Bucharest's office market recorded net take-up of 73% of total leasing activity in the first half of 2026, up from 53% in the same period of 2025, according to the Cushman & Wakefield Echinox Marketbeat Office Q2 2026 report. Total take-up reached 109,500 sqm in H1, of which 60,400 sqm were transacted in Q2 alone, although overall leasing volume remained approximately 10% below H1 2025 levels. The vacancy rate fell to 11.6% in Q2, its lowest point since Q3 2020, driven primarily by stronger demand from IT&C sector occupiers.
The IT&C sector leased more than 30,500 sqm in H1 2026, nearly double the volume registered in the same period of 2025, reclaiming its position as the largest occupier segment. The financial sector, which had led leasing activity in 2025, recorded a significant decline in transaction volumes. Among the most notable Q2 transactions were Rohde & Schwarz Topex's renewal and expansion covering 9,600 sqm in IRIDE Business Park 19, Veolia's pre-lease of 6,000 sqm in Green Court D, Strabag's pre-lease of 4,600 sqm in Queens District and Evoke's renewal of 2,400 sqm in Bucharest Business Garden.
No office projects were completed during the first half of the year, leaving Bucharest's modern stock stable at approximately 3.43 million sqm. Around 216,000 sqm are currently under construction and scheduled for phased delivery through early 2028, with the five largest schemes being Timpuri Noi Square phase two (60,000 sqm, Vastint), ARC Project (30,000 sqm, PPF Real Estate), AFI Central Tower (28,000 sqm, AFI Europe), Queens District (23,000 sqm, Speedwell) and One Technology District (20,600 sqm, One United Properties). Prime CBD rents held at €21 to €22 per sqm per month in Q2, with asking rents at selected buildings reaching €25 to €26 per sqm per month. Bucharest's rental levels are broadly comparable to those in Bratislava and remain below Warsaw and Prague, while CEE prime office rents rose approximately 5% year-on-year, above the European average of 4.5%.
"One of the most relevant signals in today's market is the increasing share of new lease transactions and expansions, which reflects growing confidence among occupiers in their business development prospects," said Mădălina Cojocaru, Partner Office Agency at Cushman & Wakefield Echinox. "This demand, however, is meeting an increasingly constrained supply environment. New project deliveries remain limited, vacancy continues to decline, and occupancy levels in some of Bucharest's most sought-after CBD areas, including Piața Victoriei, Dorobanți and Buzești, have already exceeded 95%. Companies considering relocation or expansion should start the process well in advance to secure access to well-located office space in a market where the best opportunities are becoming increasingly scarce."
