Bucharest office market: a look at H1 2025 trends

 

The first half of 2025 saw a 28% decline in office space demand in Bucharest, totaling 121,400 square meters, according to the Cushman & Wakefield Echinox Office Marketbeat Q2 2025 report. After a slower first quarter, demand significantly accelerated in Q2, increasing by 37% to 70,100 sqm. Net demand, which excludes renegotiations, accounted for 53% of the total transactional activity, indicating genuine new requirements and expansions.

 

Vacancy rates continue to decline

 

Bucharest's office vacancy rate has continued its downward trend, reaching 13.4%. This marks the lowest level recorded since Q2 2021. This trend is expected to persist as there are no new office deliveries planned for 2025, further tightening the market and potentially creating favorable conditions for landlords in certain submarkets.

 

Stable rents across key Bucharest districts

 

Office rents remained stable in H1 2025, offering predictability for businesses planning their budgets. Rents in the Central Business District (CBD) ranged between 20-21 Euro/sqm/month. Central and semi-central areas maintained rates between 15-18 Euro/sqm/month, while peripheral zones saw rents from 9-13.50 Euro/sqm/month. Limited rent increases are anticipated, particularly in prime submarkets like the CBD and Central areas, reflecting the decreasing vacancy and stable demand.

 

Key sectors driving office demand

 

The IT&C sector continued to be a primary driver of new office demand, contributing 25% of the total. Following closely were companies from the FMCG/retail sector (17%) and the financial sector (15%). This diverse demand base underscores Bucharest's appeal to a wide range of industries looking to establish or expand their presence.

 

Growing workforce and future office supply

 

By the end of H1 2025, the number of employees in modern office buildings in Bucharest surpassed 340,000, with over 7,000 new employees added between January and June 2025. The highest concentrations of employees are found in key business hubs such as Center – West (65,000), Floreasca Barbu – Văcărescu (60,000), and Center (50,000). While no new deliveries are expected in 2025, a total of 132,300 sqm of new projects are currently under construction, with the majority slated for delivery in 2026-2027. These future developments are projected to accommodate an additional 15,000 employees, ensuring a healthy pipeline of modern office space to meet growing demand.

 

Outlook for the Bucharest office market

 

Cushman & Wakefield Echinox anticipates a stabilization of demand by the end of the year, alongside sustained activity in office relocation and portfolio optimization. This indicates a maturing market where businesses are not just seeking new space but are strategically evaluating and refining their existing footprints to better suit their operational needs. For businesses considering Bucharest, the market offers a blend of stability, decreasing vacancies, and future supply to support long-term growth.

 

Source: zf.ro