Bucharest is one of the largest and most mature office markets in Central and Eastern Europe. Alongside Warsaw, Prague, and Budapest, the Romanian capital stands out for the expansion of its green building stock and the integration of sustainability standards, according to Colliers.
Although the pace of new office deliveries has slowed recently, sustainability remains a priority for developers. Approximately 93% of new office buildings in Bucharest, constructed in the last seven years, and 70% of older buildings over 15 years old, hold green certifications.
In comparison, only Warsaw surpasses Bucharest in terms of green-certified office buildings, with 98% of newly built office spaces holding certifications. Bucharest’s office market closed 2024 with a total leasing demand of nearly 339,000 square meters, marking a 20% decline compared to the historic peak in 2023, yet remaining above the five-year average.
The vacancy rate for relatively new buildings in Bucharest, where the percentage of green certifications is very high, remains in the single digits. By contrast, older buildings – often in less central locations and with lower energy efficiency – have vacancy rates approaching 20%.
With only one new delivery in 2024 – AFI Loft, at around 16,000 square metres – Bucharest’s modern office stock has reached around 3.4 million square metres. 31% of this stock consists of buildings constructed in the last seven years, 27% are between 8 and 10 years old, while 42% were delivered more than 15 years ago.