More than 100,000 square metres of office space were leased in Bucharest in the first half of 2026, slightly below the level recorded in the same period of 2025, while the limited supply of modern, well-located space continues to put upward pressure on rents. In the Central Business District and other central areas of Bucharest, asking rents for existing office space increased by nearly 12% as of the end of June 2026 compared with a year ago, growing from 16 to 18 euros per square meter, according to Colliers\u2019 mid-year market update report. Across the market as a whole, average rents rose by around 3%, while new projects currently under development are quoting rents 10-15% above the levels typically seen in their respective submarkets. This trend shows that, although demand remains below historical averages, the limited availability of competitive office space is gradually strengthening the position of landlords with buildings in highly sought-after locations.<\/p>\n\n\n\n
\u201d 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. After a long period of relative stability, we are seeing a clear shift in market dynamics, with landlords of competitive buildings gradually gaining greater negotiating power. For these locations, the market is by no means weak, and the rise in vacancy is not coming from the areas where companies want to operate and grow\u201d, explains Victor Co\u0219conel<\/a>, Partner | Head of Leasing | Office & Industrial Agencies at Colliers.<\/p>\n\n\n\n New demand, meaning transactions that directly contribute to higher occupancy levels, recorded a slight increase in the first half of the year. Overall, however, leasing activity remains below the average of recent years and is closer to 2020-2021 levels than to those seen before the pandemic. Nevertheless, Collier\u2019s consultants are seeing signs that could support a gradual market recovery in the period ahead. Several companies are assessing new leases, including players entering the local market for the first time, particularly service centres from Western Europe seeking premises of several thousand square metres. The IT&C sector has recovered slightly from recent lows, although activity remains well below pre-pandemic levels.<\/p>\n\n\n\n Another factor that could support demand is employees returning to the office more frequently. In many companies outside the IT sector, mandatory office attendance increased from one or two days per week to three days in 2025, while a growing number of employers are now discussing four days per week, a model that could become increasingly widespread. IT companies, however, generally continue to maintain more flexible working arrangements and still record the lowest levels of physical office attendance compared with the rest of the market.<\/p>\n\n\n\n The profile of companies driving demand is also changing. While the IT sector accounted for over half of Bucharest leasing activity in 2019, its share fell to around 20% in 2025, though it increased to 31% as of the first half of 2026. Meanwhile, financial services, the energy sector, construction companies, professional services and consumer goods companies each accounted for 8-9% of leasing demand in the first half of 2026. The market is therefore becoming more diversified and less dependent on a single sector, a shift that is also influencing the types of office space and locations companies are seeking.<\/p>\n\n\n\n Limited supply, even when considering the lackluster leading demand, remains the main factor supporting rental growth, Colliers consultants emphasise. No new office projects were delivered in Bucharest in the first half of 2026, following a 2025 with no deliveries. However, the market is beginning to move again: just over 50,000 square metres of new office space are expected to be delivered over the full year, while projects currently under construction could add nearly 300,000 square metres of modern office space over the next few years. Even so, the volume remains low compared with peak years, when more than 200,000 square metres could be delivered in a single year.<\/p>\n\n\n\n \u201dFor companies looking for larger, or even relatively large, 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 the 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. What should a company do if its lease expires at any point over the next 24 months? Do not postpone a market review aimed at understanding and validating all available options. Delaying this process will significantly reduce the alternatives available and may result in both higher costs and less desirable compromises. We are already seeing new projects quoting rents 10\u201315% above the levels typically seen in their respective submarkets, which shows how important it is for occupiers to plan their space requirements well in advance and begin the search process earlier\u201d, adds Victor Co\u0219conel<\/a>.<\/p>\n\n\n\n The overall vacancy rate edged up to 12.25% in mid-2026, from 11.75% at the end of 2025, although the increase came mainly from peripheral areas. In competitive, well-located buildings, available space remains limited, with vacancies generally in single digits or even close to zero. In the Central Business District, vacancy remains at approximately 4%, while rents reach up to 24 euros per square metre per month, compared with a high of 22 euros at the end of last year.<\/p>\n\n\n\n The differences are also evident between submarkets. In Floreasca – Barbu V\u0103c\u0103rescu, the vacancy rate stands at around 5%, while in Pipera it reaches 40%. This shows that Bucharest\u2019s overall vacancies are heavily influenced by a small number of areas and buildings, while significantly less space is available in competitive projects.<\/p>\n\n\n\n