Leasing transactions for modern office space in Bucharest increased by 14% in the first quarter of 2026 compared to the same period last year, while new demand rose by 24%. Even so, the market remains below pre-pandemic levels, according to Colliers data.
Total new demand reached approximately 24,000 square metres in the first three months of the year, broadly in line with the post-pandemic average, but around 30% below the quarterly average recorded between 2017 and 2019.
This trend points to a more cautious start to the year, with a softer labour market and hiring intentions close to their lowest level in the past six years, amid ongoing uncertainties, including the current economic and geopolitical context, which continue to influence companies’ expansion decisions, Colliers consultants note. However, they also highlight positive signals suggesting a potential market stabilisation in the period ahead.
”We started the year at a moderate pace in Bucharest’s office market, in a context marked by caution among companies and a more subdued labour market. Total leasing demand for modern office buildings increased by 14% year-on-year to approximately 51,000 square metres, but this reflects stabilisation rather than a return to pre-pandemic levels. At the same time, against the backdrop of limited new supply in recent years and constrained availability of well-located Class A space, we are seeing a shift in favour of landlords, which continues to generate upward pressure on rents”, explains Victor Coșconel, Partner | Head of Leasing | Office & Industrial Agencies at Colliers.
Colliers’ analysis includes only publicly disclosed transactions, such as those recorded in the local real estate forum or published by companies in financial reports and press releases. As a result, actual market activity is higher than reflected in the reported figures given that direct deals between landlords and tenants often end up reported, Colliers experts say. At the same time, there are encouraging signs: more than one-third of new demand is generated by companies newly entering the local market, which already made a significant contribution in the first quarter, supporting the outlook for improved performance in the coming months. Just in the first quarter of 2026, companies that represent new entrants leased almost 60% of the total areas that such deals generated for the full year 2025.
Demand remains diversified across sectors, with IT&C continuing to lead, accounting for over 22% of leased space, followed closely by the energy sector at nearly 20%. The financial sector, construction and development, as well as the public sector each contributed between 10% and 15% of total leasing activity. A notable example is the relocation of the Ilfov Tribunal to a modern office building, signalling increasing interest from the public sector, although it remains less predictable.
”Outlook for 2026 is mixed, in a context marked by both domestic and external uncertainties, a softer labour market and hiring intentions at multi-year lows, which limit the scope for strong optimism. At the same time, we are seeing positive signals, both from market developments and from our discussions with various key stakeholders, including the fat that we are seeing a more robust inflow of companies entering the market. For now, however, negative factors appear to slightly outweigh the positives, as the European Commission’s indicator for short-term hiring intentions in Romania has fallen to its lowest level in nearly six years, without signaling a recession scenario”, concludes Victor Coșconel.
He expects the office market’s performance in 2026 to be primarily influenced by overall economic dynamics, corporate hiring policies and the pace of new project deliveries, in a context where the balance between supply and demand remains fragile, and rental trends will largely depend on these factors.