Romanian Office Market in S1 2026

by Mirela Raicu
20 July 2026
Real Estate Reports
0

In S1 2026, total leasing activity of modern office space in Bucharest reached 103,210 sqm.

58% of the net take-up, over 41,566 sqm were leased in Central-North and North areas.

Download the ESOP study_Romanian Office Market_S1 2026

OFFICE DEMAND & TRANSACTIONS

In S1 2026 total leasing activity of modern office space in Bucharest reached 103,210 sqm.

Out of those:

▪ (Pre) Leases & Expansions had a share of 71% (namely 72,770 sqm),

▪ Renewals & Renegotiations reached 29% of total transactions (mainly 30,438 sqm).

Representative transactions in S1 2026

Company	Surface (sqm)	Building	Transaction Type	Industry
Veolia	6,000	Green Court D	Pre-Lease	Energy & Utilities
Engie	5,300	Matei Millo	Expansion	Energy & Utilities
Strabag	4,500	Queens	Pre-Lease	Construction & Real Estate
SCOR	3.230	Timpuri Noi Square 5	Pre-Lease	Financial Services

In the first half of 2026, new leases totaled 72,770 sqm meaning nearly 71% of the total transacted area, while lease renewals amounted to 30,438 sqm. During the same period last year, there were 55,584 sqm of new leases and 48,757 sqm of renewals.

(Pre) Leases & Expansions, by AREA

58% of the net take-up, over 41,566 sqm were leased in Central-North and North areas.

In the Central-West area, were leased 23% of the office spaces rented in the first semester (16,544 sqm).

(Pre) Leases & Expansions, by INDUSTRY

The most active tenants in Bucharest in the first semester of 2026 were companies from the IT&C, BPO, and SSC sectors with 21% of the newly leased area, followed by companies from the Energy & Utilities sector with 18%. The order is completed by companies from the Construction & Real Estate sector and with 16% of the newly leased area.

STOCK & PIPELINE

In the first semester of 2026, no new office buildings were delivered. However, for 2026 three office buildings are scheduled for delivery, with a combined area of 63,600 sqm: ONE Technology Park (build–to-suit for a single tenant), ARC Project and ONE Gallery, although some of them could be postponed till 2027.

More substantial office developments, amounting to 94,200 sqm are scheduled for delivery in 2027.

Asking Rents & Market Drivers

Over the past two years, extremely limited new supply (20,200 sqm) has driven the absorption of existing office space and the compression of vacancy rates across most submarkets.

This dynamic, combined with persistent inflationary pressures, has supported continued increases in headline rents for existing buildings across a broader range of properties.

Headline rents for newly announced projects scheduled for delivery in 2026-2027 are positioned at higher levels, typically ranging between €19-23/sqm depending on location and building amenities.

The increase in rents for new projects is driven by factors such as rising construction costs (materials, labor, and energy) and higher financing costs (interest rates), which put pressure on investment budgets.

The delivery of approximately 150,000 sqm in 2026-2027 is expected to support higher transaction volumes over the subsequent 12–18 months.

However, the pace of transactions remains to be seen, as companies continue to navigate a macroeconomic landscape shaped by ongoing changes and challenges.

OFFICE DEMAND & TRANSACTIONS IN OTHER MAJOR CITIES

In S1 2026 total leasing activity of modern office space in in the other major cities besides Bucharest reached 24,969 sqm.

Out of those:

▪ (Pre) Leases & Expansions had a share of 48% (namely 12,019 sqm),

▪ Renewals & Renegotiations reached 52% of total transactions (mainly 12,950 sqm).

Representative transactions in S1 2026

Company	Surface (sqm)	Building	Transaction Type	City
Magna	4,500	Iulius Town	Renewal/Renegotiation	Timisoara
Grab Chronos	1,850	Binarium	Lease	Cluj-Napoca
Banca Transilvania	4,500	AFI Park Timisoara	Renewal/Renegotiation	Timisoara
BCR	3.230	Palas Campus	Lease	Iasi