Stories
Booking.com Philippines Inc. – Location Hunt For Office Expansion
01 THE CHALLENGE
The Philippine branch of Booking.com was searching for a bigger office to accommodate their current headcount of 40 employees, with room for further expansion.
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.
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
Due to a scarcity of comparable buildings with the required available space, we initially offered an alternative location in Bonifacio Global City (BGC), Taguig.
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.
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
Through our efforts, the client was able to lease extra space (alongside their current space) of 156.36 sqm.
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.
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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