Booking.com Philippines Inc. – Location Hunt For Office Expansion
01 THE CHALLENGE
The client was considering leasing some additional space within the same building, or relocating to a new area in the Central Business District (CBD) of Makati.
Cushman & Wakefield were retained to find the ideal new space to host Booking.com’s new office.
We were tasked with finding a space with 500-800 sqm gross leasable area before the end of August 2018, to align with the end of the current lease.
02 THE SOLUTION
However, a better opportunity arose when we identified space for expansion within the same building.
We negotiated with the landlord to allow the lease of a small vacant space adjoining the client’s current office.
03 THE RESULT
This meant their total space was now 531.36 sqm, which fit within their requirements.
We also negotiated to provide the client with a 15% discount from the original rental rate of the building.
Moreover, we introduced a break option in the contract for the third year of the lease, with minimal penalty.
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