2026年羅馬尼亞房地產市場展望報告

contents

3

Executivesummary4Macroeconomics7

Investment10

office13

Retail16

Industrial&Logistics

19

Land22student

HousingExecutive

summary—

improveinternational

confidenceinthecountry'seconomicoutlook.—

pricing.

RomanianbuyersdominatedQ4(c.35%ofvolume)andaccountedfor31%of2025volume,

whileselleractivityisled

byportfolioclean-upsandstrategicexits,

ratherthan

distress.—occupierssecuringfuturecapacity

and

upgradingtomodernspace.

Developmentstayed

muted

(-49%yoynewsupply),

keeping

vacancytight(3.8%

national;3.5%Bucharest)and

supportingstable

primerentswith

modestupwardpressure.—

welcometoc

BRE's

Romanian

Real

EstateMarket

outlook2026.Romania'srealestate

marketenters2026with

strong

occu

pierfundamentals

yetsubdued

investorappetite,atrend

mirrored

inseveral

European

markets.

Domesticinvestorscontinuetoprovide

essential

liquidityamid

low

transaction

volume

sanddisciplined

pricing.

Investmentstrategiesarefirmlyincome-led,

prioritising

cash-flowdurability,

leasingperformanceandassetquality.

Inthis

context,Romaniancapital

hasbecomeastabilisingforce,andweencourageforward-thinkingaroundthe

roleofRomanian

institutional

fundsindriving

investmentandconfidence

inthe

local

market,occupierdemandstays

robust,

particularlyin

industrial

and

logistics,whereleasingexceeded1.0

million

sq

m

in

2025,supported

bypre-leases,atightdevelopmentpipeline,infrastructure

upgrade

sand

Romania'sfull

schengenaccession.Retail

demand

remains

resilient,underpinned

bysolid

performance

and

continued

interest

in

convenienceformat

sand

retail

parks.officedemand

is

selective

yetstable,

with

occupiersfocused

onefficiency,

location

andmodernspecifications.Lookingahead,2026should

see

more

alignmentbetweencapitalan

doc

cu

pier

markets:

investmentvolumes

recovergradually,whilestrong

leasingfundamentals

continuetosupportincomestability.countrydistribution

models.—

costs

remaina

keydecision

factor;spillovertonon-coresub

markets

may

continue

inacontextoflimitedcentral

availability.—

supported

by

solidoperational

performanceanda

limited

pipelineofinstitutional-gradeproduct.—

pricing

remained

broadlystable,

withsignificantupward

pressureforwell

located

plots,

aspricingdiverging

heavilydependingonzoningclarity,

permittingcertaintyand

infrastructureaccess.—

againstastudentpopulationof180,000+,drivingdouble-digit

rentgrowthandsustaining

strong

prospectsforwell-locatedpBSA

despitea

limited

development

pipeline.Introductory

Note

byLauraDumea-BenczeHeadofResearch

&Director

InvestmentpropertiesMacroeconomicsTheRomanianeconomyisexpected

to

record

modest

growth

in2025and

2026,under

performing

mostofEuropeamidpersistent

inflation,fiscalconsolidation,andelevatedpolitical

uncertainty.

GDpgrow

thisestimated

ataround1.4%in2025,withagradualrecovery

toapproximately1.6%in2026,

reflectingimpactofrestrictivefiscal

measures,yetthesewerehighlynecessary.Romaniaenters2026amidtighteningbudgetconditions,

whichareexpectedto

weighonconsumptionand

governmentspending.Inflationarypressure

s

in

Romania

remainsignificantlyhigherthantheEuropean

average,despite

earlysigns

ofstabilisation.CPIstagnated

at9.8%yoyin

November

&December2025,

butprice

pressures

remainbroad-based.services

inflationcontinuesto

bethe

maindriver,followed

bynon-foodgoodsandfoodinflation.

Forfull-year2025,

inflation

isestimated

tohaveaveraged7.3%,

reflectingthe

pass-throughoftaxincreases

andtheremovalofenergysupport

measures.

