Flexibility is key: Yvonne Lim

The dramatic disruptions caused by the COVID-19 pandemic are having a long-term impact on how – and where – we do business.

While working away from the office proved essential during the dark days of pandemic lockdowns, for some companies, the remote and hybrid working arrangements we were forced to adopt during those intense few years have now become the new normal.

In light of these changes, businesses around the world saw an opportunity to review their current office leases and sought out cheaper alternatives, moving to smaller premises and utilizing flexible workspaces to house their staff.

Premium service

For member-based serviced-office specialists and Asia’s premium flexible workspace provider The Executive Centre (TEC), it has proven to be a remarkable opportunity for growth and expansion.

"In the first nine months of the pandemic, it was a really challenging time for everybody, including us. We had just opened a new center and had no idea what was going to happen," Yvonne Lim, Managing Director – Southeast Asia of TEC, tells The CEO Magazine.

"But by the second half of 2021, occupancy in our centers went up and the pandemic actually showed us that during these times, people downsize or change from conventional office leases to flexible workspaces because it provides more flexibility."

This is a trend Lim says she also witnessed when she started working with TEC 16 years ago, just as the global financial crisis began to take hold.

"I realized then that flexible working spaces were becoming an increasingly popular option since so many companies were downsizing and looking for flexible options," she says.

"This taught me that there are many strategic possibilities in this industry; it’s important how you differentiate yourself from the others, and how you provide the service standard that the client wants and needs."

"People downsize or change from conventional office leases to flexible workspaces because it provides more flexibility."

TEC differentiates itself from the competition by providing a premium offering across the region. These include private offices for up to 200 staff, coworking spaces, meeting rooms and event spaces as well as virtual offices. It also offers members comprehensive IT support and elegant, inviting front desk reception areas.

During the recent pandemic, Lim says TEC’s high occupancy rates in the region were an early indication of what was to come.

"Conventional clients who originally had 20,000–30,000 square feet [1,860–2,790 square meters] of office space changed their structures to hybrid arrangements and downsized, taking up maybe 5,000 or 6,000 square feet [465 or 560 square meters] of space at TEC instead," she says.

"That’s the reason why we have established five centers in Singapore over the past four years – to meet this demand."

Expansion plans

Expansion has extended beyond Singapore, however, with TEC’s portfolio significantly expanding across multiple locations in South-East Asia, including Vietnam, the Philippines and Indonesia.

Additionally, it has a presence in 16 global markets, an extensive regional reach in 36 cities with 200-plus centers, and a growing membership base of more than 48,000 members.

As TEC celebrates 30 years in business, Lim says further expansion plans are currently in place to continue the company’s dominance in premium flexible workspaces and services. They will achieve this with the assistance of their most reliable suppliers and partners, which includes Ngai Chin Construction for the interior fit-out of its commercial office spaces.

"We’ve invested in innovation and technology in order to go through the challenges of the global pandemic, and we continue to offer our premium flexible workspaces with exceptional service in many locations for our members," she explains. "Two new cities that might be on our radar to expand into are Bangkok and Kuala Lumpur."

Within TEC’s portfolio, Singapore has been running above 95 percent occupancy in its centers and Vietnam is above 90 percent as well, while the Philippines and Jakarta centers currently enjoy occupancy rates of 85 percent.

"We put a lot of emphasis into building our TEC Community™ and have a community manager in every city who curates networking events, which has proven very successful," she says.

"Consequently, we’ve been able to maintain high occupancy within the network of centers and will continue to expand with the demand and enhance our premium offerings."

Quality leadership 

Lim first joined the company in 2008 as Regional Head, Singapore, Perth and Brisbane. Eight months later, she became Regional Head of Singapore and Australia, which she excelled in for a decade. Then, in 2018, she rose to be Managing Director and since then, TEC has experienced tremendous growth.

The secrets to her success as a leader, she says, are being flexible, leading by example and having a good work–life balance.

"I also think what makes a good leader is to inspire and to motivate the team so we can work toward the same vision," she says.

"It’s important how you differentiate yourself from the others, and how you provide the service standard that the client wants and needs."

"Being a leader is not about just giving direction, it’s about listening to others’ opinions and feedback, and working together to achieve the same goal."

It certainly appears to be effective; under Lim’s steady leadership, the future looks bright for the remote and hybrid TEC members in South-East Asia.