For startups and scale-ups, the office is no longer just a place to work. It becomes a strategic arbitration, at the intersection of financial, organizational and human issues. Since the health crisis, companies have fundamentally reviewed their relationship with the workspace. Between hybridization of work, pressure on costs and competition to attract talent, choosing your offices now means solving a complex equation.
It is this transformation that Cynthia Bernard, founder of Leosquare, a company specializing in supporting startups and scale-ups in their real estate projects in Paris, analyzes. After a decade of market observation, she describes a profound evolution in the way companies think about their offices and integrate them into their strategy.
The office, between place of culture and strategic P&L position
For a long time, the office was considered a symbol. For many startups, it embodied the company’s culture and its ability to attract talent, but it was also a significant expense item, sometimes poorly understood.
“Offices are something very important for many startups. It is the place of startup and scale-up culture. It is also an extremely important financial issue for entrepreneurs and the investors who support them,” recalls Cynthia Bernard.
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This double dimension explains why real estate decisions have gradually left the purely operational field to enter that of corporate strategy. The workspace today must reconcile several objectives: supporting collaboration, reflecting the identity of the company, while remaining compatible with financial constraints.
The legacy of Covid and the lasting installation of hybrid work
The most visible transformation of the market comes from the health crisis. Teleworking, long marginal in French organizations, has established itself in a few months as a sustainable mode of operation in tech companies. “There still remains a real hybridization of work, inherited from Covid. It was a real societal break that changed a lot of things in people’s relationship to their work,” observes Cynthia Bernard.
While some companies have recently revised their teleworking policies, the balance has stabilized around a hybrid model. “What we see is that there is sometimes a little backpedaling, but we nevertheless maintain a fairly strong teleworking policy. And what we see most often is these two days per week which remain fairly standard in companies. »
This development is profoundly changing the way offices are used. Teams are no longer present simultaneously, which calls into question old models of space occupation.
The end of reasoning in square meters per employee
Historically, companies dimensioned their offices based on a simple ratio: a number of square meters per employee. This model is now becoming insufficient. “Historically, we said: I have 200 people, we are going to allocate N square meters per head. Today, we are forced to rethink this reasoning completely differently,” explains Cynthia Bernard.
The configuration of the buildings also plays a determining role. On the Parisian market, dominated by Haussmann buildings, surface areas are not always optimized. “A company looking for 1,000 m² doesn’t mean much. 1,000 m² in a highly partitioned Haussmann building will not at all allow for the same number of employees as 1,000 m² in a modern building. »
The ratios nevertheless remain a reference. The AFNOR recommendation mentions an average surface area of ten square meters per person. In practice, startups often operate at higher densities. “The reality of the Parisian market means that ten square meters per person is very expensive. In startups, we tend to see ratios around seven to eight square meters per person. »
Understand the uses before choosing an office
For Cynthia Bernard, a real estate project begins with a precise analysis of working methods. “The first step is to understand how people work. What works today? What do they want to keep? And what is not suitable? » This phase makes it possible to identify elements that are often underestimated: the number of meeting rooms, noise pollution or even the nature of collaborative spaces.
The analysis does not stop at uses. The financial equation remains decisive. “I like having a financial equation in the office. You have to understand what the budgetary issues are, what the growth projections are and try to align the real estate project with the trajectory of the company. »
The true cost of the office: well beyond the rent
A common mistake is to only compare rents. In reality, the overall cost of an office includes many parameters. In the context of a commercial lease, these costs may include building charges, taxes, office tax or even certain management fees.
Another point often overlooked: the actual usable surface area. “In office buildings, the surface area indicated in the lease often includes shares of common areas. We think we are comparing 1,000 m² with 1,000 m², but sometimes we actually compare 800 m² with 950 m². »
These differences can significantly modify the actual cost per employee.
Location: changing logics
The question of address has also evolved. Once central, it is today put into perspective by new ways of working. “We have fewer and fewer requests linked to the statutory address. Clients come to the office less than before. »
On the other hand, a new criterion has emerged: the location of employees. “We are looking more and more at where employees live. We can analyze transport times to try to find the most optimized area for the greatest number of people. »
In Paris, this development is accompanied by a gradual shift in technological centers. Sentier and Bonne-Nouvelle remain a historic heart of the ecosystem, while Station F has strengthened the attractiveness of the 13th arrondissement. More recently, the north of Paris has also attracted certain technology companies. “We are seeing the emergence of a new center in the 18th arrondissement, with the installation of Mistral and several companies linked to artificial intelligence. »
The most common mistakes startups make
Among the most common errors is incorrect surface sizing. “The wrong idea is often to go too small. We save a few square meters, but we find ourselves having to move again very quickly. » Conversely, some companies anticipate overly optimistic growth and end up with oversized spaces.
The objective is therefore to find a balance between financial prudence and the capacity to absorb growth.
Flexibility and coworking: a response to uncertainties
For companies with rapidly growing workforces, flexible offices are an increasingly popular alternative. “Operated offices or coworking make it possible to respond to the challenges of growth or sometimes decline with contracts that are more flexible than commercial leases. »
Some companies are also adopting middle-of-the-road strategies, like subletting excess space, leveraging partners like Sora
This approach makes it possible to absorb workforce fluctuations while maintaining the capacity for expansion.
A more business-friendly Parisian market
The real estate context also contributes to modifying the balance of power between landlords and tenants. “Today we have more rental vacancies than before. In Île-de-France, we are around 10%. Even in the central business district, we went from 2% to about 5 or 6%. »
This situation gives companies more room for negotiation. However, rents remain high in the most sought-after areas. At the end of 2025, the average rent in Paris reached around 560 euros per square meter, with higher levels in central districts. “In central Paris, we are more likely between 700 and 800 euros per square meter, and rents can exceed 1,000 euros for renovated buildings with services. »
Buying your offices: a still rare choice
Some companies are finally considering acquiring their offices rather than renting. “It’s a good idea as long as the company is stable, has good visibility on its trajectory and comfortable cash flow. »
But this strategy also carries risks, especially if the growth of the company requires a rapid move. “The trap is to structure financing with an internal rent that is too high and then find yourself with a property that is difficult to rent again. »
Permanent strategic arbitration
Ultimately, choosing an office involves articulating several dimensions: work organization, cost management, attractiveness for teams and flexibility in the face of uncertainty. In this balance, the office remains a structuring tool for startups and scale-ups, no longer just as a physical location, but as an instrument for managing the company.
