CEE Office Markets H1 2026: Vacancy Falls as Supply Remains Limited

CEE office markets remained resilient in H1 2026, with demand holding steady, vacancy declining and new supply remaining limited. As construction activity gradually picks up, market conditions continue to vary across the region.

CEE overview

The CEE office market continued to strengthen in H1 2026, with improving demand meeting limited new supply. Across the six capitals, vacancy fell to 9.2%, down 130 bps year-on-year, while only 123,000 sq.m. of new space was delivered. Construction activity is picking up, with almost 1 million sq.m. under construction, but near-term supply remains below the long-term average. Net take-up reached 565,000 sq.m., led by technology, the public sector and financial services.

Country trends

Belgrade remained one of the tightest markets, with 4.5% vacancy and prime rents up 5.6% year-on-year to €19/sq.m./month, driven by strong IT demand and limited quality space.

Bratislava continued to see rising rents despite 13.4% vacancy. No new space was delivered in H1, while several major projects are expected over the next 2–3 years.

Budapest recorded stable gross demand but a 19% decline in net take-up. Renewals dominated activity, while vacancy fell to 12.2% amid limited speculative supply.

Bucharest saw one of the strongest improvements, with net demand up 43% year-on-year and vacancy falling to 10%. No new offices were delivered in H1, keeping supply constrained.

Prague remained a tight market at 5.8% vacancy, although net take-up fell 50% and renegotiations dominated. Prime rents held at €30/sq.m./month.

Warsaw was the strongest leasing market, with gross take-up up 38% year-on-year to 417,000 sq.m. Falling vacancy and limited new supply are supporting further rental growth.