Polarization of Bucharest Office Leasing Market Intensifies: Two-Thirds of New Demand Concentrated in the North

The Bucharest office leasing market demonstrated remarkable resilience in Q3 2025, marked by a pronounced polarization of demand toward premium hubs and a shift in sectoral hierarchy, according to an analysis by ESOP Consulting.

The total gross transaction volume in Q3 2025 (including both new leases and renegotiations) reached 56,210 sqm. Newly leased spaces (New Take-up/NTA) accounted for 55% of this volume, totaling 30,823 sqm, reflecting companies’ active interest in relocating to higher-performing Class A offices or their need for expansion.

Geographic Concentration: The North Attracts 75% of New Demand

ESOP Consulting’s analysis shows a strong preference among tenants for established areas. 75% of new leases (NTA), totaling 23,043 sqm, were signed in the Central-North and Northern areas of Bucharest, confirming the growing interest in Northern Bucharest office spaces.

This dominance is highlighted by the extreme concentration of transactions:

▪ Floreasca-Pipera Corridor: Nearly two-thirds of total NTA, or 20,623 sqm (67% of total new leasing volume), occurred along the Floreasca-Barbu Văcărescu-Dimitrie Pompeiu-Pipera Boulevard corridor. This massive demand in the Northern office corridor, where new stock is limited, continues to support upward pressure on rents.

▪ Key Transactions: In the landmark Sky Tower, three deals totaling 2,887 sqm were recorded.

Sky Tower, Romania’s tallest building (137 meters, 37 floors), is a benchmark for premium quality, owned by the Raiffeisen Group and LEED Platinum certified. The building offers extensive facilities and a strategic location just 2 minutes from Aurel Vlaicu metro station. With high occupancy and limited availability, the 2,887 sqm leased demonstrates that top tenants are ready to seize opportunities in iconic buildings, despite constrained supply.

The Central-West area consolidated its position as a strategic hub, attracting 18.5% of new demand (5,715 sqm). This area remains vital due to its proximity to university centers and the largest concentration of employees in the capital.

▪ Business Garden Bucharest (BGB) hosted four transactions totaling 3,470 sqm, representing approximately 60% of the total demand in the entire Central-West submarket.

▪ BGB is a complex of three Class A office buildings (A, B, C) known for its commitment to sustainability. The project holds LEED Platinum certification, with Building A achieving the highest LEED score in CEE and the third-highest globally for Core & Shell.

Sector Analysis: Services and Consumer Goods Take the Lead

The structure of new demand in Q3 2025 signals a notable shift in sector hierarchy:

1.Services and Consumer Goods: Now leading the market, representing 35% of NTA (10,896 sqm). This performance shows a significant increase compared to H1 2025, reflecting the completion of large-scale deals and stronger confidence in companies focused on domestic consumption.

2.IT&C: The IT&C sector ranked second, contributing 16% of NTA (5,020 sqm). While remaining a key driver of the market, its share has decreased compared to previous years.

3.Financial Services: The sector maintained a stable presence, contracting 12% of NTA (3,656 sqm).

“Q3 demonstrated that Bucharest’s office leasing market has matured beyond uncontrolled expansion. Leasing decisions are no longer just about floor area but about value: premium location, energy efficiency, and strong corporate image. We see major pressure on Class A, LEED Platinum-certified projects, where tenants are willing to pay a premium to align their headquarters with global ESG standards. Large transactions in the North and Central-West validate this uncompromising demand for quality and sustainability,” said Alexandru Petrescu, ESOP Consulting | CORFAC International.

About ESOP Consulting

ESOP Consulting is a leading real estate advisory firm in Romania, ranking among the top five companies in the commercial segment. It is a top local brand in the Bucharest office leasing market, having transacted over 120,000 sqm of office space in the past three years. The company is affiliated with CORFAC International, a global network of independent entrepreneurial real estate advisory firms. ESOP provides advisory services for offices, industrial and logistics properties, and land.

Please contact the ESOP team by filling this brief form, or by phone (+4) 0723.26.61.97 or (+4) 021.528.04.40. We’ll promptly answer your inquiry!