Colliers: Interest from new multinational companies in Bucharest returns to its highest post-pandemic levels

Multinational companies entering Bucharest’s office market for the first time accounted for more than 6% of leasing demand in the first half of the year, a slightly higher share than in previous years, while transactions expected over the coming period point to a gradual revival of interest in the Romanian capital, according to Colliers consultants. According to the company’s internal estimates, since the beginning of the year, office requirements exceeding 500 square metres from new multinational companies have totalled more than 22,000 square metres, with approximately half being handled by Colliers.

”In the first six months of the year, companies entering the local market for the first time leased approximately 7,000 square metres of office space. More importantly, however, in recent months we have seen a growing number of companies considering either entering the market or expanding their operations in Bucharest, following a period in which investment decisions were significantly more cautious. We are having more concrete discussions and seeing more projects move forward than in previous years, which is an encouraging sign. Bucharest is gradually returning to the shortlist of companies considering new service centres or operational expansions, and if these projects materialise, their impact will start to be felt from 2027 onwards”, says Daniela Popescu, Director, Tenant Services & Workplace Advisory, Office360 at Colliers.

Some of the projects currently in the pipeline involve operations that could employ between 50 and 100 people, making them relevant not only for the office market but also for the local economy and services sector. Against this backdrop, 2026 is seeing more sustained activity from companies newly entering Bucharest’s office market. Colliers emphasises that the data on new market entrants are based on internal estimates. Given the limited transparency typically associated with such transactions, the actual volume of new entrants may be higher than currently identified.

The positive signals are also supported by developments in the major Western economies, where business confidence and activity indicators have improved in recent quarters, supporting the outlook for a resumption of investment and expansion plans. Although economic growth remains moderate, several euro area indicators have returned to their strongest levels in recent years and point to a gradual recovery in economic activity.

For Romania, a key advantage remains the combination of competitive costs and high productivity, particularly in the services sector. At the same time, Romania is also benefiting from the optimisation processes that many companies are undertaking globally. In search of more efficient operating models, many organisations are identifying Romania as a fast option for cost optimisation, without significant compromises in terms of access to talent or service quality. This context continues to support projects involving the relocation, consolidation or expansion of service centres and support functions.

According to Eurostat data analysed by Colliers, the ratio between output and labour costs in professional, scientific and technical activities is close to 3 in Romania, one of the highest levels in the European Union. In other words, for every euro spent on labour in this sector, approximately €3 of output is generated, a level only slightly exceeded by Italy, at 3.3, and Belgium, at 3.2. By comparison, Poland stands at 2.3 and Hungary at 1.7.

”For companies considering new operations, Bucharest remains a competitive option, particularly at a time when efficiency and costs are playing an increasingly important role in investment decisions. Romania’s advantage is its ability to combine still-attractive costs with solid productivity levels, which keeps the country relevant in the regional competition to attract investment”, explains Bogdan Luchian, Associate, Office 360.

The positive signals are, however, accompanied by a high degree of caution. Some companies are postponing or reassessing projects due to difficulties in the sectors in which they operate, and Colliers has also seen some leasing requirements temporarily withdrawn. At the same time, domestic economic and political uncertainty could delay investment decisions in the coming months.

Overall, 2026 is not shaping up to be an exceptional year in terms of total transaction volume, but it could mark a turning point in attracting new multinational companies. With just over 100,000 square metres of office space leased in the first half of the year, the market could end the year below historical levels. Nevertheless, the growing number of projects under consideration and renewed interest from international companies suggest that the foundations for a new phase of growth are beginning to emerge. If the global economy continues its recovery and the local environment remains stable, 2027 could bring a more visible acceleration in leasing activity.