The office development activity in Bucharest accelerated over the past year, with the volume of projects currently under construction exceeding 200,000 sqm of gross leasable area, the highest level since 2021, according to the Bucharest Office Marketbeat Q4 2025 report, published by real estate consultancy company Cushman & Wakefield Echinox. At least eight new office buildings are expected to be delivered by the end of 2028.<\/p>\n
This renewed development momentum follows two years of historically low delivery levels, totaling just 15,000 sqm, corresponding to a single building.\u00a0Moreover, no new office projects were completed in Bucharest in 2025, a first in the history of the city\u2019s modern office era.<\/p>\n
The largest project under construction is a new phase of Timpuri Noi Square, developed by Vastint in the Center submarket.<\/p>\n
Other developments underway include:<\/p>\n
The ARC Project in the Grozavesti – Politehnica area (PPF Real Estate), over 30,000 sqm,\u00a0
\nThe Promenada Offices (NEPI Rockcastle), part of the Promenada Mall extension in the Floreasca – Barbu Vacarescu submarket – 23,400 sqm,\u00a0
\nThe One Technology District in Dimitrie Pompeiu (One United Properties), over 20,600 sqm,\u00a0
\nThe AFI Central Tower (AFI Europe), a redevelopment of the former Bucharest Financial Plaza building – 28,000 sqm\u00a0
\nU – Center 3 (Forte Partners) – 16,300 sqm\u00a0<\/p>\n
The latest announced project is Green Court D (17,000 sqm), developed by Globalworth, the largest owner of office spaces on the Romanian office market.<\/p>\n
The limited deliveries of the past two years, combined with increasing net demand, brought the vacancy rate down to 12.1% (vs 14.2% in Q4 2024 and the lowest level since Q3 2020), while also pushing rents up in submarkets with constrained availability.\u00a0<\/p>\n
The CBD submarket recorded a 5% rental growth in prime buildings, up to a level between EUR 21.00 \u2013 22.00\/ sqm\/ month, with the benchmarks from other areas varying between EUR 15.00 \u2013 18.50\/ sqm\/ month and EUR 9.00 \u2013 13.50\/ sqm\/ month in central\/ semi \u2013 central and peripheral locations in existing buildings. Under construction offices reflect asking rents generally ranging between EUR 18.00 \u2013 22.00\/ sqm\/ month, taking into account their upscale technical specifications and higher construction costs.<\/p>\n
\u201cThe office has evolved from a purely operational location into an ecosystem designed to support collaboration, organizational culture, and the everyday employee experience. Against this backdrop, the renewed activity in office development provides companies with the opportunity to secure spaces that not only meet functional requirements but also enhance their positioning and attractiveness as employers,\u201d said M\u0103d\u0103lina Cojocaru, Partner, Office Agency at Cushman & Wakefield Echinox.<\/p>\n
Bucharest\u2019s modern office stock stands at 3.43 million sqm, a 15% share among the Central and Eastern Europe (CEE) capital cities. The regional market is led by Warsaw (28%), followed by Budapest (20%), Prague (18%), Sofia (11%), and Bratislava (8%).<\/p>\n