Bucharest has seen a 12% increase in average office fit-out costs in 2024, surpassing €1,000 per sqm, but this level is still among the lowest in capital cities across CEE, according to Cushman & Wakefield Echinox research.
Across the region, most capital cities have experienced increases between 8-15% due to a combination of factors.
Labor costs have increased due to salary growth in the construction sector, and while material prices have somewhat stabilized, they remain influenced by inflation. Additionally, ESG-oriented investments add to initial expenses, despite enhancing long-term energy efficiency.
Andrei Ianculescu, Head of Project & Development Services at Cushman & Wakefield Echinox, said: "Labor costs have been having the biggest impact on office fit-out expenses, while the growing demand for ESG standards and green certifications is becoming a priority for tenants. Smart building solutions such as automated lighting, climate control and security systems are also highly popular, adding value to their respective projects."
Despite the increase, Bucharest maintains its competitive edge in the CEE. The average fit-out cost in Bucharest is €1,056 per sqm, encompassing all interior works, building management systems (BMS), furniture, audio-video equipment, professional services, and contingency costs. This is significantly lower than Warsaw (17%) and Prague (14.5%).
Fit-out budgets in Bucharest can vary considerably, ranging from approximately €800 to nearly €1,600 per sqm, depending on project complexity, materials, and space delivery conditions.
