The Executive Centre News: Serviced Offices Are Currently One Of The Best Performing Growth Sectors In Commercial Property.

Online, March 14, 2012 (Newswire.com) - Hong Kong's business-friendly economy makes it the best place to take advantage of Asia's opportunities. Serviced offices are now one of the best performing growth sectors in commercial property in Hong Kong.

According to The Executive Centre , a leading premium serviced office provider in the Asia-Pacific, demand has never been greater. Figures from the fourth quarter of 2011 show record levels of enquiries for its six Hong Kong centres, with occupancy levels reaching 92 per cent.

That momentum continues to build, with occupancy at The Executive Centre's three-floor centre in Exchange Square, and two-floor centre at the Nexxus Building - both in the Central business district - currently close to 100 per cent. Paul Salnikow, CEO, said his centres in other key business districts at Pacific Place, One Island East and Cambridge House, are also near capacity.

"While the conventional office leasing market continues to struggle due to downsizing in the banking and finance sector, serviced offices are now one of the best performing growth sectors in commercial property in Hong Kong," Mr. Paul Salnikow, CEO, The Executive Centre said.

Hong Kong's business-friendly economy makes it the best place to take advantage of Asia's opportunities, he added. And setting up an office here is straightforward. "Normally in a week or two, a new local or foreign-owned company can be up and running."

Mr Salnikow said that the demand for serviced offices and business centres in Hong Kong continues to be robust because of the leasing flexibility and the reduction in overall operating costs to businesses. Serviced offices, he said, offer added value-for-money services, which help companies set up and establish their businesses and capitalise on more business opportunities.

"Operational efficiencies and flexibility are the keys for any company to sustain its competitive advantage," he said. "But for SMEs in particular, especially in today's economic climate, forecasting their expansion pace over the next 12 months, let alone three to five years, can be extremely challenging. Serviced offices can provide the agility they need to adapt to any market situation.

The Executive Centre "is constantly expanding," its CEO Paul Salnikow said. "In Hong Kong, we have a mature network of six centres, but are always on the lookout to secure an attractive new location.

"For 2012, The Executive Centre has confirmed expansion that takes the network to more than 50 centres across more than 20 cities, with further growth confirmed for 2013. We are constantly expanding."

The Executive Centre sponsors the awards night for Golden Koala Chinese Film Festival in Sydney

Elaine Feng, City Head of The Executive Centre Sydney, rubbed shoulders with some of the biggest names and hottest new talent in Chinese cinema at the Red Carpet opening event of the '2012 Golden Koala Chinese Film Festival' on 5th February at Sydney's plush Dendy cinema.

The Executive Centre, the serviced office provider in Sydney, was a major sponsor of the festival, which is currently the biggest and most influential overseas Chinese movie award show. Organized by Chinese Film Incorporated (CFF), the festival is the first of its kind in Australia and aims to promote Chinese films on a worldwide stage. Participants from Chinese speaking regions including China, Hong Kong, Taiwan, Singapore and Macau showcased their newest and most outstanding films.

Office space market in India to multiply by 2015.

The supply of office space market in India's seven of the top cities are bound to multiply by the year 2015.The statistics says the supply will come up to 243 million sq ft which exceeds estimated demand by 17percentage,indicating a clear oversupply, Cushman & Wakefield and Global Real Estate Institute said in a report.
The situation is no different in Mumbai as well. The supply at 78 million sq ft is estimated to overtake demand by 125% by the end of 2015.As per the report, moving forward there also exists a downward trend in pricing. Out of the seven cities - National Capital Region, Mumbai, Bangalore, Chennai, Hyderabad, Pune and Kolkata - only Bangalore will see that demand for office space is sufficient to outdo the excess supply.
In the next five years, the highest estimated supply of grade A office will be witnessed in Mumbai followed by 40 million sq ft in NCR, 30 million sq ft in Chennai and 29 million sq ft in Pune.
In the next 5 years, considering that the supply will surpass the demand for commercial spaces, will lead to vacancies. In such a situation, corporate clients will demand for a better scheme more economical in terms of rent, maintenance cost, parking etc while increasing their operations.

In such a scenario, The Executive Centre, established in 1994, Asia's leading premium serviced office operator, provides on-demand office accommodation, virtual office representation services, meeting facilities, and a broad range of business support services. Overall there are 40 centres and of which Mumbai and Gurgaon are its operative areas in India.The main highlight of all these centres are their Grade A locations. It will be a pride to own such an address. A serviced office gives you flexibility in operations, helps you manage investment risk and enables you to start up your business operations without making a huge capital outlay.

The Executive Centre offers serviced office facilities such as:
• Fully furnished or serviced office suites
• Professional client greeting and reception service
• Training and meeting facilities
• Advance IT and telecommunications systems
• Cafes, breakout areas and lounges
• Secretarial and administrative support

In short, it lets you pay only for the services required by your business and let you concentrate on core competencies.

For more information about The Executive Centre please contact +852-2297-2292 or email us at hongkong@executivecentre.com

Related Media