Bucharest's office market recorded its first year without new project deliveries in over two decades in 2025. On this backdrop, total leasing demand fell by around 25% year-on-year to approximately 250,000 sqm, while new space take-up totalled close to 90,000 sqm, according to Colliers data.
Despite slower leasing activity, the market continued to adjust with the vacancy rate declining to 11.75% at the end of 2025 - a five-year low from approximately 13% the previous year. Average headline rents increased by around 3%, slightly exceeding €15 per sqm. The shortage of modern, well-located space with good transport connectivity remains the main factor supporting market balance and rental pressure.
"The market is not facing a general shortage of space, but a deficit of quality buildings located in well-connected areas with technical specifications aligned with current occupier requirements," explains Victor Coșconel, Partner at Colliers. In 2025, occupied office stock increased by approximately 40,000 sqm, one of the lowest net absorption levels in two decades, with much available space concentrated in older or poorly positioned buildings.
The current level of available space could be absorbed in approximately four years if recent absorption rates continue - much shorter than most European capitals where this horizon often exceeds a decade. Notable transactions included Adobe's expansion in U-Center totalling over 13,000 sqm, representing one of the largest deals ever recorded in Bucharest.
Following 2025's zero deliveries, around 50,000 sqm of new space are expected in 2026 and less than 100,000 sqm in 2027 - well below pre-pandemic annual volumes of over 150,000 sqm. "While companies remain cautious short-term, the market's fundamentals are solid, and the shortage of modern space will continue to support interest in quality projects," concludes Coșconel.
