The office space market in Bucharest is showing signs of gradual recovery, and the vacancy rate has dropped significantly, standing at an average level of almost 11.2%, which creates a sustainable space for the emergence of new projects, indicates a specialized analysis given to the public on Thursday.
"The Bucharest office space market is stabilizing: the decrease in the vacancy rate makes way for new office buildings that will deliver 181,000 square meters in 2026 and 2027. After more than 5 years of resilience and adjustment to the effects of hybrid work and the impact of new technologies (AI), the Bucharest office space market is showing signs of gradual recovery. The vacancy rate has decreased significantly, standing at an average level of approximately 11.2%, which creates sustainable space for the emergence of new projects, and for the adjustment of rents to the new realities of construction costs and higher bank interest rates," the analysis conducted by ESOP l CORFAC International shows.
After several years of companies downsizing or postponing relocation decisions, the excess inventory resulting from the pandemic and the shift to hybrid work models has been largely absorbed.
The limited supply of new spaces in recent years has contributed to the decrease in vacancy rates and the stabilization of the market.
"We are already talking about vacancy levels of 5-7% in the CBD areas (Piata Victoriei - Aviatorilor - Charles de Gaulle) and in well-positioned class A office buildings, which represents a significantly lower level compared to the market average and further proof of the increased interest of companies for superior quality spaces", believes Alexandru Petrescu, Managing Partner ESOP | CORFAC International, quoted in the press release.
The year 2025 marked a historic low, the first year in the last two decades in which no Class A office project was delivered, after a very low level in 2024. The year 2026, however, comes with over 63,000 sqm in three new projects, but which have, at the beginning of the year, less than half of the spaces available for rent.
Last year, the total volume traded reached 243,000 sq m, and the market was driven by (pre)leases and expansions, which generated over half of the activity. Even though the volume of transactions is below last year's level by approximately 29%, there are premises for a dynamism of transactions in the next 12-24 months, amid the resumption of deliveries of new office projects.
(Pre)leases and expansions represented the dominant component of the Bucharest office market, with 132,000 sq m (54%), while renewals and renegotiations totaled 111,000 sq m (46%).
"This distribution shows that companies are not only keeping their spaces, but continue to make decisions to grow or optimize, in more efficient buildings and in locations well connected to the metro and RATB," the analysis reveals.
The most attractive area remained Center-North, with 53.6% of newly leased spaces, followed by Center-West, with 23%.
Amid higher construction costs and more expensive financing, rents for new projects to be delivered in 2026 - 2027 are above levels of the past few years, ranging between 19-23 euros/sqm for class A buildings.
In parallel, existing quality buildings have also benefited from rent adjustments, with the average level currently standing between 16-18 euros/sq m for centrally and ultra-centrally located buildings. The most pronounced increases were recorded in the CBD and in class A projects with low vacancy rates.
"The resumption of deliveries of new projects, estimated at over 210,000 sq m in 2026-2028, creates the premises for a boost in transaction activity in the next 2 years. However, we remain in a context in which companies' decisions are more cautious, and the pace of transactions will continue to depend on the evolution of the macroeconomic and geopolitical environment and the degree of confidence in the Romanian economy," believes Alexandru Petrescu.
ESOP is among the top 5 companies specialized in the commercial segment of the market. Since 2013, it has been the Romanian partner of CORFAC International, the global network of consulting companies, headquartered in the USA.
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