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Colliers International | Global Occupier Guide

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Bucharest

BOMA

Space Measurement Standard
SQMT
SQFT
Space Unit of Measure

EUR

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Financial Data Currency

Yes

Transfer Taxes

Office Occupier Market Condition

1,1,1

Occupier Market Conditions – How conducive is the regulatory environment to starting and operating a business. Source: Colliers

Labor Cost – Wages for skilled office workers. Source: City Globe and Colliers

Tenant Favorable – Assessment of the real estate market condition for office space. Source: Colliers

Quadrant Legend: Blue = Favorable Medium Blue = Neutral Red = Less Favorable

Typical Loss Factor

5-10%*

From rentable to useable square meters

Loss Factor Notes:

*Average 5-10% building add on factor is added to measured space. If multiple tenants, floor add-on also added.

Landlord Concessions

Fit-Out Concession

The Landlord typically provides a contribution or concession to fit-out as a part of the lease transaction.

Amount of Fit-Out Concession

€80/sm-€130/sm

Typical range of fit-out contribution.

Rent-Free Period

The Landlord typically provides a contribution or concession in the form of a rent-free period.

Standard Range of Rent-Free Months

1mo.-1.5mo.

Typical number of rent-free months.

Rent-Free Period Notes:

For a 7 year (or above) lease contract, the landlord can offer over 10 of rent-free.

Tenant Rep Broker Fee (New Leases)

The Landlord typically pays the tenant rep broker’s fee.

Tenant Rep Broker Fee (Renewals)

The Landlord typically pays the tenant rep broker’s fee.

Lease Provisions

Lease Term

5yrs.-7yrs.

Typical lease term in years.

Lease Term Notes:

Most common lease term is 5-5,5 years

Operating Expenses & Service Charges Included

Quoted market rent typically does not include operating expenses (service charges). There are additional charges that apply to leasing space.

Additional Charges

€5.7/sm-€6.7/sm

Estimated range for all additional charges per Square Meters.

Additional Charges:

Utilities
Service Charges
Stamp Duty
Electric
Rates
HST
Cleaning
Hydro
Registration Fees
Taxes
Insurance
VAT
Other

Service Charge Notes:

Except the rent, the tenant usually pays service charge and utilities in its own space. VAT in Romania is 19%. Indicated low and high figure additional charges "per month".

Lease Fundamentals: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements
None for strong credit tenants
Upfront rental payment
Security deposit
Corporate guarantee
Not Applicable

Negotiated Subletting/Assignment

Typically, the tenant's right to sublease or assign the space is negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Statutory Subletting/Assignment

This IS a statutory right.

Statutory Subletting/Assignment Notes:

Usually, it is part of a negotiation.

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Statutory Early Termination

This IS a statutory termination right.

Negotiated Early Termination

It IS typical for tenants to be able to negotiate an early termination right in the lease agreement.

Early Termination Notes:

Office: Even in case of no break option, a tenant can end a contract early, with the landlord asking to provide payment for the remainder of the lease duration, though the actual cost may be lower than this after negotiations (different on a case-by-case basis).







Industrial: The tenant has to notify the termination of the lease at least 8-12 months in advance. The tenant must pay the entire cost of the ASTI (if any) by the time they want to terminate the lease and most of the time, the landlord requires that the tenant pay the rental fees for the remaining months until the termination of the initial term.







Not usual market practice, quite rare seen as a solution.

Workplace

Regional Office Space

8sm-12sm

Typical Square Meters per employee (includes office square footage for employees and contractors).

Desk Sharing

Desk-sharing is not a common practice in the market.

Desk Sharing Average

1

Average headcount per workstation.

Desk Sharing Notes:

For BPO/SSC/ITO, it is becoming a trend.

Industrial Occupier Market Condition

1,1,1

Occupier Market Conditions – How conducive is the regulatory environment to starting and operating a business. Source: Colliers

Labor Cost – Wages for manuafacturing and warehouse/distribution office workers. Source: City Globe and Colliers

Tenant Favorable – Assessment of the real estate market condition for industrial space. Source: Colliers

Quadrant Legend: Blue = Favorable Medium Blue = Neutral Red = Less Favorable

Landlord Concessions

Fit-Out Concession

The Landlord typically does not provide a contribution or concession to fit-out as a part of the lease transaction.

