Saturday, 22 August 2026
Romania’s commercial real estate investment market recorded approximately EUR 300 million of transactions in the first half of 2026, down from around EUR 400 million in the same period last year, but a pipeline of larger deals could produce a considerably stronger second half, according to Colliers. Romania accounted for around 5% of investment across the six largest CEE economies covered by the consultancy, while regional transaction volume reached EUR 5.8 billion, up 7% year-on-year.
Regional activity was also above longer-term levels. The EUR 5.8 billion invested during H1 exceeded both the five-year first-half average of EUR 4.6 billion and the ten-year average of EUR 5.1 billion. Colliers expects CEE investment to reach between EUR 12.5 billion and EUR 13 billion for the full year, compared with EUR 11.6 billion in 2025.
Romania’s weaker first-half volume partly reflects the timing of several larger transactions. The sale of a MAS retail portfolio to AFI Europe moved into the third quarter, while other significant deals remained in progress at the end of H1. If these transactions are completed, Colliers believes the Romanian market could approach EUR 1 billion of investment during 2026.
“The decline in transaction volumes in Romania during the period under review should be seen in a broader context. We have several transactions currently under way, while the largest retail transaction on the local market, the sale of a MAS portfolio to AFI Europe, in which Colliers advised AFI, narrowly slipped into the third quarter,” said Robert Miklo, Partner, Head of Capital Markets at Colliers.
“If other large transactions currently in progress are also completed, 2026 has the potential to close with investment volumes of close to one billion euros, which would make it only the second year since 2007 in which the market has reached this threshold,” Miklo added.
Offices accounted for approximately 60% of Romanian transaction volume during the first half, their highest share since 2022. Colliers expects this concentration to moderate during H2 as larger deals involving other property sectors reach completion.
Across CEE, offices returned as the largest investment sector, accounting for 29% of transaction volume compared with 23% a year earlier. Retail represented 27%, residential 19% and industrial and logistics assets 17%. Office investment is increasingly focused on modern, energy-efficient and well-located properties, while older buildings are being considered more selectively for refurbishment or conversion.
Romania continues to provide a yield premium compared with several of the region’s more mature property markets. Prime Bucharest yields stand at approximately 7.5% for offices, 7.75% for industrial and logistics assets and 7.25% for shopping centres. These levels remain above comparable yields in Warsaw, Prague and Bratislava.
Higher yields alone, however, are becoming less decisive. Investors are increasingly assessing returns alongside liquidity, building quality, income stability and economic risk, creating a clearer distinction between assets capable of providing predictable long-term income and properties facing greater depreciation, liquidity or regulatory risks.
“Financing conditions are favorable, but the advantage lies with high-quality properties with stable income, credible sponsors and clear sustainability strategies,” said Miklo.
Financing conditions are reinforcing this division. Corporate demand for investment, refinancing and restructuring finance increased slightly during the second quarter, although lenders continued to charge higher margins for projects regarded as carrying greater risk. Banks are also offering more favourable conditions to companies and properties demonstrating progress in the energy transition, while buildings with weaker energy performance face tighter lending standards and lower investor demand.
For the second half of 2026, Colliers remains cautiously optimistic about the wider CEE investment market. The consultancy identifies interest rates, Euribor movements, refinancing requirements and geopolitical tensions among the main risks, alongside weakness in German industry, international trade uncertainty, tariffs and energy prices.
At the same time, investment in infrastructure, defence and the energy transition, together with artificial intelligence, reindustrialisation and the movement of production closer to European markets, could generate new opportunities for property investment. Increasing participation from domestic and regional capital is also supporting liquidity and reducing CEE’s dependence on global capital flows.
“Beyond fluctuations from one half-year to another, the overall picture for Romania remains clearly positive. Market fundamentals are solid: attractive yields in a regional context, an economy with a significant weight within the region, and genuine investor interest across all major real estate sectors,” Miklo concluded.
For Romania, the closing of transactions already in progress will determine whether the relatively subdued H1 develops into a much stronger full-year result. The combination of comparatively high yields and an active transaction pipeline continues to support investor interest, but the market is becoming increasingly selective, with capital and financing favouring properties offering secure income, stronger energy performance and long-term investment quality.
