This is highlighted in Colliers' report, "CEE Office Markets on the Green Path - Decarbonisation Potential," which analyzes office trends in 11 cities across the region.
Despite a slowdown in new office deliveries, sustainability continues to be a key focus for developers, according to Colliers. Around 93% of the office buildings constructed in Bucharest over the past seven years and 70% of those older than 15 years have obtained green certifications, underscoring a strong commitment to energy efficiency. Among major markets in the region, only Warsaw surpasses Bucharest in terms of certified office spaces, with 98% of newly built offices holding green credentials.
By the end of 2024, Bucharest's office market recorded a total leasing demand of nearly 339,000 sqm—20% below the historic peak of 2023 but still above the five-year average.
"Office markets in the CEE region are evolving due to aging building stocks and increasingly strict decarbonization policies set by European regulations and global trends. Romania plays a significant role in this transition, as it is well-positioned to implement sustainability standards, yet also has a substantial share of older buildings, comparable to Bratislava and Budapest," said Victor Coșconel, Partner | Head of Leasing | Office & Industrial Agencies at Colliers.
Colliers' leasing data indicates that tenants increasingly prefer efficient, well-located buildings. In Bucharest, newly built green-certified office spaces have single-digit vacancy rates, while older buildings—often in less central locations and with lower energy efficiency—show vacancy rates nearing 20%.
With only one new project completed in 2024—AFI Loft, adding approximately 16,000 sqm—Bucharest's modern office stock has grown to around 3.4 million sqm. According to Colliers, 31% of this stock consists of buildings constructed in the past seven years, 27% are between 8 and 10 years old, and 42% were delivered more than 15 years ago.
Demand for newly built, energy-efficient office spaces remains strong in Romania, mirroring trends in other mature regional markets. In Bucharest, office buildings up to seven years old have a vacancy rate of just 5%, with higher rental prices reflecting their appeal in terms of operational cost savings and modern amenities.
"Markets such as Bucharest and Prague are seeing slower new development—less than 5% of existing stock—compared to cities like Vilnius and Tirana, where 45% and 84% of the total stock, respectively, is currently under construction. Romania, however, is focusing on modernizing its existing buildings, ensuring market balance, and avoiding oversupply risks," Coșconel noted.
The combination of green certifications and a well-balanced supply-demand dynamic strengthens Bucharest's position as a preferred destination for investors and tenants prioritizing sustainability. "This approach to adaptation and sustainable growth highlights Romania's maturity within the regional office market," Coșconel added.
In Bucharest, office space in buildings up to seven years old commands an average rent of EUR 16.5 per sqm, compared to EUR 13 per sqm in buildings over 15 years old. However, location remains a critical factor. In Victoriei Square, for instance, rents for modern office buildings often reach EUR 22 per sqm, with some properties exceeding this level.
Across the region, tenants are willing to pay a premium for new buildings due to lower operational costs and better amenities. This trend is visible in cities such as Prague (EUR 17.7 per sqm), Warsaw (EUR 21 per sqm), and Athens (EUR 28.5 per sqm), where newer office buildings (0-7 years old) consistently achieve higher occupancy rates than older properties.