Rent-Free Period

The Landlord typically provides a contribution or concession in the form of a rent-free period.

Standard Range of Rent-Free Months

1mo.-1.5mo.

Typical number of rent-free months.

Rent-Free Notes:

Landlord strategy can be decisive, with opting to offer more months of rent-free on a higher headline rent.

Tenant Rep Broker Fee (New Leases)

The Landlord typically pays the tenant rep broker’s fee.

Tenant Rep Broker Fee (Renewals)

The Landlord typically pays the tenant rep broker’s fee.

Lease Provisions

Lease Term

3yrs.-10yrs.

Typical lease term in years.

Lease Term Notes:

5 years remains typical/most used length

Operating Expenses & Service Charges Included

Quoted market rent typically does not include operating expenses (service charges). There are additional charges that apply to leasing space.

Additional Charges:

Utilities
Service Charges
Stamp Duty
Electric
Rates
HST
Cleaning
Hydro
Registration Fees
Taxes
Insurance
VAT
Other

Service Charge Notes:

The service charge includes security, cleaning, snow removal, lighting of common areas; also includes taxes (property tax) and landlord's insurance; warehouse's utilities are paid by the tenant.

Lease Fundamentals: The following apply to both office and industrial leases.

Lease Execution Requirements:

Typical upfront requirements
None for strong credit tenants
Upfront rental payment
Security deposit
Corporate guarantee
Not Applicable

Negotiated Subletting/Assignment

Typically, the tenant's right to sublease or assign the space is negotiated in the lease agreement.
Landlord Consent: Typically, the landlord's written consent IS still required.

Statutory Subletting/Assignment

This IS a statutory right.

Statutory Subletting/Assignment Notes:

Usually, it is part of a negotiation.

Blend & Extend Strategies

Typically, a tenant can take advantage of "blend & extend" ("forward renewal", "early renewal", etc.) strategies when the appropriate market conditions exist.

Statutory Early Termination

This IS a statutory termination right.

Negotiated Early Termination

It IS typical for tenants to be able to negotiate an early termination right in the lease agreement.

Early Termination Notes:

Office: Even in case of no break option, a tenant can end a contract early, with the landlord asking to provide payment for the remainder of the lease duration, though the actual cost may be lower than this after negotiations (different on a case-by-case basis).







Industrial: The tenant has to notify the termination of the lease at least 8-12 months in advance. The tenant must pay the entire cost of the ASTI (if any) by the time they want to terminate the lease and most of the time, the landlord requires that the tenant pay the rental fees for the remaining months until the termination of the initial term.







Not usual market practice, quite rare seen as a solution.

Project Management

Section 1. Fit Cost Data

Total Fit-Out Cost

€1400/sm

Class A Office

€1000/sm

Class B Office

€700/sm

Class C Office

Total Fit-Out Cost Notes:

The fit-out cost refers to the total cost of design, construction, and installation for a space. It includes categories such as materials, labor, furniture, fixtures, equipment, finishes and other related costs. The specific factors influencing the total fit-out cost can vary widely depending on the project scope, location, size of the space, quality of materials, and complexity of design.

Furniture Cost

€300/sm

Class A Office

€220/sm

Class B Office

€170/sm

Class C Office

€125/sm

Warehouse

Furniture Cost Notes:

These costs are typically paid by the client.

Floor Covering Cost

€40/sm

Class A Office

€30/sm

Class B Office

€20/sm

Class C Office

€30/sm

Warehouse

Floor Covering Cost Notes:

These costs are typically paid by the client.

Partitioning Walls Cost

€35/sm

Class A Office

€30/sm

Class B Office

€25/sm

Class C Office

Partitioning Walls Cost Notes:

These costs are typically paid by the client.

Other (IT/etc) Cost

€45/sm

Class A Office

€35/sm

Class B Office

€25/sm

Class C Office

€50/sm

Warehouse

Other Cost Notes:

These costs are typically paid by the client.

