Companies leased 197,200 sqm of office space in Bucharest in the first nine months of the year, with over half representing new demand. The total transacted volume during the period is 25% lower compared to the corresponding period last year, but in the context of a year without any new office deliveries, the vacancy rate dropped to 12.8%, the lowest level since Q4 2020, according to Cushman & Wakefield Echinox.
The total office stock in Bucharest stands at 3.429 million sqm, accounting for 15% of the total stock in CEE. The market is dominated by Warsaw with 28% of the regional office stock, followed by Budapest with 20% and Prague with 18%. Sofia's office buildings represent 11% of the region's stock, while Bratislava accounts for 8%.
Office spaces totalling 75,800 sqm were transacted in Q3 in Bucharest, the highest quarterly volume in 2025. Most of the office demand during the first nine months was concentrated in the Center-West area (Politehnica, Grozăvești) with 23% of total take-up, Floreasca Barbu-Văcărescu with 18%, and Dimitrie Pompeiu and CBD each with 16% of the transacted volume. Two new buildings started construction in Q3 and the overall pipeline in Bucharest increased to 169,500 sqm, all scheduled for completion by the end of 2027.
Mădălina Cojocaru, Partner, Office Agency Cushman & Wakefield Echinox, said: "AFI Europe, Forte Partners, Vastint, PPF Real Estate, and NEPI Rockcastle are among the most active office developers, with projects worth €200-250 million under construction in Bucharest. We are seeing a recovery of interest in both office development activity and in the acquisition of such properties, coming from Romanian and foreign capital. In a competitive regional context, Bucharest needs large-scale projects to attract new companies and talent."
These developments will add new office supply to Bucharest's most dynamic areas: Center, where Vastint is developing a new phase of the Timpuri Noi Square project (55,000 sqm); Center-West, where the Czech group PPF Real Estate is building the Arc Project (30,000 sqm); while NEPI Rockcastle and One United Properties are developing Promenada Offices (23,400 sqm) and One Technology District (20,600 sqm) in the Floreasca-Barbu Văcărescu and Dimitrie Pompeiu submarkets. Additionally, AFI Europe has started construction on AFI Central Tower, a redevelopment project of the former Bancorex building with 28,000 sqm, while Forte Partners is developing U-Center III, totalling 12,500 sqm.
