More occupiers looking to renegotiate leases

A growing number of occupiers are taking steps to renegotiate their existing leases in a bid to obtain better terms, according to Paul Bacon, CEO of Cushman & Wakefield. 'The majority of retailers and occupiers around the world are reviewing their contracts. It is absolutely a tenant's world.'

Cushman & Wakefield is currently engaged by 50-odd companies to assist in renegotiations, Bacon said. 'Some are one-off contracts, others are for multiple locations. Not just for retailers but also industrial companies.'

Bacon said his firm was putting a heavy emphasis on expanding occupier services such as property and asset management. He added that the company, which is majority-owned by Italy's Agnelli family through the Ifil Group, is well-placed to boost its position. 'It is an advantage not to be quoted on the stock exchange now. In this world, it doesn't matter whether you're good or bad. What matters is what the market thinks. That's not a world I'd like to be in.'

See the next edition of PropertyEU for the full interview with Paul Bacon.