Wednesday, 23 September 2026
Bucharest is seeing renewed interest from international companies considering their first operations in the Romanian capital, potentially creating a new source of office demand after several years of cautious corporate expansion. According to Colliers, requirements exceeding 500 sqm from prospective multinational entrants have surpassed 22,000 sqm since the beginning of 2026, with the consultancy involved in approximately half of these searches.
Companies establishing a presence in Bucharest for the first time completed leases covering around 7,000 sqm during the first six months of the year, representing more than 6% of leasing activity, according to Colliers. The larger 22,000 sqm figure represents requirements currently being considered rather than completed transactions, suggesting that their effect on the market could become more visible during 2027 if projects proceed.
“In the first six months of the year, companies entering the local market for the first time leased approximately 7,000 square metres of office space. More importantly, however, in recent months we have seen a growing number of companies considering either entering the market or expanding their operations in Bucharest, following a period in which investment decisions were significantly more cautious. We are having more concrete discussions and seeing more projects move forward than in previous years, which is an encouraging sign. Bucharest is gradually returning to the shortlist of companies considering new service centres or operational expansions, and if these projects materialise, their impact will start to be felt from 2027 onwards”, said Daniela Popescu, Director, Tenant Services & Workplace Advisory, Office360 at Colliers.
Some of the potential new operations could employ between 50 and 100 people, giving the projects significance beyond the office leasing market. Colliers sees service centres and support functions as areas where Bucharest can benefit as international companies reconsider operating costs, consolidate activities or relocate parts of their businesses. The consultancy cautions that its new-entrant figures are based on internal estimates and that the actual level of activity could be higher because prospective transactions are not always visible to the wider market.
Romania’s competitiveness is also being supported by the relationship between operating costs and output in service-oriented industries. Colliers’ analysis of Eurostat data indicates that output in professional, scientific and technical activities is close to three times labour costs in Romania. The consultancy calculates comparable ratios of 3.3 in Italy, 3.2 in Belgium, 2.3 in Poland and 1.7 in Hungary. The comparison relates specifically to these activities rather than overall national productivity.
“For companies considering new operations, Bucharest remains a competitive option, particularly at a time when efficiency and costs are playing an increasingly important role in investment decisions. Romania’s advantage is its ability to combine still-attractive costs with solid productivity levels, which keeps the country relevant in the regional competition to attract investment”, said Bogdan Luchian, Associate, Office 360 at Colliers.
The renewed interest from multinational occupiers is emerging despite relatively modest overall office-market activity. Colliers recorded just over 100,000 sqm of leasing in Bucharest during the first half of 2026 and does not expect the full year to rank among the market’s strongest periods. The more significant development is the changing composition of prospective demand, with companies entering Romania or establishing additional operations beginning to feature more prominently.
The outlook nevertheless remains uncertain. Colliers has seen some companies postpone investment decisions and others temporarily withdraw office requirements because of difficulties in their respective industries. Economic and political uncertainty in Romania could also extend decision-making periods, meaning that not all of the 22,000 sqm currently being considered will necessarily translate into transactions.
For the Bucharest office market, the significance of 2026 may therefore lie less in total leasing volume than in the pipeline being created for subsequent years. If a meaningful proportion of the multinational projects now under consideration progresses, demand from new entrants and expanding international companies could become a more important driver of office leasing from 2027 onwards.
