The total volume of the office leasing market declined by 17% in the first half of 2026 compared to the same period last year, reflecting a contraction in Class A office leasing transactions in Bucharest. Of the approximately 100,000 sqm transacted, around 27,000 sqm consisted of lease renegotiations and renewals\u2014representing less than 30% of the total, compared with 40% in the first half of the previous year.<\/p>\n\n\n\n
Of the total demand, new market entrants\u2014companies leasing Class A office space for the first time in Romania\u2014accounted for 8,700 sqm, compared to just 7,000 sqm throughout the entire previous year. This indicates renewed interest from companies establishing greenfield operations in Romania.<\/p>\n\n\n\n
Griffes was the market leader in the second quarter, leasing more than 14,000 sqm to blue-chip companies in high-quality, modern office buildings, out of a total market volume of 65,000 sqm brokered and monitored nationwide.<\/p>\n\n\n\n
The biggest surprise of the quarter was the return of pre-leasing activity. Although the overall volume remained relatively modest, with only 22% of transactions involving buildings under construction, pre-leasing had been virtually absent in recent years. This suggests that, despite the significantly slower pace of real estate development, the eight large office projects currently under construction in Bucharest\u2014expected to deliver a combined 200,000 sqm of leasable space\u2014have yet to attract strong demand during the early stages of development.<\/p>\n\n\n\n
During the peak pre-leasing years of 2018\u20132019, most office buildings achieved pre-leasing levels of at least 50% more than a year before completion. The current situation reflects the difficulty many occupiers face in forecasting their business development and, consequently, their reluctance to commit to long-term office leases with implications extending five to seven years into the future.<\/p>\n\n\n\n
Nevertheless, there is a positive trend. New office developments continue to attract tenants, with the overall share of pre-leasing transactions increasing fourfold compared to the previous year (22% versus 5%). This demonstrates that occupiers remain focused on securing premium office space in high-quality Class A buildings.<\/p>\n\n\n\n
The main drivers of leasing demand during the period were companies operating in the energy, construction, and industrial manufacturing sectors, alongside technology firms. This marks a notable shift from the 2022\u20132025 period, when the market was primarily driven by IT, software development, IT support, and outsourcing companies.<\/p>\n\n\n\n
The vacancy rate in Bucharest declined to 10%, supported by continued office space absorption. The city’s total stock of Class A office buildings now stands at 3.5 million sqm.<\/p>\n\n\n\n
Prime rents for Class A office buildings in central locations increased to \u20ac22 per sqm per month this year, while service charges paid by occupiers exceeded \u20ac4.60 per sqm per month in most buildings, driven by higher local taxes, wage increases, and inflation.<\/p>\n\n\n\n