Romanian Investment Marketbeat H1 2025
Bucharest, August 2025: The number of employees working in A & B Class office buildings in Bucharest exceeded 340,000 at the end of H1 2025, accounting for around 30% of the total workforce in the city. Companies contracted office spaces corresponding to more than 7,000 new employees in H1, with the net take-up (excluding renegotiations) totaling 64,300 sq. m, according to the Office Marketbeat Q2 2025 report released by the Cushman & Wakefield Echinox real estate consultancy company.
The IT&C sector generated the highest share of the new demand (25%), followed by FMCG and retail operators with 17%, and financial services with 15%.
Based on the distribution of existing office buildings across Bucharest, the Center – West area hosts the highest number of employees, approximately 65,000, followed by Floreasca – Barbu Văcărescu with 60,000, and Center with almost 50,000.
Moreover, 132,300 sq. m of office spaces are currently under construction, with more than 90% of the area in question being due for delivery in 2026 and 2027, potentially accommodating an additional 15,000 employees. This could push the total modern office workforce in Bucharest to almost 360,000 by the end of 2027.
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.
Although these projects may signal a development activity recovery, the overall pipeline remains well below the market’s potential, a market which registered an annual average of 153,000 sq. m of new office spaces completed over the past decade.
A gross take-up of 121,400 sq. m was recorded in Bucharest during H1 2025, corresponding to a decrease of 28% compared with H1 2024. After a slower Q1 with only 51,300 sq. m being transacted, demand started to accelerate in Q2, rising by 37% to a level of 70,100 sq. m.
The net take-up had a robust share of 53% in the overall H1 demand, while the vacancy rate in Bucharest continued its downward trend, reaching 13.4% (the lowest level since Q2 2021).
Vacancy is expected to further decrease by the end of the year, as no new office buildings are scheduled for delivery in 2025, while the new demand will mainly target the vacant spaces in existing buildings.
No significant rental movements were recorded in Q2, as levels between €20.00 – 21.00/ sq. m/ month were the norm in CBD, while the benchmarks for other submarkets ranged between €15.00 – 18.00/ sq. m/ month and €9.00 – 13.50/ sq. m/ month in central/ semi – central and peripheral locations.
Limited rental growth is expected in more landlord – favorable submarkets such as CBD or Center, areas with very low vacancy rates and with different profiles than the other more tenant – dominant parts of the city.
Mădălina Cojocaru, Partner, Office Agency C&W Echinox: “The Bucharest office market remains solid, even amid a temporary decline of the overall demand. The interest in modern, efficient, and well-located spaces, especially in central areas and in CBD is high, submarkets where the vacancy rates are constantly reaching new lows. With no new deliveries anticipated in 2025, the current market conditions create a favourable context for the absorption of existing spaces, while they may drive moderate rent increases in areas with limited availability. We expect demand to stabilize, with continued momentum for relocations and portfolio optimization by year-end.”
