Thursday, 26 February 2026
Retail properties located outside Bucharest accounted for the largest share of Romania’s commercial real estate investment volume in 2025, representing nearly 40% of total transactions, according to the Romania Marketbeat Investment H2 2025 report. Office buildings in Bucharest ranked second, with a 30% share.
Among the retail assets transacted during the year were Focsani Mall and Shopping City Suceava, alongside a portfolio of seven retail parks totaling approximately 32,000 sqm of gross leasable area in Slobozia, Focsani, Ramnicu Sarat, Targu Secuiesc, Sebes, Fagaras and Gheorgheni. Other completed deals included Winmarkt Cluj-Napoca and Tulcea, La Cocoș Ploiești, Module Shopping Center Târgoviște and Joy Retail Park Calafat. The combined value of retail transactions reached around €200 million.
The UK-based group M Core was the most active buyer during the year, expanding its footprint in Romania and becoming the country’s fourth-largest retail property owner.
In the office sector, all recorded transactions took place in Bucharest. Ten office buildings changed ownership, totaling nearly 70,000 sqm, with a combined value of approximately €155 million. Notable deals included Equilibrium I and Ethos House in the Floreasca-Barbu Văcărescu area, as well as Victoria Center in the CBD.
Although occupier demand for industrial and logistics space reached record levels in 2025, the segment was less visible on the investment side. Transaction volumes in this sector declined from nearly €300 million in 2024 to about €45 million in 2025, contributing to the overall market slowdown.
Total commercial real estate investment volume in Romania reached approximately €514 million in 2025, representing a 31% year-on-year decrease and the second-lowest annual result since 2013. The absence of large-ticket transactions was a key factor, with the biggest deals closing in the €50-60 million range.
Among the largest transactions were the strip mall portfolio sold by MAS RE and Prime Kapital, the Equilibrium I office building sold by Skanska, the IRIDE office platform in Pipera, Focsani Mall and Shopping City Suceava.
Cushman & Wakefield Echinox advised on three of the five largest transactions of the year and provided consultancy on 10 deals totaling €190 million. The portfolio included shopping centres, a hotel in Mamaia, office buildings, a logistics park near Bucharest and high-street retail units.
Cristi Moga, Head of Capital Markets at Cushman & Wakefield Echinox, said: “2025 was a year marked by a high activity levels and interest across all property sectors despite the lower transaction volume compared with previous years and to other markets in the region. 2026 has started on an optimistic note, with investors already allocating around €100 million to office buildings in Bucharest and Cluj-Napoca. The macroeconomic environment stabilization, along with improving occupancy rates, infrastructure development and better financing conditions are creating the premises for a growth year, with higher volumes across all segments.”
Across Central and Eastern Europe, investment volumes in income-generating real estate assets reached nearly €11.8 billion in 2025, an increase of 33% compared to 2024. Poland and the Czech Republic accounted for almost 75% of the regional total, while Romania contributed 4.4%, ranking fifth among the seven analysed markets.
Prime yields remained broadly stable throughout 2025. The only notable movement was a 25-basis-point compression for high-street retail assets on Calea Victoriei, where yields reached 7.00%. Prime yields for office buildings and shopping centres were estimated at 7.25%, while industrial assets stood at 7.50%.
Photo: Cristi Moga, Head of Capital Markets at Cushman & Wakefield Echinox
