Software Company Lease Renewal - Kuwait City - Source8
Software Company Lease Renewal – Kuwait City
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Software Company Lease Renewal – Kuwait City

Client: One of The World's Leading Hardware and Software Vendors

Size: 470 sqm

Brief

  • Our client needed to renew their current lease in Kuwait yet only on a short term basis whilst the wider portfolio strategy was being defined and the long term options for the site were being assessed
  • Source8 was asked to undertake a short term renewal for 12 months whilst taking into account the fall in rental levels that had occurred in Kuwait over the past 24 months

Challenge

  • The time left to negotiate the short term extension was very tight meaning that negotiating strength was greatly reduced
  • The exact future space needs of our client had not been defined meaning that as much flexibility as possible needed to be negotiated
  • The landlord, whilst keen to keep our client in the building, held a long term vision for their portfolio in Kuwait and was not keen on short term renewals

Solution

  • Source8 was able to use the existing market conditions with the high vacancy rates and the possibility of relocation to put real pressure on the landlord to secure a 12 month renewal
  • Source8’s knowledge of the market was also used to apply further negotiation strategies so as to gain a rent reduction even on the 12 month renewal

Value added

  • Measured and varying negotiation tactics were applied enabling favourable terms to be negotiated for our client
  • Timing of the negotiation was managed to enable an agreement in principle to be secured before the lease end date whilst also managing the lease signature process which took place after the new lease start date

Locations

Contact Source8

info@source8.com

+44 (0) 20 7752 0700

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