity for both TEC and the flexible workspace industry. The current market dynamic of our industry shows that while there are opportunities for operators, landlords and tenants alike, a strategic, considered and cooperative approach will be essential for success. An Enterprise Solution is a fully tailored solution that gives our Members an unprecedented level of flexibility and space customisation, all based on their particular business strategies and outlook. It is a way for large corporates to enjoy all the benefits of the flex industry while maintaining a sense of autonomy over the location, look and feel, and daily operation of their space. Last year we produced a case study of our Enterprise partnership with Cielo that you can see here, we also showcased a special Enterprise space we delivered in India here. This year we look forward to developing more of these spaces as this product continues to gain traction with MNCs and corporates.
Enterprise within The Executive Centre accommodates not tens of people, but perhaps hundreds of people. It's a dedicated office space, not a shared environment, but a dedicated environment where the company takes up the entire space. The attraction for clients, and specifically MNCs, is that they are not spending any CapEx, they only have the simple monthly fee, they are not exposed to any of the usual risks when it comes to operating their own office space in foreign markets, and they can enjoy all the community benefits that come with a TEC membership.
Our community is one of the most important drawcards for The Executive Centre given that Members have the ability to connect with a growing network of more than 27,000 professionals thanks to a robust online and event ecosystem.
When we asked our Members about their experience with our community at the end of 2019 we found that;
- 53% have engaged with in-centre events; 14% with social media; 7% with discourse (our online Member portal)
We also took the time to ask them what sort of events they would like to see more of so that we could tailor our 2020 programming. In light of this we will be offering more networking, executive lunches and opportunities for our community to pitch their business. We'll be bringing in more partners, creating new and exclusive benefits and helping our Members achieve their professional goals in 2020.
Demand-driven expansion has always been our guiding principle when it comes to growing our network of Centres. We are now present in 14 countries, 32 cities with 135+ Centres and growing our more than 3.03 million sq ft. of collaborative workspace. Already January is a busy month with a number of new Centre openings including Two Pacific Place in Hong Kong , DLF Cyber Park in Gurgaon , Ocean Financial Centre in Singapore and Jing An Kerry Centre in Shanghai . Later this year we're look forward to our first dedicated Centre in Manila, solidifying our presence in Ho Chi Minh City with our second Centre following a successful launch last year, while continuing to focus on core markets like China, Tokyo and India.
“For us, our 32 cities within our 14 countries, these are all domestic markets for us, we're experts in each and every one of these markets. So we can create an office environment for your entire company that is exactly as you need it. And we can do it cost-efficiently and time efficiently, in ways where a company that is doing other things would never be able to repeat. A technology company is not an expert in space management. A bank is not an expert in space management. We're experts in space management and we'll provide our expertise to you to help create an ideal environment for you and your business."
Founder and CEO of The Executive Centre
None of what we do at TEC takes place in a vacuum, and we are attuned to the different market dynamics of the cities we call home, as well as the larger dynamic of our industry. What can the industry expect from the coming year?
- Flexible workspace growth in APAC will outstrip the rest of the world
- We will see increased growth outside of primary markets with second and third tier cities becoming much more vibrant and dynamic as a result of this activity
- Our industry might feel mainstream, but this is not a time for complacency
- Demand is growing, but consumers and increasingly savvy, this is where we see our experience and our niche offering really helping us stand out from the crowd
- Corporate tenants will be driving industry growth
- Technology will be an essential part of any successful workspace and service
All in all, 2020 is going to be busy, it's going to be challenging, it's going to be exciting - we can't wait to keep working with our Members and our partners to ensure our industry reaches exceptional new heights.