Bucharest’s office market is seeing a recovery in occupier demand driven by new lease transactions and expansions, against a backdrop of limited new supply. Net take-up accounted for 73% of the total leasing activity in H1 2026, up from 53% during the same period of 2025, according to the Cushman & Wakefield Echinox Marketbeat Office Q2 2026 report.
At the same time, the citywide vacancy rate continued its downward trend to 11.6%, the lowest level since Q3 2020. This trend was primarily supported by stronger demand from companies operating in the IT&C sector.
The total office take-up in Bucharest reached 109,500 sqm during the first six months of the year, of which 60,400 sqm were leased in the second quarter alone. Although the overall leasing activity remained approximately 10% below the level recorded in H1 2025, the structure of demand points to a rebound in transactions with a positive net impact on office occupancy levels.
The IT&C sector regained its position as the largest occupier segment in the capital city, leasing more than 30,500 sqm in H1 2026, nearly double the volume registered during the same period last year. By contrast, the financial sector, which led leasing activity in 2025, recorded a significant decline in transaction volumes.
Among the most notable office transactions completed during the second quarter were Rohde & Schwarz Topex’s 9,600 sqm renewal and expansion in IRIDE Business Park 19 (Dimitrie Pompeiu), Veolia’s pre-lease of 6,000 sqm in Green Court D (Floreasca-Barbu Vacarescu), Strabag’s pre-lease of 4,600 sqm in Queens District (Floreasca-Barbu Vacarescu), as well as Evoke’s renewal of 2,400 sqm in Bucharest Business Garden (Center-West).
On the supply side, the market continues to be defined by a lack of new deliveries. No office projects were completed during the first half of the year, keeping Bucharest’s modern office stock stable at approximately 3.43 million sqm.
Approximately 216,000 sqm are currently under construction and scheduled for delivery in phases through early 2028. Given this development timeline, the shortage of high-quality office spaces is expected to persist in the short and medium terms, maintaining upward pressure on prime rents across the city.
The five largest office projects currently under construction are the second phase of Timpuri Noi Square (Center, 60,000 sqm, developed by Vastint), ARC Project (Center-West, 30,000 sqm, developed by PPF Real Estate), AFI Central Tower (Center, 28,000 sqm, AFI Europe), Queens District (Floreasca-Barbu Vacarescu, 23,000 sqm, Speedwell) and One Technology District (Dimitrie Pompeiu, 20,600 sqm, One United Properties).
The prime headline rents remained stable in Q2, with levels between EUR 21.00 – 22.00/ sqm/ month being the norm in non-boutique projects in CBD (a series of high-profile buildings have asking rents of up to EUR 25.00 – 26.00).
From a regional perspective, Bucharest remains one of the most competitive office markets in Central and Eastern Europe. Its rental benchmarks are broadly comparable to those in Bratislava and remain below levels recorded in Warsaw and Prague. Across the CEE region, prime office rents increased by approximately 5% year-on-year, outperforming the European average of 4.5%.
(Photo: Atcharapun Samorn | Dreamstime.com)
simona@romania-insider.com
Leave a Reply