Bucharest Office Figures Q1 2026

The Bucharest office market opened 2026 with measured but confident activity. Total leasing volume reached 57,400 sq m in Q1, down 8% year-on-year, yet the underlying picture tells a more positive story. Take-up — which excludes renewals — held firm at nearly 45,000 sq m, flat year-on-year and above the recent quarterly average, pointing to a clear market shift from defensive lease renewals toward genuine occupier expansion.

Pre-lease activity was a stand-out highlight, with 13,700 sq m of agreements signed — the highest volume since end-2023. This signals growing occupier confidence and a willingness to plan ahead in an increasingly supply-constrained environment. The average deal size also grew, reaching 1,400 sq m, a 15% increase year-on-year, reflecting a trend toward larger, more strategic space commitments.

Demand was led by Manufacturing & Energy and IT&C companies, with the Financial sector continuing its positive momentum from 2025. Approximately 12% of take-up came from new market entrants, while over 18% was driven by companies expanding their existing footprint.

Geographically, activity concentrated in Floreasca-Barbu Vacarescu, Center, and Center-West. Vacancy continued to tighten across the city, reaching 10.94% — down 94 basis points year-on-year. Prime central submarkets are highly constrained, with vacancy as low as 3.4% in the Center and around 5% in Floreasca-Barbu Vacarescu and the CBD.

Prime headline rents held stable at €22.50/sq m/month (+2.3% YoY), reflecting a cautious approach amid Romania's volatile macroeconomic and political backdrop rather than any softening in demand. The development pipeline remains modest, with 64,000 sq m forecast for delivery in 2026, rising to over 105,000 sq m in 2027.

On the investment side, Q1 2026 was exceptional. Four office transactions — three in Bucharest and one in Cluj-Napoca — totalled approximately €133 million, nearly matching the entire office investment volume recorded in 2025. Investors included a mix of local and regional players, underscoring sustained international appetite for Romanian office assets.