World’s Leading Hardware and Software Vendor Lease Renewal – Morocco, Casablanca
Client: One of The World's Leading Hardware and Software Vendors
Size: 630 sqm
Brief
Our client needed to renew their current lease in Morocco whist giving themselves the utmost flexibility in the coming years as their growth plans indicated more space would be needed possibly as early as in 12 months
The lease contract also provisioned for a substantial rental increase to be applied at the end of the current three year term
Challenge
Our client had spent significant capital renovating the space two years prior to Source8’s instruction meaning that the realistic ability to move was low
The institutional landlord was fairly rigid in its mind-set, using the shareholders as a shield to hide behind during negotiations
Solution
Source8 was able to identify viable alternatives on the market which needed little capital investment to use as leverage with the landlord
Soruce8 was able to secure a three year renewal with breaks at the end of each year whilst mitigating the amount of the contractual rental increase
Value added
Negotiation leverage was applied at the right level to enable reactivity from the landlord and the signature of a flexible lease term
Timing in the negotiation was managed enabling the agreement in principle to be secured before lease end date whilst managing the lease signature process which took place after the new lease start date
