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. At least eight new office buildings are expected to be delivered by the end of 2028, according to a report by Cushman & Wakefield Echinox.
This renewed development momentum follows two years of low delivery levels, totalling just 15,000 sqm, corresponding to a single building. Moreover, no new office projects were completed in Bucharest in 2025, a first in the history of the city's modern office era.
The largest project under construction is a new phase of Timpuri Noi Square, developed by Vastint in the Centre submarket. Other developments underway include ARC Project in the Grozăvești - Politehnica area (PPF Real Estate) - 30,000 sqm, Promenada Offices (NEPI Rockcastle), part of the Promenada Mall extension in the Floreasca - Barbu Văcărescu submarket - 23,400 sqm, One Technology District in Dimitrie Pompeiu (One United Properties) - 20,600 sqm, AFI Central Tower (AFI Europe), a redevelopment of the former Bucharest Financial Plaza building - 28,000 sqm and U - Center 3 (Forte Partners) - 16,300 sqm.
Mădălina Cojocaru, Partner, Office Agency at Cushman & Wakefield Echinox, said: "The tenants' selection criteria currently extend well beyond the traditional parameters of space efficiency. Access to public transportation, proximity to residential areas, and a well developed network of services have become critical decision making factors. The office has evolved from a purely operational location into an ecosystem designed to support collaboration, organisational culture, and the everyday employee experience."
The limited deliveries of the past two years, combined with increasing net demand, brought the vacancy rate down to 12.1%, while also pushing rents up in submarkets with constrained availability. A gross take-up volume of 85,000 sqm was registered in Q4 in Bucharest, while the total for the year reached 282,200 sqm, corresponding to a 23% decrease compared with 2024.
