The economic climate of this period pushes the companies to reduce their costs. In order to maintain the human resources and to continue the high-level activities and projects, a first step of many groups in Romania is to adapt the cost structure, services and utilities. For this purpose, the easiest solution is to change the offices location, by using the benefits of subleasing process.

The subleasing is not a new phenomenon, but lately is more and more popular in Romania, both in the case of offices and commercial spaces. Last year, the real estate market for offices in the major urban centers has been characterized by a tendency of renting small spaces in offices dedicated to domiciliation. Have a desk inside a structure, often a partner’s structure, not only reduces the cost for an operating point of work, but tends to increase synergies between the groups.

The companies that already operate in Romania may benefit from this solution, forced to lower the surface’s office, and even the foreign companies wishing to enter the Romanian market which can’t afford to pay for a whole office. Until the resumption of economic growth, companies will have to continue their business, but with an eye to the rents cost.

Another advantage of the subleasing phenomenon consists in the flexibility of the terms of the contract, which gives a lot of freedom compared with the contract period.

The domiciliation spaces are generally offered by structures owners or roomy companies, which, because of the staff or activity reduction, or the late expansion plans, were left with unused space. If previously unused space was considered a natural tendency of the expansion of business within a developing economy, the economy is currently characterized by a period of recession, a situation that induces caution, cost reduction, arrest of the investment and reduction of activity.

In Bucharest, the phenomenon of subletting occurred mainly in areas already known for the concentration of business activity, as the north of the capital. A CB Richard Ellis Eurisko study showed that 45% of these operations, in fact, have been recorded in the north of Bucharest. Only in the Pipera area, there was 39% of transactions of Bucharest. As regards, the other areas, like the north or the center of the capital, has collected 21% of the needs, while the west has attracted 16% of the operations. Companies engaged in such operations are mostly engaged in the IT and telecommunications. At the end of 2008, the proportion of used offices buildings was 97%, but for 2009 this percentage is projected to decrease to 90-92%.

Although rental levels have decreased by 20-30% compared to previous years, at the present moment they are still high, especially if we consider the moment of crisis and low corporate profits. The price of rents for Class A offices was about 22-23 euro / sqm, a figure that shows a slight decline in the second half of 2009 of around € 1-2. At the  end of 2008 a square foot of an office in Bucharest North was on average 18-20 euro, while in the western part of the city was around 14-16 euro / sqm.