Saturday, 16 May 2026
Leasing activity in Bucharest’s modern office market increased during the first quarter of 2026, although volumes remain below levels recorded before the pandemic, according to data from Colliers.
Total leasing transactions reached approximately 51,000 sqm in the first three months of the year, representing a 14 percent increase compared with the same period in 2025. New demand rose by 24 percent year-on-year to around 24,000 sqm, broadly in line with the post-pandemic quarterly average, but still around 30 percent below the average quarterly level recorded between 2017 and 2019.
According to Colliers, the market continues to be influenced by a more cautious economic environment, weaker labour market conditions and subdued hiring intentions, which remain close to their lowest point in the past six years. Consultants noted that ongoing economic and geopolitical uncertainties continue to affect companies’ expansion plans and office space decisions.
Victor Coșconel, Partner and Head of Leasing for Office & Industrial Agencies at Colliers, said the market started the year at a moderate pace, with leasing activity reflecting stabilisation rather than a return to pre-pandemic conditions.
He also noted that limited new office deliveries and reduced availability of well-located Class A buildings are gradually shifting negotiating power towards landlords, contributing to upward pressure on rents.
Colliers stated that its analysis only includes publicly disclosed leasing transactions, such as deals reported through market sources, company financial reports or press releases. The consultancy added that overall market activity is likely higher, as some direct agreements between landlords and tenants are not publicly announced.
The report highlighted that more than one-third of new demand in the first quarter came from companies entering the Romanian market for the first time. According to Colliers, these new entrants accounted for almost 60 percent of the total space leased by new market entrants during the whole of 2025.
The IT&C sector remained the largest contributor to leasing activity, accounting for more than 22 percent of total transacted space. The energy sector followed with nearly 20 percent, while financial services, construction and development, and the public sector each represented between 10 and 15 percent of activity.
One of the transactions referenced by Colliers was the relocation of the Ilfov Tribunal to a modern office building, reflecting increasing interest from public sector institutions in upgraded office accommodation.
Looking ahead, Colliers expects office market performance in 2026 to depend largely on broader economic conditions, corporate hiring strategies and the pace of new project deliveries, while the balance between supply and demand remains relatively sensitive.
