Hong Kong-based The Executive Center (TEC), a premium office space provider with operations across the Asia Pacific, plans to expand presence in Hyderabad by adding more facilities. TEC has two centres at Salarpuria Knowledge City in the city totalling over 60,000 sq ft. The company is bullish on the market for 2021.
TEC has a total of 700 workstations in Hyderabad and they are 100 per cent occupied primarily with large MNCs. The company believes the IT corridor has growth potential with higher take-up even more than Mumbai. The city offers multiple benefits to a workspace operator such as lower cost of construction, better infrastructure, supportive government and talent pool.
TEC Group MD-South Asia Nidhi Marwah told Telangana Today, “Hyderabad has been a fabulous market for us. We entered the market with a large footprint and very quickly gained high occupancy. We were on the brink of expansion early this year and Covid hit.
Now, the normalcy is returning and we see the market is maturing very fast.” Hyderabad is an important location for investments. Several corporates have chosen the city over Bengaluru and Gurugram for multiple reasons. Appreciation is seen in commercial and residential space.
The city is becoming a world recognised metro with all the facilities and infrastructure that aid attracting good investments, she noted. “We have two centres now in Hyderabad and have good plans to expand our presence in the city. We also see potential to create standalone commercial buildings in the city, the way we have done in Bengaluru,” Marwah informed.
Pan-India expansion
The Executive Centre is currently operating over 8,000 desks across 30 centres and 9.35 lakh sq ft at Grade A address in Hyderabad, Mumbai, Gurugram, New Delhi, Bengaluru, Chennai and Pune.
For the year ended 2019, TEC reported a revenue of Rs 260 crore in India and as of June 2020, the company clocked 27 per cent growth in India revenue during H1 (around Rs 150 crore). She said, “TEC would invest over Rs 100 crore to open five new centres at Bengaluru, Gurugram, Chennai and Pune.
The plan is to have at least 45-50 centres across India within next two years, by adding 15-20 centres beyond the current base.” Nearly 2 lakh sq ft area of office space has already been taken on lease to start these facilities. These five centres, which have a capacity of around 2,300 desks, would become operational by next year.
Evolving segment
The sector is constantly evolving and many more new models and formats are possible. ‘Flexibility’ remains a keyword. TEC is open to creating workspaces in commercial spaces looking beyond the traditional corporate offices, wherever there is a fitment. Work near home is also going to open up new avenues and additional demand.
“The concept of the human experience designing was the mainstay of the executive centres’ business proposition, it obviously has to also feature as a value proposition for the client. So, you could be as detailed as the carpet colours and according to the general look and see all of their set up and get them to talk to our architects and our project people to understand how we make them feel at home.
So, you are kind of walking a thin line between everybody’s expectations and also balancing all of these,” she explained.
