CBRE Romania: The real estate market demonstrates resilience in Q1 2026

CBRE, the global leader in real estate consulting, presents its analysis of the local real estate market, highlighting strong net demand dynamics in the office segment, optimistic prospects for the industrial sector, and an investment volume driven by local and regional capital.

Bucharest, May 19, 2026 – After a period of adjustment, the local real estate market enters 2026 with increased confidence from Romanian investors. They have become a key factor in supporting market liquidity and stability, showing growing interest in income-generating assets. Investment strategies are predominantly focused on revenue sustainability and the long-term outlook of projects.

 Investments: Romania moving against the regional trend

While the investment volume in the CEE region reached EUR 2.1 billion at the beginning of the year, with markets such as Poland and Hungary reporting notable growth, Romania recorded a total volume of EUR 151 million. The office segment was the main driver of local transactions, generating 88% of this volume (EUR 133 million) — an impressive figure, almost equal to the total office investment volume recorded in 2025. Activity was concentrated both in Bucharest and in hubs such as Cluj-Napoca, supported by a strategic mix of local capital (Inno Investments) and regional investors (Granit Asset Management – Hungary and Mondo Development – Serbia).

Offices: Strategic shift toward expansion and pre-leasing

Although total leasing volume in Q1 2026 decreased by 8% year-on-year (57,400 sqm), demand remains robust at 45,000 sqm. Pre-leases reached 13,700 sqm, the highest level since the end of 2023. Vacancy rates in Bucharest continue to decline to 10.9%, with a critical level of 3.4% in ultra-central areas. Prime rents remained stable at EUR 22.5/sqm/month.

A clear trend is the return of confidence in expansion:

• 12% of demand came from new market entrants.
• 18% of demand represented expansions by existing companies.
• Pre-leasing reached 13,700 sqm, the highest level since late 2023, indicating that occupiers are securing space in advance in a supply-constrained market.

 Retail: Consolidation and landmark transactions

The retail market is navigating a complex environment, with modern stock continuing to expand, albeit at a moderate pace. In Q1, projects such as M Core Titan in Bucharest and the first phase of Drobeta Turnu Severin Retail Park were delivered.

Rental evolution: An upward trend was recorded, with rents reaching EUR 87/sqm in dominant shopping centers and EUR 65/sqm in high-street locations, driven by inflation indexation and strong demand for premium spaces.

New brands: The quarter marked the market entry of names such as BIPA, Mr. DIY, Chili’s, and Orchestra, while openings from Lululemon, Normal, and Springfield are expected later this year.

Event of the quarter: The announcement of the acquisition of Carrefour Romania by Romanian group Paval Holding (owners of Dedeman), a transaction expected to be finalized במהלך this year.

Outlook: Approximately 138,000 sqm of new space is expected for the rest of the year, with a peak in Q2 driven by the expansion of Arena Mall Bacău, which will host tenants such as Peek & Cloppenburg and JD Sports.

 Industrial and Logistics: Leasing activity up 24%

The industrial sector started the year strong, with total leasing activity (TLA) reaching 235,500 sqm, a 24% increase compared to Q1 2025.

Demand: Around 61% of activity represented new demand (take-up), totaling 144,300 sqm. Pre-leasing was highly dynamic, exceeding the average of the last eight quarters by 43%.

Regional distribution: Bucharest remains the leader with 39% of leased volume, followed by the West/North-West region (over 25%). Logistics and manufacturing sectors equally shared volumes, each accounting for 29% of the total.

Stock and deliveries: Romania’s modern stock reached 8.25 million sqm. In Q1, 84,200 sqm of new space were delivered across four parks, the vast majority (84%) located in the capital. Infrastructure development continues to unlock new logistics nodes on the outskirts of Bucharest and along new transport corridors.

 Macroeconomic and Political Context

GDP growth for 2026 has been revised to 0.5–0.6%, amid inflation of approximately 8%. Although private consumption is tempered by high taxes and political uncertainty adds caution, public and private investments remain the main pillars supporting the economy.

 “The results of the first quarter confirm the resilience of Romania’s real estate market, which remains an attractive destination for capital, especially for investors targeting assets with repositioning potential. This confidence in local fundamentals is supported by the strong dynamics of the leasing segment, where solid new demand—visible through expansions, the entry of new players, and increased interest in pre-leasing—has propelled the office sector to a performance in just three months that nearly matches the entire previous year,” said Răzvan Iorgu, Managing Director of CBRE Romania.