Total new demand reached approximately 24,000 square meters in the first quarter, broadly in line with the post-pandemic average, but around 30% below the quarterly average recorded between 2017 and 2019.
”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 labor market. Total leasing demand for modern office buildings increased by 14% year-on-year to approximately 51,000 square meters, but this reflects stabilization rather than a return to pre-pandemic levels,” explains Victor Coșconel, Partner | Head of Leasing | Office & Industrial Agencies at Colliers.
“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 favor of landlords, which continues to generate upward pressure on rents.”
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 unreported, 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. In the first quarter of 2026 alone, companies that represent new entrants leased almost 60% of the total areas that such deals generated for the full year 2025.
IT&C continues to lead in terms of demand, 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.
Relevant deals in the first quarter include the relocation of the Ilfov Court of Law to a modern office building, signaling increasing interest from the public sector, although it remains less predictable, Colliers says.
”Outlook for 2026 is mixed, in a context marked by both domestic and external uncertainties, a softer labor 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 fact that we are seeing a more robust inflow of companies entering the market (…)”
According to Colliers, 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.
(English version by Loredana Fratila-Cristescu)