Thursday, 12 November 2026
Prime office rents in Bucharest increased by 9.5% year-on-year in the third quarter of 2026, exceeding the average growth recorded across European and Central and Eastern European markets. According to Cushman & Wakefield Echinox, the Romanian capital’s prime headline rent reached €23 per sq m per month, compared with €21 per sq m in the corresponding period of 2025.
The increase was almost twice the European average of 5% and above the 7.3% recorded across Central and Eastern Europe. The consultancy attributes the rise primarily to the limited availability of modern office accommodation in Bucharest’s most established business districts, where occupiers continue to compete for buildings offering suitable locations and technical specifications.
Rental increases were recorded across several of the city’s principal office locations. In the central business district, covering the area between Charles de Gaulle Square and Romană Square, asking rents for existing Class A properties rose from €20–21 per sq m per month in the third quarter of 2025 to €21–23 a year later. In Floreasca–Barbu Văcărescu, the range increased from €15.5–18.5 to €16.5–21, while Dimitrie Pompeiu recorded growth from €11–13 to €12–15 per sq m per month.
At the upper end of the market, selected smaller premium office properties and landmark buildings in established locations are being offered at €26–28 per sq m per month. These levels reflect differences in building specifications, location and the availability of comparable accommodation.
The overall office vacancy rate declined from 12.8% in the third quarter of 2025 to 11.6% in the same period of 2026. However, availability varies considerably between districts. Floreasca–Barbu Văcărescu recorded a reduction in vacancy from 8.6% to 5.8%, while the central business district maintained a rate below 5%. By comparison, vacancy stood at 23.1% in Expoziției and 36% in Pipera North.
These differences indicate that Bucharest’s office market is becoming increasingly divided between locations with limited available space and districts where occupiers retain a wider choice of properties. Rental growth has consequently been concentrated in buildings and areas where suitable alternatives are relatively scarce.
Development activity is beginning to recover after a prolonged period with very few completions. The third quarter of 2026 saw the delivery of One Technology District, a 21,500 sq m office building fully leased to Infineon Technologies. According to the consultancy, this was the first new office completion in Bucharest in two years.
Approximately 195,000 sq m of office space is currently under construction, compared with 169,500 sq m a year earlier. The projects are scheduled for delivery by the end of the first half of 2028. New developments are generally being offered at higher rental levels than comparable existing buildings, partly reflecting construction costs and expenditure on technical performance and environmental standards.
Despite rising rents, leasing activity has weakened in terms of total transaction volume. Gross office take-up reached approximately 162,000 sq m during the first nine months of 2026, representing an 18% decline from 197,200 sq m in the corresponding period of 2025. Third-quarter activity totalled 52,500 sq m, down approximately 31% from 75,800 sq m a year earlier.
However, the composition of transactions changed. Net take-up, which excludes lease renewals and renegotiations, represented 66% of total leasing activity during the first nine months of 2026, compared with 52% in the same period of 2025. This suggests that a greater proportion of transactions involved new occupancy commitments rather than extensions or renegotiations of existing agreements.
Mădălina Cojocaru, Partner, Office Agency at Cushman & Wakefield Echinox, indicated that the shortage of suitable accommodation in preferred districts continues to influence rental negotiations, even as overall demand becomes more cautious. She also expects differences in rental levels between buildings to become more pronounced as occupiers assess operating efficiency, technical capabilities and location.
The latest figures point to a Bucharest office market in which rental growth is not necessarily accompanied by stronger overall leasing volumes. While vacancy remains elevated in some peripheral districts, the limited supply of competitive buildings in central locations continues to support higher rents. The office developments currently under construction could provide additional options for occupiers over the next two years, although their pricing may differ from that of the existing stock.
