Thursday, 21 May 2026
The Bucharest office market is showing signs of recovery, supported by a growing number of pre-lease agreements as occupiers increasingly secure office space ahead of project completion, according to data from the latest Cushman & Wakefield Echinox Office Marketbeat Q1 2026 report.
The consultancy notes that the current development pipeline exceeds 215,600 sqm, representing the largest volume of office space under construction in recent years. The increasing level of pre-lease activity is expected to support the gradual absorption of this future supply.
Pre-lease transactions already accounted for two of the five largest office deals signed in the first quarter of 2026, continuing a trend observed in several major transactions completed during 2025.
Total leasing activity in Bucharest reached 49,100 sqm in Q1 2026, with approximately 25% represented by pre-lease agreements tied to projects scheduled for delivery within the next one to two years.
According to Cushman & Wakefield Echinox, pre-leases are becoming an increasingly important tool for developers, allowing them to reduce leasing risk and secure occupancy levels ahead of completion. The report also highlights that 83% of leasing activity during the quarter consisted of net take-up, the highest share recorded since the pandemic, indicating that occupier demand continues to be driven by company expansions and relocations despite ongoing economic uncertainty.
The market vacancy rate continued to decline, reaching 12% compared with 13.6% in the first quarter of 2025. The reduction was supported by the absence of new office deliveries and the continued absorption of existing stock.
Bucharest’s modern office stock remained unchanged at approximately 3.43 million sqm during the quarter, as no new projects were delivered.
Looking ahead, more than 215,000 sqm of office space is currently under construction, with approximately 25% expected to be delivered by the end of 2026.
Among the largest projects under development are Timpuri Noi Square II with 60,000 sqm, ARC Project with 30,000 sqm, AFI Central Tower with 28,000 sqm, Queens District with 23,000 sqm and One Technology District with 20,600 sqm.
These developments are expected to strengthen Bucharest’s main office hubs, particularly the Floreasca–Barbu Văcărescu and Center-West submarkets. The Center area is also expected to become the city’s third office submarket to exceed 500,000 sqm of stock.
Market conditions continue to vary significantly between submarkets. Prime CBD locations, particularly the area between Charles de Gaulle Square and Dacia Boulevard, recorded the lowest vacancy rates at 3%–4%. In contrast, Pipera North reported the highest vacancy level at 36.6%, although the area continues to offer some of the most competitive prime rents in the city at €9–11 per sqm per month.
Infrastructure works currently underway in the Pipera area are expected to improve accessibility and could support occupancy growth in the medium term.
Central and semi-central locations, including Floreasca–Barbu Văcărescu and Center-West, remained the most active leasing destinations, accounting for more than 80% of transaction volumes in Q1 2026.
Prime headline rents in the CBD remained stable at €21–22 per sqm per month, while rents in central and semi-central locations generally ranged between €15 and €20 per sqm per month. Peripheral office locations continued to offer rents between €9 and €13.5 per sqm per month.
Mădălina Cojocaru, Partner Office Agency at Cushman & Wakefield Echinox, said the growing share of pre-lease transactions and the current development pipeline indicate the Bucharest office market may be entering a new growth phase, supported by occupier expansion demand and improving confidence in future market conditions.
