When a lease is approaching expiry, a company generally has three options for the future of its office. It can renew the current lease and renegotiate the commercial terms, move to a space better suited to its needs, or pre-lease offices in a building that is still under construction.
The decision should not be based on rent alone. Fit-out costs, space efficiency, accessibility, the building’s technical specifications, sustainability objectives and the company’s growth plans can have an equally important influence on the final choice.
“The efficiency of an office is not measured only by the number of square metres occupied, but by how well the space supports the company’s activity and responds to employees’ real needs. As teams grow, shrink or adopt new ways of working, including hybrid work, the office needs to be reassessed and adapted periodically. A well-configured space can reduce costs, improve collaboration and give the company the flexibility it needs for the next stage of growth,” said Nicolae Ciobanu, Managing Partner – Head of Advisory at Fortim Trusted Advisors, a member of the BNP Paribas Real Estate Alliance.
Renewals and pre-leases increased in the second quarter
In the second quarter of 2026, both the total area of offices pre-leased in buildings under construction and the volume of lease renewals increased. At the same time, new leasing activity recorded a slight recovery after a weaker start to the year compared with previous years.
Renewals and renegotiations returned to the forefront because many companies prefer to maintain operational continuity and avoid the costs of an immediate relocation. At the same time, pre-leasing has become important for organisations targeting new buildings and looking to secure their preferred spaces well before project completion.
In terms of volume, the total area covered by renewals was higher than that of pre-leases in the second quarter, reaching approximately 20,000 sq m compared with around 10,000 sq m.
The largest renewal recorded this year was the Rohde & Schwarz Topex lease for 8,000 sq m in IRIDE Business Park. In the pre-leasing segment, Veolia contracted 6,000 sq m in Green Court Bucharest Phase D, while Strabag pre-leased 4,500 sq m in the Queens project.
Renewals generally reflect caution and a focus on short-term continuity, while pre-leases indicate confidence and long-term planning.
Renewing the current lease offers continuity and lower costs
Renewing the lease is generally the option with the least impact on the company’s activity. Employees keep their routines and commuting patterns, the office address remains unchanged, and the organisation avoids a significant share of the costs and effort involved in a relocation.
Another advantage is the lower level of investment required. If the current space is still functional and meets the company’s requirements, an upgrade or reconfiguration may be sufficient, without the need for a full fit-out project.
The approach of the lease expiry is also a good opportunity to renegotiate commercial terms. The company can discuss with the landlord the rent level, the term of the new lease, rent-free periods, contributions to upgrading the space, the number of parking spaces, or the possibility of expanding or reducing the occupied area.
The negotiation should not be limited to the headline rent, but should take into account the total occupancy cost. Rent-free periods and the landlord’s contributions to fit-out can have a significant impact on the final cost of the lease.
This option is particularly advantageous when the office is well located, the building meets the company’s technical requirements, and the space can be adapted without major investment. However, keeping the office simply to avoid the moving process can result in retaining a space that is too large, too small or insufficiently adapted to new ways of working.
Moving to a new office allows the space to be adapted to current needs
Relocation gives the company the opportunity to choose an office based on its current requirements, rather than on the configuration of a space leased several years ago.
A new office may offer a smaller and more efficient footprint for companies that have adopted hybrid work, or expansion opportunities for growing organisations. With a better layout, the same team can occupy fewer square metres without reducing comfort.
Relocation can provide access to a newer, more energy-efficient building with better public transport connections. At the same time, the company can benefit from improved technical specifications, additional employee amenities and a modern workplace concept.
A new office can also strengthen the company’s image and employer brand. In some cases, relocation allows several teams or offices to be consolidated in one location, reducing costs and simplifying collaboration.
In the second quarter of 2026, companies signed new office lease agreements in Bucharest, classified as take-up, for a total area of 43,131 sq m. These contracts included relocations, expansions, space reductions and new market entries.
In the first two quarters of 2026, the total office area leased through new contracts in Bucharest reached 80,790 sq m, 29% more than in the same period of 2025, according to a report by Fortim Trusted Advisors, a member of the BNP Paribas Real Estate Alliance.
Relocation does, however, require careful preparation. In addition to rent, the company must assess fit-out, moving, operating, parking and maintenance costs, as well as the time required to design and complete the works. The impact of the new address on employees’ commute should also be taken into account.
Pre-leasing provides early access to new buildings
Pre-leasing is a suitable option for companies with a clear growth strategy that can make a decision one or more years before the actual move.
The main advantage is the ability to select floors, areas and positioning within the building in advance. In projects with high demand, such a decision can secure access to more efficient spaces with good natural light, visibility and expansion possibilities.
Depending on the stage of construction, the future tenant can influence the layout, the distribution of installations, technical requirements and fit-out solutions. The company can therefore obtain an office that is better suited to its activity, without the constraints of an already completed space.
Pre-leasing also offers predictability. The company can secure space in a new building in advance, plan its budgets and align the move with the expiry of the current lease. In some cases, the existing lease can be extended for a shorter period, long enough for the new project to be completed, thereby avoiding an interim move.
This option also involves managing specific risks. The delivery date must be analysed carefully, and the contract should include clear provisions regarding potential delays, project changes and the quality standards undertaken by the developer.
How do we choose the right option?
The decision regarding the future office should be prepared well in advance of the expiry of the current lease. For large occupiers, the analysis can begin as early as 18–24 months in advance, particularly if relocation or pre-leasing is being considered.
The first step is to assess the company’s actual needs, from headcount and hybrid working policy to recruitment plans, budget, preferred areas and required amenities.
The terms proposed by the current landlord should then be compared with the alternatives available in the market. Having genuine relocation options can also strengthen the company’s negotiating position when discussing a lease renewal.
Ultimately, the best solution is not always the building with the lowest rent, but the office that offers the best balance between cost, efficiency, flexibility and employee experience.
Companies looking for office space or seeking support in renegotiating their current lease can contact the consultants at Fortim Trusted Advisors, a member of the BNP Paribas Real Estate Alliance, at [email protected]
