A nine-month process of searching for new headquarters came to an end in June for auditing company BDO when it concluded a five-year deal on 2,700 sqm at the Victory Business Center. BDO will fill four stories, over half of the building’s 5,500 sqm of office space.

“The low rental levels make the relocation of BDO to a new space that meets our business standards as opportune. We will have a larger area that will enable us to continue our development strategies,” said Silviu Manolescu, CEO of BDO Romania.

Horia Modovan, associate director at Colliers International, represented the tenant in the selection process. More than 25 buildings were considered. He says the shortlist was eventually pared down to four. In the end, he says, the decisive factors were “a mix between the location, meaning it’s central and accessible by public transport, the proximity of the metro station, along with the flexibility of the landlord when it comes to the commercial terms.”

He adds that companies like BDO are in an ideal situation, not just because of the current market conditions, but because it’s able to make plans for the future. “If you know your business and you have a solid business case for the next three to five years, this is a good time to choose office space. The market in my opinion has reached the bottom.”

“If you know you can sustain your business and it’s solid, then it’s the best move,” he says. “The reason transactions aren’t happening is because companies don’t know what will happen.”

He says what’s more typical at this point is companies shopping around for heads of terms in office buildings, and then using them in renegotiations with their current landlords.

Despite the tough times for landlords, though, some are sticking stubbornly to their original rental assumptions. “There are some landlords who aren’t very flexible in terms of renegotiating, so they’ll drop 50 cents or €1. In that case, a relocation to get a savings of 25 percent on your rent probably makes sense.”