Wednesday, 11 February 2026
Office development activity in Bucharest increased over the past year, with the volume of projects currently under construction surpassing 200,000 sqm of gross leasable area, the highest level recorded since 2021. At least eight new office buildings are expected to be delivered by the end of 2028, according to the Bucharest Office Marketbeat Q4 2025 report published by Cushman & Wakefield Echinox.
The renewed construction activity follows two years of limited deliveries, which totalled approximately 15,000 sqm and corresponded to a single completed building. No new office projects were finalised in Bucharest in 2025, marking the first year without new deliveries in the city’s modern office market.
The largest scheme currently under construction is the second phase of Timpuri Noi Square, developed by Vastint in the central submarket. Other ongoing developments include ARC Project in the Grozăvești–Politehnica area, developed by PPF Real Estate with 30,000 sqm; Promenada Offices, part of the Promenada Mall extension in the Floreasca–Barbu Văcărescu submarket, developed by NEPI Rockcastle with 23,400 sqm; One Technology District in Dimitrie Pompeiu by One United Properties with 20,600 sqm; AFI Central Tower, a redevelopment of the former Bucharest Financial Plaza by AFI Europe with 28,000 sqm; and U-Center 3 by Forte Partners with 16,300 sqm. The most recently announced project is Green Court D, a 17,000 sqm building to be developed by Globalworth.
Limited deliveries in the past two years, combined with an increase in net demand excluding renegotiations, contributed to a decline in the vacancy rate to 12.1 percent, compared with 14.2 percent in the fourth quarter of 2024, representing the lowest level since the third quarter of 2020. The reduction in available space also contributed to rental growth in submarkets with constrained supply.
Gross take-up in Bucharest reached 85,000 sqm in the fourth quarter, while total leasing activity for 2025 amounted to 282,200 sqm, a decrease of 23 percent compared with 2024. Net take-up represented 53 percent of total demand, up from 44 percent the previous year.
In the Central Business District, prime rents increased by approximately 5 percent, reaching €21–22 per sqm per month, with higher values reported in smaller boutique projects. In other areas, benchmark rents ranged between €15–18.50 per sqm per month in central and semi-central locations and €9–13.50 per sqm per month in peripheral areas for existing buildings. Asking rents in projects currently under construction generally ranged between €18–22 per sqm per month, reflecting technical specifications and construction costs.
Bucharest’s modern office stock totals 3.43 million sqm, accounting for roughly 15 percent of office space among Central and Eastern European capital cities. Warsaw leads the region with 28 percent, followed by Budapest with 20 percent, Prague with 18 percent, Sofia with 11 percent, and Bratislava with 8 percent.
Mădălina Cojocaru, Partner, Office Agency at Cushman & Wakefield Echinox, said: “The tenants’ selection criteria currently extend well beyond the traditional parameters of space efficiency. Access to public transportation, proximity to residential areas, and a well developed network of services have become critical decision making factors. Equally important is the community which forms around a building, as well as the willingness of property managers to implement events and initiatives which activate and enrich the common areas. The office has evolved from a purely operational location into an ecosystem designed to support collaboration, organizational culture, and the everyday employee experience. Against this backdrop, the renewed activity in office development provides companies with the opportunity to secure spaces that not only meet functional requirements but also enhance their positioning and attractiveness as employers.”
Photo: Timpuri Noi Square developed by Vastint
