More than 100,000 sqm of office space was leased in Bucharest in the first half of 2026, slightly below the level recorded in the same period of 2025, according to a mid-year market update from Colliers. Asking rents for existing office space in the Central Business District and other central areas rose by nearly 12% year-on-year to €18 per sqm per month, up from €16. Across the market as a whole, average rents increased by around 3%, while new projects under development are quoting rents 10–15% above levels typically seen in their respective submarkets.
"The office market is currently sending two signals that may appear contradictory at first: leasing volumes remain modest, yet rents are rising for good-quality space. The explanation lies in limited supply, amid suboptimal leasing demand. Companies continue to look for modern, efficient and well-located buildings, while the number of genuine options meeting these criteria is shrinking in central areas," said Victor Coșconel, Partner and Head of Leasing, Office and Industrial Agencies at Colliers.
New demand recorded a slight increase in the first half of the year, though overall leasing activity remains below recent-year averages and closer to 2020–2021 levels than to pre-pandemic figures. Colliers consultants note several factors that could support a gradual recovery, including companies entering the local market for the first time, particularly service centres from Western Europe seeking several thousand sqm. The IT sector's share of Bucharest leasing activity fell from over 50% in 2019 to around 20% in 2025, recovering to 31% in the first half of 2026, while financial services, energy, construction, professional services and consumer goods each accounted for 8–9% of demand. No new office projects were delivered in Bucharest in the first half of 2026, following a 2025 with no deliveries, though just over 50,000 sqm are expected across the full year and projects under construction could add nearly 300,000 sqm over the next few years.
"For companies looking for larger spaces in good-quality buildings and central locations, the number of options is becoming increasingly limited. Speculative development remains subdued, while a significant share of projects due to come to market is already subject to pre-leasing discussions, which means the supply of modern office space is likely to remain constrained at least until 2027. We are already seeing new projects quoting rents 10–15% above the levels typically seen in their respective submarkets," added Coșconel.
The overall vacancy rate edged up to 12.25% in mid-2026 from 11.75% at end-2025, with the increase driven mainly by peripheral areas. In the Central Business District, vacancy stands at approximately 4% and rents reach up to €24 per sqm per month. By contrast, vacancy in Pipera reaches 40%, while in Floreasca–Barbu Văcărescu it stands at around 5%. Colliers' regional ExCEEding Borders Office 2026 report, covering Bucharest, Warsaw, Prague, Budapest, Bratislava and Sofia, shows that new office supply is at historical lows across the region, with only slightly more than 200,000 sqm delivered across those six markets in 2025, the lowest annual volume on record. In Bucharest, service charges in modern buildings generally stand at around €3.5–4 per sqm, compared with older buildings where costs can exceed €5 per sqm, a gap that Colliers expects to become an increasingly important factor in occupiers' location decisions.
