Working with a tenant representative can result in major cost savings for you and your business. At Fountainhead Commercial, we work diligently to ensure we negotiate a deal that is in the best interest of your business.
The Situation
A global client with over 150 locations needed to reduce overhead and refresh office finishes.
The Challenges
In order to do so, Fountainhead needed to evaluate their portfolio to determine where there was an opportunity to consolidate offices/relocate or renegotiate existing lease agreements while securing maximum tenant improvement dollars and other economic incentives.
The Result
Created a database tool to track all of the client’s lease administration including office size, rental rates, net expenses, remaining term, number of employees, and utility costs. Utilized information from the database, in addition to research on each market, to identify which metropolitan areas were most likely to provide maximum savings on renegotiation or relocation; identified and planned consolidation in 25 international markets.
Over the next twelve-month period we pursued decreased rent, tenant improvement dollars, free rent, and other concessions from the respective landlords. The client saved approximately 26% on their global occupancy cost, which equated to over $5,000,000 per year and approximately $27,000,000 over the renegotiated term.
The Stat
If your business has locations across the United States, or even around the world, Fountainhead Commercial can help reduce overhead costs and renegotiate existing lease agreements. Contact us today to learn more.