Construction to Move-in Cycle Time

20wks-24wks

Class A Office

16wks-20wks

Class B Office

12wks-16wks

Class C Office

Typical Manpower Hourly Rates

€120/hr

Programme Manager

€90/hr

Senior Project Manager

€75/hr

Project Manager

€60/hr

Junior Project Manager

€50/hr

Project Assistant

€60/hr

Workplace Consultant

€50/hr

Designer/Architect

€40/hr

Change Manager

Project Management Base Fee

5-7%

Base fee [%] for the fitout of above office of 1000 m2.

Section 2. Scope of Work Description

Phase 1: Services Before and During the Transaction

Review the LOI and work letter portion of the Lease to ensure that the clients interests are protected during the build-out of the project.
Typically included in "Project Management" scope of work.
Advise Colliers broker and client on project issues and their resolution as they occur.
Typically included in "Project Management" scope of work.
Participate in building tours, if requested, to evaluate building systems and other cost-related observations and prepare a building due diligence report
Not typically included at all, but available for an additional fee.
Develop high-level project estimate and timeline based on test fit and Client standards
Typically included in “Design/Build” scope of work.
Schedule and chair Schematic Drawings and Design Development Drawings review meetings/conference calls
Not typically included at all, but available for an additional fee.
Define workplace strategy for client, research what kind of location, office / work environment accelerates business
Not typically included at all, but available for an additional fee.
Define program of requirements for location, building and interior characteristics
Typically included in "Project Management" scope of work.
Engage with the Client Facilities Management (FM) Operations team to ensure alignment with Client standards
Typically included in "Project Management" scope of work.

Phase 2: Service Before and During the Design Process

Develop preliminary project budget and schedule.
Not available / not a service that can be offered.
Develop the RFP for selection of a space planner/architect and any other consultants identified and required
Not typically included at all, but available for an additional fee.
Analyze, compare and evaluate responses to the RFP.
Typically included in "Project Management" scope of work.
Orchestrate the space planner/architect interview process.
Typically included in "Project Management" scope of work.
Negotiate, on behalf of the client, professional services agreements with the space planner/architect and other consultants.
Typically included in "Project Management" scope of work.
Review architect’s final Program of Requirements.
Not available / not a service that can be offered.
Monitor the design team’s schedule of deadlines and deliverables. Coordinate meetings with the design team and the client. Manage the design process on behalf of the client.
Not available / not a service that can be offered.
Review and recommend payment of the invoices for services. Submit invoices for payment to landlord or client and prepare monthly reports of project costs versus project budget.
Not available / not a service that can be offered.
Negotiate all client-vendor contractors (IT, AV, Security/Access Control, Signage, High Density Filing) on behalf of client.
Not available / not a service that can be offered.
Coordinate with either Architect or General Contractor in permitting process
Not available / not a service that can be offered.
Schedule and chair weekly design review meetings/conference calls
Not available / not a service that can be offered.
Other Value-Add Services: Test fits (including Look & Feel) - Cost Estimates - Schedule/timing/phasing scenarios - Floor plan, core and circulation efficiency ratios(GIA vs NIA) (NOA vs NIA) - Technical due diligence/Assessments - We may pack everything into a Feasibility Study or proposed them separately depending on the situation.
Not typically included at all, but available for an additional fee.
Define interior guidelines for architect based on workplace strategy
Not typically included at all, but available for an additional fee.
Not available / not a service that can be offered.
Control workplace strategy and functionality and during design process
Not available / not a service that can be offered.
Architectural design
Not available / not a service that can be offered.

Phase 3: Services Before Construction

Liaise with the Landlord’s Representative.
Typically included in "Project Management" scope of work.
Prequalify a list of general contractors to be interviewed (consult lease to confirm any Landlord required GCs).
Not typically included at all, but available for an additional fee.
Develop the RFP, including Landlord and/or Lease required documents, for selection of a general contractor.
Typically included in "Project Management" scope of work.
Analyze, level, and evaluate the responses to RFP.
Typically included in "Project Management" scope of work.
Orchestrate general contractor interview process and prepare evaluation scorecard.
Not available / not a service that can be offered.
Review all proposed subcontractors and monitor the general contractor’s subcontractor bid process to ensure integrity of the process and quality of the workmanship.
Not available / not a service that can be offered.
Monitor the general contractor’s schedule of deadlines and deliverables. Coordinate meetings between the design team, general contractor, client and appropriate vendors.
Not available / not a service that can be offered.
Negotiate, on client's behalf, the General Contractor agreement for Client approval
Not available / not a service that can be offered.
Schedule and coordinate Architect's 90% Construction Drawings review
Not available / not a service that can be offered.
Develop Project Cost Summary + Invoice Tracker and update weekly
Not available / not a service that can be offered.

