New demand, defined as contracts with a net positive impact on occupancy rates, accounted for less than 40,000 sqm of this total. 

This figure is approximately half the semi-annual average observed between 2017 and 2019, aligning activity levels more closely with the pandemic lows than the recovery years of 2022-2024. 

The market remains relatively balanced with a modern office stock exceeding 3.4 million sqm and a 12.5% vacancy rate. 

Victor Coșconel, Partner | Head of Leasing | Office & Industrial Agencies at Colliers, said: “As long as the internal situation begins to stabilize, we may see a gradual recovery in activity over the coming period, although the foundations for a swift rebound are not yet in place.” 

The limited pipeline of new developments, particularly for premium buildings adhering to ESG standards, poses a challenge, with only 16,500 sqm delivered in the past year and approximately 118,000 sqm currently under construction. 

This contrasts with Warsaw and Budapest, which delivered 62,000 and 45,000 sqm respectively in 2024, indicating a stronger development pace. 

Prime office rents in Bucharest's Central Business District (CBD) have reached approximately €22 per sqm, an increase attributed to inflation and a lack of competitive central alternatives. 

Landlords in Bucharest, however, remain flexible in negotiations, offering incentives for long-term leases. 

This is comparatively lower than Prague (€27 per sqm) and Warsaw (€25 per sqm), but higher than Budapest (€20 per sqm).