Budapest, June 6, 2012.
Young & Rubicam has negotiated its current lease with its Landlord in MOM Park Office Building for additional several years upgrading its current space. Colliers International tenant represented Young and Rubicam during the negotiations, Kata Mazsaroff, Head of Tenant Representation informed the OGH News Agency.
Young & Rubicam - as a global integrated communications company - is present in over 80 countries and in Hungary attained a prominent position in the local advertising industry. „That was the reason why the tenant preferred this modern and functional office, the green surroundings and the excellent location provided by” – Kata Mazsaroff pointed out.
Colliers’ latest Office Market Report 2012 has called the attention to the fact that renegotiations are playing recently a particularly important role on real estate market. The report demonstrated that 80% of large tenants occupying more than 5,000 sq m of space continued to favor renegotiations (at more preferential terms), rather than moving. Meanwhile, tenants occupying less than 1,000 sq m of space generally opted to move to a new location 75% of the time, added the Head of Tenant Representation to the background of the transaction.
Source: Colliers International