New Demand Supports the Bucharest Office Market

The Bucharest office market is strengthening its fundamentals in the first half of 2026. New transactions, expansions and pre-leases accounted for 73% of total leasing activity, up from 53% in the same period of 2025. The development suggests that companies are resuming their expansion and growth plans.

Total leased office space reached 109,500 sq m, of which 60,400 sq m was transacted in the second quarter. Although the total volume is approximately 10% below the level recorded in the first half of 2025, the structure of demand points to a recovery in transactions with a direct impact on occupancy rates.

IT&C Returns as the Main Driver of Demand

IT&C companies leased more than 30,500 sq m during the first six months of the year, nearly double the figure recorded in the same period of 2025. At the same time, the financial sector registered a significant decline in leasing activity.

Major transactions in the second quarter included the expansion of Rohde & Schwarz Topex, pre-leases signed by Veolia and Strabag, and the renewal of Evoke’s lease agreement.

Limited Supply Puts Pressure on Rents

No new office building was completed during the first half of the year, leaving the modern office stock at approximately 3.43 million sq m. Projects totaling around 216,000 sq m are currently under construction, with deliveries scheduled through early 2028.

The vacancy rate fell to 11.6% in Q2 2026, the lowest level since Q3 2020. In areas such as Victoriei Square, Dorobanți and Buzești, occupancy rates have already exceeded 95%.

Prime rents in the CBD remained at €21–22/sq m/month, while some premium buildings command as much as €25–26/sq m/month.

What Does This Mean for Companies?

Rising demand combined with limited supply could make it more difficult to secure quality office space. For companies planning relocations or expansions, making decisions early can improve access to well-positioned and efficient office spaces.