Inflation

isexpectedtoease

moremeaningfully

inH2

2026asbaseeffectstake

hold,resulting

in

an

annual

averageof6.5%in2026.Fiscal

policyremains

thedominantsourceofmacroeconomicrisk.Budget

discussionsfor2026

have

been

delayedamid

political

resistancetoproposedausterity

measuresaimed

at

reducingthefiscal

deficit

to

around6%of

GDp

byend-2026,in

linewith

EUcommitments.Inthisenvironment,theNational

Bank

of

Romania

isexpectedto

maintain

a

restrictivestance,keepingthepolicyrateunchangedat6.5%

until

at

least

Q22026.Immediatesignalsfromthegovernmentbond10ymarketarepositive-the

rate,atthe

beginningof2026isonadecreasing

trend,

by80

bpscomparedtopeak

levels

in

2025.This

reflectstheconfidencetheinternational

marketshaveover

thepoliciesimplemented

in

Romania.LabourmarketconditionsinRomania

remain

relatively

resilient,

with

unemploymentlowbyhistoricalstandards,although

real

wagegrowthcontinuestobe

constrained

byhigh

inflation.CPI

(%)6.51.5unemployment(%)5.8NF*10-yearbond(%)6.82.8Discipline

Today

Leads

to

QuietResilience

and

stability

TomorrowIntelligent

Investment

2026Real

Estate

MarketOutlook|

ROMANIA5

CBRE

RESEARCH

?

2026

CBRE,

INC.*Eurozoneunemploymentnotforecastedsource:CBRE

ResearchGDpgrowth(%)

1.6Figure1:EconomicForecasts2026MacroeconomicsIntelligent

Investment

2026Real

Estate

MarketOutlook|

ROMANIA6

CBRE

RESEARCH

?

2026

CBRE,

INC.——

InvestmentA

year

of

Adjustment,A

path

to

opportunitypositive

investorsentimentacrosstheRomania

realestate

investmentmarketisexpectedtostrengthen

into2026.

while2025

remainedasubduedyear,characterised

bysmaller

lotsizesand

limited

institutional

activity,momentum

improved

inQ4and

pointstowardsa

moreactiveinvestment

environmentahead,atrendvalid

formanyEuropeancountriesatthe

endoflastyear.Therecoveryremain

satanearlystage,

with

2025

investmentvolumesofapproximatelyEUR535

mln,stillwellbelowRomania'sfive-yearannualaverage(down30%).

Thispattern

mirrorsdevelopmentsseenata

broader

European

level,where

recoveryisprogressinggradually

ratherthansharply.

AsinthewidercEE

region,Romania'smarketin2025wasdominated

byincome-led

strategies,with

investorsfocusing

ondefensive

assetsandstablecash

flows.Localcapital

playeda

central

role,accounting

for31%of

totalannual

investmentvolume,atrendconsistentwith

otherCEEmarketssuch

astheczech

Republic,

wheredomesticbuyersdominate

activity.Rental

growthandoperational

performanceareexpected

toremainthe

key

driversofcapitalvaluegrowth

in2026,both

inRomaniaandacrossEurope.

Lookingahead,

Romania'sinvestmentpipelineexceedsEUR800

mln,suggestingthat2026could

resemblea

moretypical

marketyear.

ThisalignswiththebroaderEuropeanoutlook,

where

gradual

recoveryunderpinned

byimproved

liquidity,stablepricing,

andsustained

investor

interest

in

coreincome-producing

assets.2025

marked

atransition

phase.2026isshapingup

asa

yearofrecovery,supportedby

attractivepricing

inc

EE

region,resilientoccu

piermarkets

and

an

improvedeconomy.Figure2:Romania

Investment

volume

Evolution

by

sectorIntelligent

Investment

2026Real

Estate

MarketOutlook|

ROMANIA8

CBRE

RESEARCH

?

2026

CBRE,

INC.source:CBRE

Research Alternative

Residential

Mixed-use

IndustrialInvestment

office

other

Retail

HotelIntelligent

Investment

2026Real

Estate

MarketOutlook|

ROMANIA9

CBRE

RESEARCH

?

2026

CBRE,

INC.———

O任cesimilartocoreEuropean

markets,

Bucharestofficemarketfundamentals

strengthened

in2025,driven

by

resilienttake-up

levelsandthefirstyearwith

zero

new

deliveries.Total

leasing

activityreached280,000sq

m,

down27%year-on-year,largelyreflecting

reduceddevelopmentvolumes,

limitedcentral

availability,andtransactionsbroughtforward

in

previousyears,

ratherthan

a

weakening

ofoccupierdemand.Take-uptotaled

166,000sq

m,in

linewith

both2024

levelsandthefive-

yearaverage,confirming

as

table

netdemand

basesupported

bynew

leases,

relocations,

and

expansions.Demandwasled

bytheFinance,computers&IT,and

Manufacturing&Energysectors,

with

leasing

activity

concentrated

incenterwest,Floreasca-Bar

bumostliquid,benefitingfrom

strong

infrastructure,accessto

talent,andashrinking

pool

ofcompetitiveclassAspace.

vacancy

compressedfurtherincoreareas,

reaching

historically

lowlevelsofaround4%(CBD¢ersub

markets),

while

the

city

widevacancy

ratestoodat11.1%atyearend.with

limited

non-leased

supply

addition

sandsimilardemand

levelsexpected,overallvacancyis

likelytocontinue

trendingdownward,

withpotentialto

moveintosingle-digitterritory.Theimmediatedevelopmentpipelineofferslimitedrelief.

