Consistent office pipeline in Bucharest, around 170,000 sqm of projects due to be delivered in 2026-2027

Bucharest, November: Companies leased 197,200 square meters of office space in Bucharest in the first nine months of the year, with more than 50% representing new demand. The total transacted volume during the period analyzed is 25% lower compared to the corresponding period last year. However, in the context of a year without any new office deliveries, the vacancy rate dropped to 12.8%, the lowest level since Q4 2020, according to the Bucharest Office Marketbeat Q3 2025 report released by the Cushman & Wakefield Echinox real estate consultancy company.

The total office stock in Bucharest stands at 3.429 million square meters, accounting for 15% of the total stock in Central and Eastern Europe. The market is dominated by Warsaw, with 28% of the regional modern office stock, followed by Budapest with 20% and Prague with 18%. Sofia’s office buildings represent 11% of the region’s stock, while Bratislava accounts for 8%.

The regional vacancy rate is at 11.06%, with the highest level recorded in Bratislava – 14.47%, Budapest – 13.45%, and Sofia – 12.86%. In Prague and Warsaw, vacancy rates are below 10%.

Office spaces cumulating 75,800 sq.m were transacted in Q3 in Bucharest (the highest quarterly volume in 2025), thus bringing the YTD gross take -up to 197,200 sq.m, reflecting a 25 % y -o-y decrease.

Most of the office demand during the first nine months was concentrated in the Center-West area of Bucharest (Politehnica, Grozavesti) – 23% of total take-up, Floreasca Barbu-Vacarescu – 18%, Dimitrie Pompeiu and CBD – each with 16% of the transacted volume in Bucharest.

Moreover, 2 new buildings started construction in Q3 and the overall pipeline in Bucharest increased to 169,500 sq. m GLA, all of which being scheduled for completion by the end of 2027.

Madalina Cojocaru, Partner, Office Agency Cushman & Wakefield Echinox: “AFI Europe, Forte Partners, Vastint, PPF Real Estate, and NEPI Rockcastle are among the most active office developers, with projects of €200–250 million being under construction in Bucharest. We are seeing a recovery of interest in both office development activity and in the acquisition of such properties, coming from Romanian and foreign capital. Nevertheless, development activity remains, for the time being, at a low level. In a competitive regional context, Bucharest needs large-scale projects to attract new companies and talent. At the same time, more companies are asking employees to return to the office, which will drive demand for office space. This trend will contribute to the strengthening of the office market, especially in areas with easy access and well-developed infrastructure, such as Centre, Centre-West, or Floreasca-Barbu Văcărescu, which already concentrate most of the demand.”

These developments will add new office supply to Bucharest’s most dynamic areas: Center, where Vastint is developing a new phase of the Timpuri Noi Square project (55,000 sq. m); Center – West, where the Czech group PPF Real Estate is building the ARC Project (30,000 sq. m), while NEPI Rockcastle and One United Properties are developing Promenada Offices (23,400 sq. m) and One Technology District (20,600 sq. m) in the Floreasca – Barbu Vacarescu and Dimitrie Pompeiu submarkets.

Additionally, AFI Europe has started construction on AFI Central Tower, a redevelopment project of the former Bancorex building, with a GLA of 28,000 sqm, while Forte Partners is developing U-Center III, totaling 12,500 sqm.

The Bucharest office market was characterized by rental stability in Q3, with minor online movements in the top – performing submarkets. Office buildings in the CBD area generally have asking benchmarks in the € 20 .00 – 21.00 / sq . m/ month range (with even higher values in some high – profile projects), while other areas vary between € 15.00 – 18.50 / sq. m/ month and € 9.00 – 13.50 / sq. m/ month in central/ semi – central and peripheral locations.

Moreover, there is only a limited rental growth forecasted in the coming 12 – 18 months, mostly in dominant submarkets such as CBD, Center, Floreasca – Barbu Vacarescu or Center – West, areas which either boast low vacancy rates or a robust pipeline.