CEE Office Market: Limited supply keeps vacancy falling as leasing tilts to renewals
Office markets across six CEE capitals (Belgrade, Bratislava, Budapest, Bucharest, Prague and Warsaw) closed 2025 with net take-up of 1.29 million sq m and average vacancy down to 9.6%, a 120 bps year-on-year decline. Over the same period, new completions totalled 262,000 sq m, roughly 20% below 2024, underlining how limited new supply has been relative to leasing activity.
Leasing was supported primarily by Technology and Professional Services, while occupier strategy leaned strongly toward renewals, which accounted for 49% of gross take-up in 2025. This structure signals a market where many tenants chose to extend in place rather than relocate, even as activity remained steady across the region’s main office hubs.
View or download
The tightening vacancy trend was visible across most markets, with the strongest annual drops in Budapest (-160 bps), Warsaw (-150 bps), Prague (-130 bps) and Bucharest (-120 bps). By end-2025, vacancy ranged from 4.4% in Belgrade and 5.9% in Prague to 14.1% in Bratislava, pointing to very different availability conditions between the tightest and loosest capitals.
On pricing, prime headline rents were largely stable, but the report notes growth in Bratislava (+5% y/y) and Warsaw (+2.7% y/y in prime/CBD). End-2025 prime rents ranged from €18/sq m/month (Belgrade) up to €30/sq m/month (Prague), with Warsaw €28.75, Budapest €25, Bucharest €22 and Bratislava €21—highlighting both the region’s spread and the premium commanded by top submarkets.
Head of Research Czechia