Approximately64,000sqm

areexpected

tobe

delivered

in

2026,

with

nearly60%alreadypre-leased,

sustaining

competitive

pressurefornewand

high-qualityspace.ThisdynamicmirrorsbroaderEuropeantrends,

whereoccupiers

prioritisecentral

locationsthat

supporthigherattendance,shorter

commutes,andamenity-rich

environments.primerent

sin

Bucharestcontinueto

trend

upward,driven

bystructural

under

supplyandtighteningavailability

in

coresubmarkets,while

neteffective

rents

remain

broadly

stable,as

higherfit-outcostskeepincentive

levels

underpressure

ratherthandrivingcompression.

Atthe

sametime,officeinvestment

yields

have

remainedbroadly

flatataround7.75%,

withminimal

indicationsofre

pricing

inthenearterm,suggesting

stable

riskperceptionand

pricingexpectationsforprime

officeassetsoverthe

nextsix

months.In

Bucharest,newdemand

accounted

for16%of

theTLA,

translating

into

+10%yo

y.Re

negotiations

recordedadeclinecomparedto

theaverageofrecentyears.Figure3:Leasing

Activity

EvolutionO任ce

Demand

Holds

Firm

assupply

Reaches

aNew

LOWuRenewals

Take-up

Net

Take-up*TLA:TotalLeasingActivity;**Takeup:TotalLeasingActivityexcludingrenewal/renegotiationsource:CBRE

ResearchIntelligent

Investment

2026Real

Estate

MarketOutlook|

ROMANIA11CBRE

RESEARCH

?

2026

CBRE,

INC.officeIntelligent

Investment

2026Real

Estate

MarketOutlook|

ROMANIA12CBRE

RESEARCH

?

2026

CBRE,

INC.——

RetailFollowingseveralyearsofstrongexpansion,Romania'sretail

market

continued

toperform

stronglyin2025,amidtighterfiscal

conditionsand

slowerconsumerspendinggrowth.Themarketremainedactive

interms

ofdevelopmentandoccu

pierdemand,supported

byRomania'sstill

below-average

retail

densitycompared

tomostEuropean

peers.with

modern

retai

lstockapproaching4.77million

sq

m,Romaniacontinuesto

lagwestern

andpartsof

central

Europeonapercapita

basis,

underliningthestructural

growthpotentialthatcontinuestounderpindeveloperand

retailer

interest.Retail

completions

remained

robustthroughout2025,albeit

withanotableshiftinthecompositionofnewsupply.shoppingcentresonceagain

accounted

forthemajority

ofnewdeliveries,

representing

aroundtwothirdsofnewleasable

area,drivenexclusively

by

extension

sand

refurbishmentsof

existing

schemes.Alongsidethese,several

newretail

parksandshoppinggalleriesweredelivered

in

regionalcities,reinforcingthecontinued

focusonsmallerand

mid-sized

urban

markets,wheremodern

retail

provisionremains

limited.Asa

result,annual

retail

deliveriesremained

abovethepre-pandemicaverage,

in

linewith

broaderEuropean

trends.Despitea

morechallenging

macroeconomicbackdrop,

retailerappetiteforexpansion

remainedsolid,particularlyamong

brandspositioned

inthelowtomid-pricesegments,aswellasfood

andconvenience-

oriented

operators.

This

mirrorswiderEuropeandynamics,wherevalue-led

formatscontinueto

outperformamidcautiousconsumer

sentiment.Rental

levels

remained

largelystablebytheendof

2025,following

moderategrowthearlier

intheyear.

occupancylevelsacrossprimeschemesremainedresilient,supportedbylimitedavailabilityofquality

spaceandactive

tenantrotationstrategies.

In

this

respect,Romaniaalignswith

broaderEuropeanmarkets,where

landlordsof

dominantassetsare

increasingly

leveraging

theirpositiontoupgrade

tenant

mixes,Lookingahead,

retaildevelopmentactivityin

Romania

isexpected

toremainelevatedcomparedtohistorical

averages.

