Romania Bucharest Office Figures Q4 2025

Leasing activity accelerated significantly at the end of 2025, reaching 95,000 sq m—one of the strongest quarterly performances in recent years. Take-up accounted for over half of all deals, signaling solid occupier confidence, while renewals made up most of the remainder. 

Demand remained focused on Bucharest’s core business areas—CBD, Center West, and Center, where availability is increasingly limited. The Manufacturing & Energy sector led leasing in Q4, followed by Computer & IT, which recorded one of its lowest annual volumes in five years as tech occupiers prioritized efficiency over expansion.

Renewals continued to be mostly defensive, often involving tenants in their second or third lease cycle. Some companies reduced space due to M&A processes or partial relocation of operations to other markets.

With no new office projects delivered in 2025, supply pressures increased. Only 69,000 sq m are expected in 2026, nearly 60% already pre‑leased. Vacancy in core areas tightened further—around 4% in CBD and Center, 5% in Floreasca—while Bucharest’s overall vacancy held at 11.1%. The gap between prime and non-core locations continues to widen, driven by tenant preference for central positioning, strong infrastructure, amenities, and ESG‑compliant buildings.

Prime headline rents reached €22.50 / sq m / month, up 10% in two years. While incentives remain stable overall, they are under pressure in core submarkets due to rising construction and fit-out costs.

Investment activity stayed subdued, focused mainly on smaller assets. Prime yields held at around 7.75%, with no major pricing shifts. Looking ahead to 2026, a gradual improvement in investor appetite is expected as prime vacancies tighten and rental growth continues.