The limited supply of modern, well-located space continues to put upward pressure on rents in central Bucharest, pushing them upwards by nearly 12% at the end of June 2026 compared to a year ago, according to the mid-year market update report from real estate consultant Colliers.
More than 100,000 square meters of office space were leased in Bucharest in the first half of 2026, slightly below the level recorded in the same period of 2025. Average rents in central Bucharest and other central areas rose from EUR 16 to EUR 18 per square meter, the same source said.
Across the market as a whole, average rents rose by around 3%, while new projects currently under development are quoting rents 10-15% above the levels typically seen in their respective submarkets. According to Colliers, this shows that although demand remains below historical averages, the limited availability of competitive office space is gradually strengthening the position of landlords with buildings in highly sought-after locations.
”The office market is currently sending two signals that may appear contradictory at first: leasing volumes remain modest, yet rents are rising for good-quality space. The explanation lies in limited supply, amid suboptimal leasing demand. Companies continue to look for modern, efficient and well-located buildings, while the number of genuine options meeting these criteria is shrinking in central areas,” said Victor Coșconel, Partner | Head of Leasing | Office & Industrial Agencies at Colliers.
New demand, meaning transactions that directly contribute to higher occupancy levels, recorded a slight increase in the first half of the year. Overall, however, leasing activity remains below the average of recent years and is closer to 2020-2021 levels than to those seen before the pandemic.
Nevertheless, Collier’s consultants are seeing signs that could support a gradual market recovery in the period ahead. Several companies are assessing new leases, including players entering the local market for the first time, particularly service centers from Western Europe seeking premises of several thousand square meters. The IT&C sector has also recovered slightly from recent lows, although activity remains well below pre-pandemic levels.
Another factor that could support demand is employees returning to the office more frequently. In many companies outside the IT sector, mandatory office attendance increased from one or two days per week to three days in 2025, while a growing number of employers are now discussing four days per week, a model that could become increasingly widespread.
The profile of companies driving demand is also changing. While the IT sector accounted for over half of Bucharest leasing activity in 2019, its share fell to around 20% in 2025, though it increased to 31% as of the first half of 2026. Meanwhile, financial services, the energy sector, construction companies, professional services and consumer goods companies each accounted for 8-9% of leasing demand in the first half of 2026.
Limited supply, even when considering the lackluster leading demand, remains the main factor supporting rental growth, Colliers consultants emphasized. No new office projects were delivered in Bucharest in the first half of 2026, following a 2025 with no deliveries.
However, the market is beginning to move again: just over 50,000 square meters of new office space are expected to be delivered over the full year, while projects currently under construction could add nearly 300,000 square meters of modern office space over the next few years. Even so, the volume remains low compared with peak years, when more than 200,000 square meters could be delivered in a single year.
The overall vacancy rate edged up to 12.25% in mid-2026, from 11.75% at the end of 2025, although the increase came mainly from peripheral areas. In competitive, well-located buildings, available space remains limited, with vacancies generally in single digits or even close to zero. In the Central Business District, vacancy remains at approximately 4%, while rents reach up to EUR 24 per square meter per month, compared with a high of EUR 22 at the end of last year.
The differences are also evident between submarkets. In Floreasca – Barbu Văcărescu, the vacancy rate stands at around 5%, while in Pipera it reaches 40%. This shows that Bucharest’s overall vacancies are heavily influenced by a small number of areas and buildings, while significantly less space is available in competitive projects.
This widening gap between modern, well-located buildings and the rest of the market is not unique to Bucharest. The regional ExCEEding Borders Office 2026 report, recently published by Colliers for the six main office markets in Central and Eastern Europe – Bucharest, Warsaw, Prague, Budapest, Bratislava and Sofia – shows that new office supply is at historical lows across the region, while prime rents are under upward pressure in all six capitals.
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