CBRE Romania: Office and Industrial Deliveries Set to Double This Year, Driven by Infrastructure Development

CBRE Romania presents its Q2 and H1 2026 market review, highlighting the stable and adaptable performance of the Office and Industrial & Logistics sectors. While the office market continued to diversify its tenant base and resumed deliveries of new green developments, the industrial sector benefited from improved connectivity and strong geographic expansion.

Office Sector: Resilience, Diversified Transactions, and the Return of Deliveries with an ESG Focus

The Bucharest office leasing market remained resilient in Q2 2026, recording leasing activity of 48,700 sq m across 47 transactions. Although volumes normalized, showing a slight quarter-on-quarter and year-on-year decline following a period of exceptionally strong activity, the number of transactions increased by 12% QoQ and 18% YoY. This dynamic reflects a broader tenant base and sustained market depth.

The average transaction size moderated to approximately 1,040 sq m, indicating more diversified leasing activity. Renewals accounted for 46% of quarterly volume, concentrated in the Floreasca-Barbu Văcărescu, Dimitrie Pompeiu, and Center-West submarkets, demonstrating long-term commitment from existing occupiers.

During H1 2026, total leasing activity reached 106,200 sq m across 89 transactions. Pre-leases represented approximately 20% of total take-up, underlining confidence in future developments. Among the largest transactions were Rohde & Schwarz’s expansion and a pre-lease signed by Strabag.

CBRE Romania Performance

In Q2, CBRE Romania advised on 9 transactions totaling approximately 6,600 sq m, including expansions and new leases in the Floreasca-Barbu Văcărescu, Central, and North-West submarkets. Overall, CBRE Romania captured a 25% market share of all agency-mediated transactions during H1 2026.

Development Activity and Key Indicators

• Development pipeline: 2026 marks the resumption of office deliveries after a two-year pause, with approximately 64,000 sq m scheduled for completion. The landmark projects One Technology District (fully pre-leased to Infineon Technologies), One Gallery, and ARC (exceeding nZEB requirements by 10% and reducing emissions by 30%) all feature strong ESG credentials.
• Rents: Prime headline rent remained stable at €22.50/sq m/month, while prime yields held steady at 7.75%. Vacancy decreased slightly to 10.7%, supported by the absence of new deliveries during the quarter.
• Investment market: Office investment volume reached €20 million in Q2, across three transactions focused on assets with repositioning potential. During H1 2026, the office sector attracted €99 million, making it the second most active segment after retail.

Industrial & Logistics Sector: Record Stock and Major Delivery Acceleration

Romania’s modern industrial and logistics market reached a record stock of approximately 8.51 million sq m by the end of H1 2026, with Bucharest accounting for 48% of total supply.

Leasing Activity

In Q2 2026, total leasing activity (TLA) reached 222,000 sq m, of which 158,000 sq m was recorded in Bucharest. This reflects a moderation of 6% compared with Q1 2026 and 15% compared with Q2 2025, representing a return to a more typical occupier-driven activity level.

Overall, leasing volume totaled 458,000 sq m in H1 2026. Net take-up amounted to 275,000 sq m, representing 60% of TLA, while the remaining 40% consisted of renegotiations and renewals, a volume 34% above the average of the previous eight half-year periods.

Pre-leases accounted for 39% of H1 take-up. Geographically, Bucharest dominated with 55% of activity, followed by the West/North-West region (25%), while the Central and Southern regions jointly accounted for 23%. Demand was supported by 14 large-scale transactions exceeding 10,000 sq m, with logistics and manufacturing companies serving as the primary occupiers.

Development and Construction Activity

Romania’s real estate investment market reached €253 million in H1 2026. Although total investment volume declined by 35% year-on-year, transaction activity remained robust, with the number of deals broadly stable (16 transactions in H1 2026 versus 17 in H1 2025).

In Q2 2026, total investment volume stood at €102 million, a 54% year-on-year decline. The quarter was overwhelmingly dominated by the retail sector, which attracted approximately 80% of invested capital, equal to around €81 million.

New industrial deliveries reached 333,000 sq m during H1, with Bucharest capturing 79% of completions, while the Central and West/North-West regions shared the remainder.

A further 321,000 sq m is scheduled for delivery in the second half of the year, bringing the total volume of completions in 2026 to approximately 653,000 sq m, nearly double the level recorded in 2025. This strong acceleration is being driven by infrastructure expansion and transport corridor development, facilitating growth into previously underutilized areas.

Key Industrial Market Indicators (Q2 2026)

• Prime headline rent: Stable at €4.75/sq m/month. Prime locations with direct motorway access are already achieving a premium of approximately 5% above this level.
• Average rent: €4.35/sq m/month, up 2.4% YoY.
• Vacancy rate: Reached 5.97% (approximately 6.0% at the end of H1), representing a moderate annual increase of 0.86 percentage points.
• Prime yield & investment activity: Prime yield remained stable at 7.50%. Investor activity was subdued during H1, with no completed industrial transactions. However, a major industrial transaction is currently in advanced negotiations, signaling a potential revival of investment activity in H2.

Outlook

The combination of resilient occupier demand, the return of office deliveries through projects aligned with evolving ESG standards, and the significant acceleration of industrial infrastructure development creates a highly encouraging outlook for Romania’s real estate market in the second half of 2026.