Accelerated demand for flexible workspaces contributed to increased revenues and EBITDA
· TEC India contributed US$15 million in EBITDA
● Achieved a 31% YoY increase in EBITDA for TEC India
● India demand strengthened with average occupancy standing at 92% across centres
● India market growing as the third largest market for TEC globally
The Executive Centre (TEC), the leading premium flexible workspace provider with more than 180 centres in 33 cities and 15 markets across the world’s fastest growing economies of Asia Pacific and the Middle East, has delivered strong business performance in 2022.
Key Business Highlights of TEC India in 2022
· The Indian market contributed US$15 million to the global EBITDA, recording a 31% YoY increase from last year’s EBITDA of US$11.2 million
· India’s demand strengthened with the average occupancy of TEC’s flexible workspaces in India being 92%. TEC also saw a renewal price hike of 5-8% on average
· Accelerated demand-led expansion of 5 new centres, adding 1,000 workstations across existing Indian markets in 2022
Commenting on the robust performance, Group Managing Director of South Asia and GCC at TEC, Nidhi Marwah said,
“2022 has been a watershed year for the flexible workplace industry. This year, the number of flexible workspaces absorbed by companies exceeded most estimates and industry reports, demonstrating that the allure of flexible workspace industry has debunked the myth of the permanency of conventional office spaces. Leaning into this trend, TEC has consistently maintained sustainable, transformational and thoughtful expansion throughout the pandemic aiming to maintain a balance between ‘flight to quality’ with ‘flight to experience’. In India we opened 5 new centres across Bangalore, Chennai and Pune with an occupancy rate of over 92% across all 7 cities. Globally, TEC India has delivered US$15 million in EBITDA, reflecting a 31% YoY growth rate.”
TEC Founder and CEO, Paul Salnikow, said: “Our strong 2022 performance demonstrates that global businesses are looking for flexibility to address critical issues amid unprecedented disruption. Looking ahead, we have officially entered the post-pandemic era and many of our Members are rethinking how they interact with their employees across the region. TEC provides an environment that delivers both an excellent office to work from and with the opportunity to manage an individual’s own time more effectively and efficiently. I’m excited to see our solutions helping companies across industries create a more productive and sustainable future of work.”
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