Sony Electronics reduces operating costs thanks to Cushman & Wakefield
Sony Electronics occupied ±9,000 sq m in the Corporate Village, a business park located in the eastern side of Brussels (close to the airport). Due to an internal reorganization, Sony wanted to reduce its floor occupancy and negotiate new flexible lease terms while reducing its cost per square meter. Sony appointed Cushman & Wakefield to perform this challenging exercise.
Cushman & Wakefield’s Office Agency team, began by designing the most appropriate strategy in order to achieve our client’s objectives. Part of this strategy was to build up a strong negotiating position while respecting a pre-defined process. In the first instance, Cushman & Wakefield investigated the different alternatives offered to Sony, ranking each building in a scorecard matrix and listing the pros and cons for each one. Based on the output of this market tender, Cushman & Wakefield identified a short-list of alternatives and developed a negotiation strategy for each building, by integrating various elements amongst which the key drivers were flexibility in time and surface occupied, rents per unit and incentives.
Thanks to this carefully constructed strategy and a clear communication streams between Sony and Cushman & Wakefield, outstanding results were acchieved in this negotiation. Upon closing, Cushman & Wakefield had obtained a final contract with benefits that surpassed Sony’s expectations:
• Sony was able to downsize its surface area by 60%
• The rent per sq.m was reduced by 40%
• Sony gained attractive incentives to stay
• Sony received the requested flexibility they were looking for
This is just one of the many success stories whereby Cushman & Wakefield has proven to be a valued partner to their client, achieving outstanding results and and strengthening its market leading position.