Our global clients Head Office is located in Sydney CBD . They had a lease expiring in 6 months and requested us to undertake a stay vs go analysis. The office market had shifted dramatically during their occupation before, during and post pandemic. In short, the rent they were currently paying was over the odds. We advised that they could potentially relocate to a superior A grade space at a cheaper rate.
We were engaged to undertake negotiations and in parallel, explore and identify credible alternative premises. After some robust negotiations with the landlord, they agreed to reduce their rent (increased their incentive) to what we believed the market rate to be on the basis we committed to a new lease
Relocating was a very real option for our clients, but at the end of the day our clients were happy to renew their lease and remain at the building.