The Bucharest office real estate market is set for a recovery in 2026, with developers expected to deliver more than 100,000 sqm of modern office space after two years of near-standstill, according to data cited by Ziarul Financiar, reported on January 9.

Vastint, PPF Real Estate, and One United Properties are planning to complete new projects this year, together providing space for around 10,000 employees.

The new deliveries follow a prolonged slowdown, during which only one office project of 16,000 sqm was completed in 2024, and no new buildings were delivered in 2025.

The largest development scheduled for completion is Timpuri Noi Square II, built by Vastint. The project will add 55,000 sqm of office space and represents an investment of EUR100 mn (USD109mn), according to the developer.

PPF Real Estate is finalizing the ARC Project in the Basarab area, which will deliver 30,000 sqm, while One United Properties is completing One Technology District, a 20,600 sqm scheme that has been fully pre-leased by semiconductor group Infineon under a 15-year contract.

Colliers consultants said the Bucharest office market remains relatively balanced, with a modern office stock exceeding 3.4 million sqm and a vacancy rate of 12.5%. However, they warned that the pipeline of new developments is still insufficient to meet medium-term demand, particularly for high-quality buildings that comply with environmental, social, and governance standards.

In a regional comparison, Bucharest has lagged behind other Central European capitals in recent years. Warsaw delivered 62,000 sqm of office space in 2024, while Budapest added 45,000 sqm. By contrast, Bucharest delivered just 16,000 sqm across 2024 and 2025, according to Colliers data.

Demand dynamics remain mixed. Office leasing activity in Bucharest declined by around one third in 2025, largely due to reduced expansion by IT and communications companies. The sector accounted for only 10% of total leasing activity, the lowest share recorded since 2010, consultants said.

Market participants expect that the limited supply of new, high-specification projects could support occupancy and rents for prime offices, even as overall demand recovers only gradually.

(Photo: Andreasg/ Dreamstime)

iulian@romania-insider.com