While investment volume in the CEE reached €2.1 billion at the beginning of the year, with markets like Poland and Hungary reporting notable growth, Romania recorded a total volume of €151 million. The office segment was the main driver of local transactions, generating 88% of this volume (€133 million), almost equal to the total office investments made in 2025. Activity was concentrated both in Bucharest and in hubs like Cluj-Napoca, supported by a strategic mix of local capital (Inno Investments) and regional capital (Granit Asset Management - Hungary and Mondo Development - Serbia).
Although total leasing volume in Q1 2026 decreased by 8% y/y (57,400 sqm), demand remains robust at 45,000 sqm. Pre-leasing reached 13,700 sqm, the highest level since the end of 2023. The vacancy rate in Bucharest continues to decline to 10.9%, with a critical level of 3.4% in ultra-central areas. Prime rents remained stable at €22.5/sqm/month. A clear trend is the return of confidence in expansion: 12% of demand came from new market entrants and 18% was represented by expansions of existing companies.
The retail market navigates a complex context, with modern stock continuing to expand, albeit at a moderate pace. Q1 saw the delivery of projects like M Core Titan in Bucharest and the first phase of Drobeta Turnu Severin Retail Park. Rents reached €87/sqm in dominant shopping centres and €65/sqm in high street locations. The quarter marked the market entry of brands like BIPA, Mr. DIY, Chili's and Orchestra. The major event was the announcement of Carrefour Romania's acquisition by Romanian group Paval Holding (Dedeman owners), a transaction to be finalised this year.
The industrial sector started the year strongly, with total leasing activity (TLA) of 235,500 sqm, a 24% increase compared to Q1 2025. Approximately 61% of activity represented new demand (take-up), totalling 144,300 sqm. Romania's modern stock reached 8.25 million sqm, with 84,200 sqm of new spaces delivered in Q1 across four parks, with 84% located in the Capital.
"Q1 results confirm the resilience of Romania's real estate market, which remains an attractive destination for capital, especially for investors focusing on assets with repositioning potential," said Răzvan Iorgu, Managing Director of CBRE Romania.
