Sunday, 1 February 2026
Office operating costs in Bucharest increased by approximately 17% in 2025, driven by inflation, rising labour expenses and changes in fiscal policy, according to an analysis by Cushman & Wakefield Echinox.
Operating costs represent expenses charged to tenants in addition to base rent and include property tax, technical maintenance, insurance, cleaning, security, internet services and property management. Property taxes account for the largest component of these costs and can represent up to 50% of total operating expenses.
According to the consultancy, high inflation has had a broad impact across nearly all cost categories, from utilities and materials to specialised services. Personnel costs also increased following a 9.46% rise in the minimum wage, which directly affected service providers, particularly in cleaning and security. At the same time, higher occupancy levels in offices—exceeding 50% in most cases and reaching full occupancy in some buildings—led to increased consumption of materials and greater staffing requirements.
Maria-Raluca Mihai, Director Property Management at Cushman & Wakefield Echinox, said: “Operational costs have remained the main challenge in office building management. In 2025, the rise in service and material prices, together with the increasing number of employees returning to office, put pressure on budgets. A proactive approach from property management teams continues to be essential for maintaining the competitiveness of buildings.”
She added: “When managing costs, it is crucial to have tools that can process financial information quickly and accurately, so that optimisation decisions can be made without delay. The global economy is currently affected by unpredictable factors, and digitalisation remains the solution for organisations to keep pace and adapt efficiently.”
Additional pressure has come from higher maintenance and repair costs for HVAC systems, rising insurance premiums and increased VAT, which was raised to 21%. Anticipated tax increases in 2026 are also expected to affect operating budgets for both tenants and property owners.
The consultancy’s findings are supported by the fourth edition of the Real Estate Investors Sentiment Barometer conducted by Cushman & Wakefield Echinox. In the latest survey, 51% of investors identified optimal management of operating costs as the main challenge in managing their property portfolios, up from 39% in 2024. A further 28% cited the complexity of legislative regulations as a key concern.
When asked about trends expected to have the greatest influence on commercial property management services, investors pointed primarily to tenant experience and behaviour, mentioned by 48% of respondents, compared with 36% in 2024. Technology and digitalisation ranked second, cited by 30% of respondents.
In response to rising costs, Cushman & Wakefield Echinox highlights several market practices aimed at improving efficiency. These include organising regular tenders for service contracts, typically every 18 months, consolidating services under single providers to achieve volume discounts, and implementing energy-efficiency measures such as LED lighting, motion sensors, optimised HVAC scheduling and upgraded building management systems.
The consultancy also notes that structured maintenance planning can reduce the risk of costly repairs, while clear and well-documented service charge reconciliations allow tenants to better understand and track operating expenses.
