First of all, thank you very much for your effort to discuss with the Landlord of Mercury Tower which came up with the acceptance to exempt first month rental for the renewal contract. We, TTET, already input this information into our budget simulation and submitted to our Japan office for final approval. Unfortunately, we are struggling with our Japanese estate team and with the present budget that we submitted, it is quite difficult to get an endorsement.
Though we explained that the information that we got from you, together with our own research, showed that rental for office buildings has picked up quite aggressively during past few years, it is not good enough to get a green sign from our Japan office. To be opened with you, they strongly insist us to meet the target as close as 730 baht/sq.m./month.
From this situation, we still need JLL to help talking to the Landlord and try to help lower down the rental to be as per above target. TTET local team does not want to get through more complicated process as if the rental cannot be agreed, then we will be forced to do the market analysis, benchmark and etc. which will take lots of times. We wish to stay here and at the same time, we need help from the Landlord.
Please be advised and try your best effort, then let us know your idea or comment by return.