Guide to renting modern office spaces

The decision to choose a new office location is no longer just an operational one, but a strategic move that reflects the identity and vision of a company. In the current context, the office market in Romania is oriented towards spaces that offer not only a prestigious location but also flexibility, technology, and sustainability. This smart approach allows companies to optimise their rental costs, maintain agility, and provide a working environment tailored to the needs of employees in hybrid teams.

The office market in Bucharest, with a stock of modern office spaces of over 4 million sqm, is dominated by demand for high-quality rental offices from medium and large companies. Despite a limited supply of new projects, the market remains stable and continues to attract companies looking for a new location. This dynamic is also evident in major cities across the country, such as Timișoara, Cluj, Iași, and Brașov, which continue to strengthen their position as business hubs, offering a modern stock of offices suitable for expanding companies. ​

Essential stages of the process of renting a modern office space

The process of renting an office space is not a simple transaction, but a strategic project that requires rigorous planning. From the initial internal analysis to the actual relocation, each phase contributes to the final success of the move.

We provide you with a guide to renting modern office spaces:

Phase 1: Internal Strategic Analysis (3-6 months)

The decision to change a company's headquarters, especially for a medium or large firm, is a long-term commitment. Strategic planning, which can take between 3 and 6 months, is essential to avoid costly mistakes. This stage begins with an internal assessment of the current and future needs of the company. It is crucial to determine the necessary space not only for the time of relocation but also for expansion plans over the coming years. Requirements related to design, the type of office space (open-plan, private offices, relaxation areas), and technological and comfort facilities are also defined.

A fundamental aspect of this stage is the choice between renting offices or purchasing. Renting office spaces offers superior flexibility and requires a much smaller initial capital, allowing companies to retain liquidity for investments in their core business lines.

On the other hand, purchasing a property provides total control over the space and can become a valuable asset in the long term, but it requires a significant financial effort upfront and offers reduced flexibility in the event of a future rapid relocation. The true value of this stage lies in the ability to anticipate needs and align the real estate decision with the company's overall business strategy.

Phase 2: Property Search and Selection (2-4 months)

Once the internal needs are clearly defined, the active search process begins. The office market in Romania, especially in Bucharest, is diverse, ranging from offices in interwar villas to ultramodern office buildings. Business hubs in Bucharest such as Piața Victoriei – Aviatorilor, Barbu Văcărescu – Floreasca, Politehnica – Grozăvești, or Bulevardul Expoziției, as well as ultra-central areas with 'boutique' buildings of 500-1,500 sqm, offer a wide range of office spaces for rent. In addition to the capital, major cities such as Timișoara, Cluj, Iași, or Brașov have a modern stock of offices suitable for companies in the midst of regional expansion.

Property evaluation goes beyond visual inspection. Key evaluation criteria include: accessibility (proximity to public transport, including metro, tram stations, and bike lanes), quality of facilities (HVAC systems, security, parking spaces), included services (maintenance, cleaning, high-speed internet connection), and sustainability certifications. This stage requires a detailed comparative analysis and multiple viewings to select a shortlist of suitable properties for negotiation.

Phase 3: Negotiation and finalisation of the contract (1-3 months)

This is the critical phase of the process, where negotiation skills for office rent and legal expertise are vital. A successful negotiation is not limited to establishing the rent per square metre but focuses on obtaining the best terms for the tenant in the long term.

Key elements subject to negotiation include the effective rent, the contractual period (usually 5-10 years for large companies), fit-out costs, etc.

The professional negotiation process often involves sending an official document known as a Request for Proposal (RFP) to the owners of the buildings selected on the shortlist. Responses are then qualitatively and financially analysed, and negotiations focus on the contractual terms, before the final drafting and signing of the lease contract. Exit clauses or renegotiation possibilities are essential points to monitor, especially in the context where companies wish to retain the option to adapt their space according to future needs.

Phase 4: Fit-Out and Relocation (2-8 months)

Once the contract is signed, the execution phase begins, which involves meticulous coordination of several teams. The fit-out process is crucial to align the space with the specific culture and needs of the company. A project manager or a dedicated team oversees this stage, from initial planning to actual implementation, ensuring adherence to budget and timelines.

The actual relocation, which includes moving furniture, IT equipment, and documents, requires detailed logistical planning to minimise disruption to operations. Companies specialising in relocations can ensure a smooth transition, while the internal team handles administrative aspects, such as changing the address and informing partners and clients.

