The office market in Bucharest is entering a visible adjustment phase, marked by an increase in pre-lease transactions, which signals a shift in tenant behavior. According to Cushman & Wakefield Echinox, companies are increasingly securing space in developments still under construction at an earlier stage, in a context where the development pipeline exceeds 215,000 sqm.

This dynamic suggests a gradual absorption of new supply and a market repositioning toward a growth cycle, where occupancy decisions are shifting away from existing buildings toward future developments.

In Q1 2026, total leasing transactions amounted to approximately 49,100 sqm, of which one quarter were pre-leases. More importantly, 83% of the transacted volume represented new demand—the highest post-pandemic level—indicating expansions or relocations rather than simple lease renewals.

Against this demand backdrop, the vacancy rate continued to decline to 12%, down from 13.6% in the same period last year. This evolution is supported by the lack of new deliveries in Q1 and the gradual absorption of existing space.

The modern office stock remained stable at around 3.43 million sqm, but the market is preparing for a new supply cycle. Major projects under construction include Timpuri Noi Square II, ARC Project, and AFI Central Tower, which will strengthen traditional office hubs in the north and west-center, as well as the central area, which is currently expanding.

Differences between submarkets remain significant. While the CBD records a vacancy rate of 3–4%, Pipera North reaches over 36%, despite lower rents of €9–11 per sqm per month. Central and semi-central areas continue to attract more than 80% of demand.

Prime rents remain stable in the central business district, while slightly increasing in central and semi-central areas, reflecting pressure on well-located modern office space.

The pre-lease trend is seen by consultants as a risk-mitigation mechanism for both tenants and developers, in a market where occupancy decisions are increasingly made earlier, and where the balance between supply and demand is becoming more dependent on projects under development.