Larger-scale

projectsareexpectedtocome

forward

inthenext2-3years,aswell

as

acontinuationofretail

park

development.Romaniastandsoutas

a

marketwherestructuralfundamentals

continuetosupportlong-term

retail

growth,despite

short-term

economic

headwinds.Retail

supply

Evolves,Tenant

Demand

stays

strongwhile

consumerspendingsoftenedcomparedtoprevious

recordyears,

Romania's

retail

marketremainsstructurally

under

supplied,supportingcontinued

development

activity

and

retailer

interest.Intelligent

Investment

2026Real

Estate

MarketOutlook|

ROMANIA14CBRE

RESEARCH

?

2026

CBRE,

INC.RetailIntelligent

Investment

2026Real

Estate

MarketOutlook|

ROMANIA15CBRE

RESEARCH

?

2026

CBRE,

INC.——

Industrial

&

LogisticsIn

Romania,industrial

and

logistics

leasing

activitystrengthened

in2025,withtotal

leasingactivityexceeding

1.0

millionsqm,broadlyin

linewith

historical

levels

recorded

in2022and

2023.

Astron

gQ4performanceof427,400sqm,up67%year-on-year,

confirmsacontinued

recoveryinoccupierdemand,contrastingwiththe

more

subduedtake-up

trends

observedacross

Europe.ouroutlookpointstocontinued,

moderategrowth

inleasingactivity,supported

bysupplychain

optimisation,

regionaldistribution,e-commerceexpansion,

and

theconsolidationofdistribution

networks.Netabsorption

is

expectedtoremainconstrained

intheshort

term,despitehealthytake-uplevels,as

asignificantshareof

transactions

reflects

relocation

sand

upgrades

tohigher-quality,

moreefficientfacilities,

ratherthan

pure

footprintexpansion.

Thisdynamicmirrorstrendsseen

acrossEurope,

whereoccupiers

increasingly

priorit

ise

modern,future-readyassetsoverolderstock.Romania's

modern

industrial

stock

reached

8.17

mln.sqm

bytheendof2025.

Developmentactivityin

Romania

hasdeclined

sharply,with

newsupplytotalingapprox.

342,000sq

min2025,

a49%yo

ydecrease,

reflecting

a

morereduced

appetiteforspeculativeprojects.Asa

result,thedevelopmentpipeline

remains

muted,witharound

464,000sq

munderconstructionandscheduled

fordelivery

byend-2026,ofwhich

Bucharestisexpected

tocapture64%.A

growing

shareofupcomingcompletion

s

isalreadypre-let,aligning

RomaniawiththebroaderEuropeantrendtowardstightly

controlledspeculativedevelopment.vacancyratescontinuedto

trenddownward,reaching

3.8%

nationally,withBucharestat3.5%and

regionalmarkets

slightly

higher

at4.0%.This

contrasts

withpartsofEuropewherevacancy

hascontinuedtorise,reflectingRomania's

more

disciplined

supplyenvironment.prime

rents

remained

stable

atEUR4.75

persq

m

permonth,with

moderateupwardpressureexpected

aslimitedavailabilitypersist

sandnewsupply

remainsconstrained.overall,

Romania'sindustrialand

logistics

marketenters

2026from

aposition

of

strength,underpinned

byresilientoccupierdemandand

restraineddevelopment

activity.Resilient

occu

pier

Demand

AmidMuted

Development

ActivityIntelligent

Investment

2026Real

Estate

MarketOutlook|

ROMANIA17CBRE

RESEARCH

?

2026

CBRE,

INC.

Bucharestncentralwest/NorthwestsouthEast/North

EastFigure4:

Total

Leasing

Activity

Evolution

by

I&L

RegionIndustrial

&Logisticssource:CBRE

ResearchVGp

parkAradsource:VGP

RomaniaIntelligent

Investment

2026Real

Estate

MarketOutlook|

ROMANIA18CBRE

RESEARCH

?

2026

CBRE,

INC.——

LandIn2025,morethan136

hectaresofdevelopment

land

weretransacted

nationwide,representinga41%year-on-yearincrease.

of

thetotalarea,55%wasconcentrated

in

Bucharestand

Ilfovcounties,

while

the

remaining45%wasrecorded

in

regional

cities,

including

cluj-Napoca,

Bacau,andconstanta.overallRomania's

land

marketin2025ischaracterized

byinformedacquisition

sandverywell

documented

strategiesofportfolioenhancements.Theintendedusesof

thetransacted

landare

concentrated

in

foursectors:

retail

(33%),

mixed-use(26%),

residential

(22%),and

industrial(18%),withthebalanceallocated

toothercategories.Retaildevelopers

remainthe