Strategic differences: The needs of medium-sized companies versus large companies

Although the office leasing process follows a similar structure, the priorities and approaches of medium-sized companies and large corporations differ substantially. These differences influence every stage of the decision.

Medium-sized companies (a few hundred square metres)

Medium-sized firms, looking for offices to rent from a few hundred square metres to approximately 1,500 square metres, are characterised by a keen need for agility and adaptability. Their planning horizon is often shorter (3-5 years), and their main priority is the ability to grow organically. These companies are the engines of the office market, dominating transactions, with an average transaction size of under 1,400 sqm in Bucharest.

The preferred solutions for this segment are flexible or modular offices, which allow them to add new workstations as the team expands. Another type of property that attracts medium-sized companies is the boutique building, with an area of 500-1,500 sqm. These offer greater control over the space and a stronger brand identity, representing an alternative to office campuses.

Large companies and multinationals (thousands of square metres)

Large corporations, with transactions that can reach thousands or tens of thousands of square metres, such as Genpact, which renegotiated a contract for 30,000 sqm or BCR for 22,000 sqm, have a completely different approach. Their planning horizon is long-term, focusing on stability and brand image.

These companies seek prestigious, Class A buildings that represent their status and values. They prefer to sign long-term contracts, ranging from 5 to 10 years. In the case of large corporations with a lower local presence, there is a tendency to use flexible offices as extensions of the main headquarters, for project teams or for temporary space needs.

The essential role of the real estate consultant in the leasing process

Leasing office space, both by medium-sized and large companies, is a complex transaction that requires specialised expertise. A professional real estate consultant is more than an intermediary; they are a strategic partner who can add value at every stage of the process.

Market expertise and access to off-market offers

A consultant specialised in the office market possesses a deep understanding of the market, trends, and rental prices. Through access to an extensive network of landlords and developers, the consultant can identify not only public offers but also off-market deals or subleases that are not yet listed, significantly increasing the options available to the client. Furthermore, a consultant will know the specific environment of landlords in the targeted locations and will be able to provide valuable information about the flexibility a client can obtain within the contract.

Negotiating power and protecting interests

The main role of the consultant is to act as a skilled mediator in negotiations. With experience in similar transactions, a consultant can secure much more advantageous financial and contractual terms than a tenant could on their own. This includes negotiating the rent, the rent-free period, or the landlord's contribution to fit-out costs, ensuring that the offer aligns with market conditions and that the property chosen by the tenant provides competitive commercial terms. In addition to financial aspects, the consultant helps find contractual formulas that protect the client's legal interests throughout the process, from evaluation to contract signing.

Comprehensive management of the process: saving time and resources

Working with a consultant transforms a cumbersome and time-consuming process into an efficient and structured one. They provide an 'all-in-one' experience, from the initial assessment of needs and property search to coordinating negotiations and assisting in finalising the transaction. By delegating these complex tasks to an expert, the company's management can focus on core activities, ensuring a smooth transition with minimal impact on productivity.

Conclusions and recommendations

The office market in Romania, particularly the office market in Bucharest, is mature, dynamic, and aligned with global trends of flexibility and sustainability. Navigating a successful office leasing process for a medium or large company requires a strategic approach, meticulous planning, and, most importantly, a deep understanding of the market.

A partnership approach is the key to success. The office leasing process is too complex to be managed without assistance, and a real estate consultant adds essential value through their expertise, negotiation power, and ability to streamline the entire process. Choosing the right partner, who knows the market and has a vast portfolio of properties, can make the difference between a simple move that can create problems and a strategic decision that contributes to the long-term growth of the business.

Whether you are just starting out or in the midst of expansion, choosing the right office space plays a crucial role in the evolution of the company. With over two decades of experience in the real estate market and hundreds of satisfied clients, ESOP Consulting | CORFAC International is here to guide companies confidently through every stage of the leasing process.

From identifying the best options and negotiating favourable terms, to value-added services such as 0% commission for tenants and free space planning, the ESOP team provides comprehensive and personalised support. Thus, the process becomes not only simpler but also an opportunity for growth.

If you want to transform the leasing of office space from a time-consuming process into a strategic decision for business development, you can contact us to find the best solutions for your company together.

Contact the ESOP team by completing this short form or by phone at  (+4) 0723.26.61.97 or (+4) 021.528.04.40. We will be happy to respond promptly to your request!