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TEC bids high of China’s serviced office market
Online Edition
THE Executive Center, the second-largest serviced office provider in Asia Pacific, expects to double its portfolio in China within the next four years amid robust market demand.
By 2020, the number of premium serviced offices operated by TEC will exceed 100 in the country from the current 53, Paul Salnikow, chairman and chief executive officer of The Executive Center, told Shanghai Daily today during an exclusive interview.
"China, on its way to become world's No. 1 economy, is our largest and most important market where we are opening five new centers this year in Shanghai alone," said Salnikow, founder of the company. "2017 will be our largest year for growth in China as we are adding centers in each of our existing markets."
Opening its first China office in 2001 at CITIC Square, Shanghai, TEC's China footprint has extended to seven cities across the country which also include Tianjin, Beijing, Shenzhen, Guangzhou, Chengdu and Chongqing. Revenue from its China business hit 1.16 billion yuan (US$168 million) last year.
For 2017, TEC said it plans to grow at a rate of 43 percent per annum in China, where its size had doubled between 2013 and 2016.
"Flexibility, multi-market operation and changes in the way people are communicating are some of the drivers that are changing the industry and we are benefiting from these changes," Salnikow said. "Medium-term outlook for the industry is very good and the growth potential for serviced office in China is huge."
At the moment, serviced office and co-working space account for a 15 percent stake in London's overall office market. In Shanghai, however, the figure is under 2 percent, according to Salnikow.
Founded in 1994, TEC is now present in 25 cities in 12 countries with 98 offices.
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