Phase 4: Services During Construction

Coordinate with the Landlord’s Representative.
Typically included in "Project Management" scope of work.
Conduct weekly construction meetings to assess progress, quality and conformance with the Contract Documents and distribute minutes of meetings.
Typically included in “Design/Build” scope of work.
Monitor the general contractor’s schedule.
Typically included in “Design/Build” scope of work.
Monitor the construction budget.
Typically included in “Design/Build” scope of work.
Review, and recommend for payment, the contractor’s Applications for Payment.
Typically included in “Design/Build” scope of work.
Monitor all project documentation.
Typically included in “Design/Build” scope of work.
Act at all times as client’s liaison to vendors contracted directly by Client (IT, AV, Security/Access Control, Signage).
Typically included in "Project Management" scope of work.
Oversee the punch list process to ensure acceptable completion of all items.
Not typically included at all, but available for an additional fee.
Close out all consultant, contractor and vendor contracts.
Not available / not a service that can be offered.
Submit General Contractor, vendor, and consultant invoices to Landlord for reimbursement per the Lease Workletter
Not available / not a service that can be offered.
Review and recommend for payment all General Contractor, vendor, and consultant invoices; submit to Client for approval
Not available / not a service that can be offered.
Deliver close-out documents, as specified in the Lease, to Client
Not available / not a service that can be offered.
Coordinate value/engineering process, if required.
Not available / not a service that can be offered.
Provide as-built drawings and O&M Manuals to Client FM Operations team
Not available / not a service that can be offered.

Additional Services: Services During Relocation

Develop RFP for moving companies, evaluate responses and recommend selection of moving company or identify, interview and review proposal for services from relocation consultants.
Not typically included at all, but available for an additional fee.
Represent Client in development of move strategy.
Not typically included at all, but available for an additional fee.
Monitor development of move activity checklist.
Not typically included at all, but available for an additional fee.
Represent client on site during move process.
Not typically included at all, but available for an additional fee.

Additional Services: Project Management Services Related to Furniture/Workstation Procurement

Conduct bid process for all furniture (workstations, case goods, seating, filing) purchases specified by the architect and/or client.
Not available / not a service that can be offered.
Conduct bid process for refurbishment of existing furniture and/or workstations.
Not available / not a service that can be offered.
Evaluate bids and negotiate purchase order with manufacturer(s).
Not available / not a service that can be offered.
Negotiate national buying contract with select furniture dealerships, using Colliers International purchasing power
Not available / not a service that can be offered.
Change management before, during and after moving to the new work environment
Not available / not a service that can be offered.
Measuring/monitoring (KPI's) how the way of working and building accelerates business and goals of the client
Not available / not a service that can be offered.

Operating Environment Rankings reported on a scale of 1 (least favorable) to 10 (most favorable).

Human Capital

4, 6 4/10

Labor Force Growth
Labor force growth rate (past 5 years)

9, 1 9/10

Wage Inflation
Rise in wages (past 5 years, local currency)

5, 5 5/10

Millennials
Proportion of population in the age 20-39 cohort


6, 4 6/10

High School Education Equivalent
Proportion of population attaining this level

4, 6 4/10

University Education Equivalent
Proportion of population attaining this level

5, 5 5/10

Overall Education
Composite average of High School & University


6, 4 6/10

Human Capital Composite

Business Climate

4, 6 4/10

Innovation
Presence of innovative factors in economy

5, 5 5/10

Economic Risk
Resilience of economy to unexpected events

5, 5 5/10

Business Environment
Friendliness of business environment

8, 2 8/10

Corporate Tax Rate
Favorable corporate tax rate


6, 4 6/10

Business Climate Composite

Operating Environment Composite

6, 4 6/10

Combined average score of Human Capital and Business Climate factors

This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s).

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