The modern office space market in Bucharest started 2026 with a moderate increase in leasing activity, although the pace remains below pre-pandemic levels. According to data published by Colliers, new demand increased by 24% in the first quarter, reaching approximately 24,000 sqm, while the total volume of leasing transactions rose by 14% to around 51,000 sqm.

Even under these conditions, the current level of new demand remains approximately 30% below the quarterly average recorded during 2017–2019, indicating a market that is in a stabilization phase rather than in a new expansion cycle.

Colliers consultants link this evolution to the uncertain economic and geopolitical context, as well as to a more cautious labor market. Indicators regarding short-term hiring intentions have fallen close to the lowest levels of the past six years, limiting corporate expansion plans and, implicitly, demand for additional office space.

At the same time, the limited supply of new developments is beginning to shift the balance of power between tenants and landlords. The reduced availability of Class A buildings in well-positioned areas is putting upward pressure on rents, at a time when deliveries of new projects remain low.

The structure of demand reflects a more diversified economy compared to the years dominated almost exclusively by the IT&C sector. Technology remains the main driver of demand, accounting for more than 22% of transacted space, followed by energy, financial services, construction, and public institutions.

One closely monitored signal is the growing share of companies newly entering Romania, which generated more than one-third of the new demand in the first quarter. For developers and investors, this trend may indicate a gradual recovery of interest in the local market, even if the pace of recovery remains fragile.