CBRE, the global leader in commercial property consultancy and services, presents an overview of the commercial property market in Romania for the third quarter (Q3) of 2026. The local market is showing remarkable momentum, with the total volume of property investment recorded in the first nine months already exceeding the figure for the whole of 2025, driven by major retail transactions and solid demand in the industrial and office sectors.

 

Investment market: Quarterly volume up more than 11-fold

In Q3 2026, the volume of property investment in Romania reached €353 million, marking an increase of more than eleven times compared with the €31 million recorded in Q3 2025. This represents the strongest quarterly result reported since the end of 2022.

Cumulatively for the first nine months of the year (9M 2026), the volume of investment stood at €606 million, up 43% compared with the same period last year and exceeding the €535 million recorded for the whole of 2025. Although the total number of transactions in the first nine months remained stable (22 transactions), the average value of a transaction rose significantly, from €19 million in 2025 to approximately €28 million in 2026. Foreign capital remained the main source of liquidity, with inflows from Israel accounting for approximately 80% of this quarter’s volume.

Retail – The undisputed star of 2026

The retail sector dominated Q3 2026, accounting for approximately 80% of the total quarterly volume, with investments totalling €282 million. This historic performance – the highest quarterly retail volume in the last ten years – was driven by the completion of AFI Europe’s acquisition of a portfolio of six retail parks (Value Centre) from MAS Real Estate, located in Baia Mare, Bârlad, Ploiești, Roman, Sfântu Gheorghe and Zalău.

In the first nine months, the retail sector attracted €378 million (62% of the total property market), making it the best year for this segment since 2017. The modern retail stock in Romania has reached approximately 4.88 million square metres. Prime rents remained stable at €87 per square metre per month in shopping centres and €65 per square metre per month on high streets.

“The first nine months of 2026 were challenging for retailers, and the major players responded with more targeted marketing and a greater focus on the customer, which kept them competitive but affected their margins. This resilience explains why the top brands continue to choose Romania: at MAPIC in Cannes, we met investors with plans for Central and Eastern Europe and capital to invest, alongside occupiers seeking strategic locations, whilst Normal, shortly after entering the Romanian market, was named ‘Most Exciting Retail Brand’ in Europe. Investors are confirming their confidence in the retail sector, with €378 million invested in retail in the first nine months – 62% of the total volume – including €281.5 million in Q3, the highest quarterly volume in the last ten years. With just 238 square metres of modern retail space per 1,000 inhabitants – the lowest density amongst EU countries in Central and Eastern Europe – Romania still has room for growth,” said Carmen Ravon, Head of Retail CEE & Romania.

Industrial & Logistics Segment: Completions in the first nine months exceed the total for 2025

The modern stock of industrial and logistics space in Romania reached 8.60 million square metres at the end of Q3 2026, with the Bucharest area accounting for 48% of the total. Q3 completions totalled 97,000 square metres (76% of which were in Bucharest), bringing the total volume completed in the first nine months to 430,000 square metres – a figure already higher than the total for the whole of 2025.

Letting activity picked up, reaching 236,000 square metres in Q3 (up 6% quarter-on-quarter). The vacancy rate fell slightly compared with the previous quarter, reaching 5.58%, thanks to solid net take-up of 125,000 sq m, which outpaced new supply. The headline rent remained stable at 4.75 EUR/sq m/month. In terms of investment, the sector attracted €41 million in Q3 through two transactions.

“The first half of the year was characterised by caution, but demand rose significantly in the second half as companies saw their operations stabilise, even though volumes are slightly lower than in 2025. Although the pace of delivery of new projects has been tempered by construction costs and legislative changes, it is estimated that 500,000–700,000 square metres of new space will be delivered in 2026. The vacancy rate will rise slightly from the record levels seen in 2022–2025, but will remain within the healthy range of 5–7%. Pre-let agreements remain the driving force behind growth. Rents will continue to rise in 2026 at an annual rate of 4–5%, mainly due to legislative changes in building regulations but also to rising global interest rates. “Rents of over €4.5 per square metre per month represent the new normal for Class A premises in Bucharest,” said Dana Bordei, Head of I&L at CBRE Romania / Head of I&L Strategic Client Development for CEE South at CBRE.

Office Market: Selective transaction activity and stable rents

In Q3 2026, 36,550 sq m were let in the Bucharest office market through 49 transactions, reflecting steady tenant activity, albeit with a smaller average transaction size (approximately 750 sq m). Lease renewals accounted for 43% of the quarterly volume, with the largest secured by Huawei (9,500 sq m in Globalworth Tower).

As no new projects were delivered in Q3, the office stock in the capital remained at 3.41 million square metres. The vacancy rate rose to 11.64%, as some space was returned to the market following business closures. Prime rent remained stable at 22.50 EUR/sq m/month. Investment in the Bucharest office sector totalled €30 million in Q3, comprising two transactions: the Polona 68 BC and Neocity Towers buildings, both acquired by domestic investors.

“In the coming period, the office market in Bucharest will remain resilient, supported by active demand for over 120,000 square metres and the first new developments in two years, all of which have been fully pre-let. Although we anticipate an increase in prime rents by 2027, tenants are set to enjoy a favourable period for negotiations, particularly those who plan their lease renewals or pre-lets well in advance. Differences between areas will become more pronounced: options in the City Centre, the CBD and Floreasca–Barbu Văcărescu (around 5%) remain limited, whilst in the North-West and Pipera Nord, where the vacancy rate exceeds 20 per cent, landlords will offer more commercial incentives. In Q3, the number of transactions remained stable, renewals accounted for 43% of the quarterly volume, and the vacancy rate of 11.6% reflects the space returned to the market,” said Tudor Ionescu, Head of Office Leasing at CBRE Romania.

Stable yields and a solid outlook for 2027

Investment yields remained stable throughout the quarter: 7.75% for prime office buildings, 7.50% in the industrial sector, 7.65% for prime shopping centres and 7.75% for prime retail parks.

CBRE forecasts an extremely dynamic end to the year and excellent prospects for 2027. The pipeline of transactions at advanced stages of negotiation currently exceeds €700 million and covers a diverse range of assets (logistics, retail, offices, residential and hotels). The hotel sector is expected to experience a strong recovery, with several large transactions scheduled to be finalised between Q4 2026 and Q1 2027, confirming investors’ widespread interest in the Romanian market.