Market Reports

BREC & RPC RANKINGS: THE LARGEST REAL ESTATE ASSET OWNERS IN ROMANIA
BREC & RPC RANKINGS: THE LARGEST REAL ESTATE ASSET OWNERS IN ROMANIA 900 600 BUCHAREST REAL ESTATE CLUB

Bucharest, July 28, 2026 – NEPI Rockcastle, AFI Europe Romania, and IULIUS lead the ranking of the largest shopping center owners in Romania; Globalworth, Pavăl Holding, and CPI Property Group head the top owners of office buildings; while CTP, WDP, and VGP top the list of the largest logistics and industrial park owners in the country, according to Q2 2026 data provided by the real estate consultancy firm iO Partners for BREC & RPC.

NO. TOP RETAIL REAL ESTATE OWNERS IN ROMANIA*
COMPANY NAME GROSS LEASABLE AREA (GLA – SQ M) MARKET SHARE %
1 NEPI Rockcastle                    939.800                                 20,2
2 AFI România                    325.500                                   7,1
3 IULIUS & Atterbury Europe                    320.000                                   6,9
4 MAS REI                    309.700                                   6,7
5 CPI Property Group                    238.702                                   5,2
6 Other Players                 2.498.300                                 53,9
7 Total                 4.632.002                                  100

* Stock includes shopping centers, retail parks, outlet centers, and hypermarkets with galleries, with a leasable area of at least 5,000 sq m. Source: iO Partners, Q2 2026.

NEPI Rockcastle currently has under development the expansion of Promenada Mall Bucharest by 55,400 sq m (including office space and a hotel), as well as the new Galați Retail Park project (42,000 sq m GLA), both with delivery scheduled for 2027.

AFI Europe Romania recently acquired a stock of 125,500 sq m, comprising six retail parks, from MAS REI – a transaction that moved the developer up one spot in the ranking.

IULIUS & Atterbury Europe have commenced construction on the RIVUS mixed-use project in Cluj-Napoca, which will feature a commercial area with over 400 stores across 142,000 sq m GLA, along with an office component. IULIUS has also initiated a large-scale mixed-use project in Constanța, currently in the concept development stage, which will include retail and office space on a 38-hectare plot. Additionally, IULIUS has started the redesign and extension of Palas Iași shopping center, adding 16,000 sq m of retail GLA, bringing the total project footprint to 80,000 sq m. This year, the company will also inaugurate its third Family Market – a convenience retail concept – in the Iași metropolitan area. With 13,000 sq m of retail GLA, the project features a supermarket, drive-thru, fitness center, and daily essential services.

MAS REI reduced its portfolio from over 400,000 sq m to 309,700 sq m and moved down in the rankings following the sale of its 6 retail parks to AFI Europe Romania.

CPI Property Group is undergoing a complex modernization process of Sun Plaza, one of the primary shopping malls in its Romanian portfolio.

The top five retail property owners account for over 46% of Romania’s total modern retail stock.

NO. TOP OFFICE BUILDING OWNERS IN ROMANIA*
COMPANY NAME GROSS LEASABLE AREA (GLA – SQ M) MARKET SHARE %
1 Globalworth                    443.100                                   9,8
2 Paval Holding                    354.200                                   7,9
3 CPI Property Group                    280.000                                   6,2
4 AFI România                    274.000                                   6,1
5 IULIUS                    260.000                                   5,7
6 Other Players                 2.909.000                                  64,3
7 Total                 4.520.300                                   100

* Stock includes modern Class A and B office buildings for rent, built or renovated since 2000, with a leasable area of at least 2,000 sq m, located in Bucharest, Cluj-Napoca, Timișoara, Iași, and Brașov. Source: iO Partners, Q2 2026.

Globalworth broke ground at the end of 2025 on Green Court D in Bucharest (16,500 sq m), scheduled for delivery in 2027.

Pavăl Holding’s most recent move in the office sector was the 2025 acquisition of Ethos House (7,300 sq m) in the Floreasca area of Bucharest.

CPI Property Group sold a portion of the Iride Business Park complex in Bucharest (approx. 60,000 sq m) to Alfa Group in 2025.

AFI Europe Romania is developing the AFI Central Tower office building in Bucharest – a 28,100 sq m conversion of the former Bancorex building on Calea Victoriei scheduled for completion in 2028 – as well as AFI Park Brașov 2 (12,000 sq m), set to be delivered in 2027.

IULIUS has started construction on the Rivus mixed-use development in Cluj-Napoca and is planning a mixed-use project in Constanța, both featuring major office components.

The top five office property owners represent 35% of the total modern office stock in Romania.

NO. TOP LOGISTICS & INDUSTRIAL PARK OWNERS IN ROMANIA*
COMPANY NAME GROSS LEASABLE AREA (GLA – SQ M) MARKET SHARE %
1 CTP                 3.321.500                                 37.9
2 WDP                 2.058.300                                 23,5
3 VGP                    585.000                                   6,7
4 P3 (GIC)                    380.000                                   4,3
5 Logicor (CIC)                    331.200                                   3,8
6 Other players                 2.089.500                                 23,8
7 Total                 8.765.500                                  100

* Stock includes rental space in Class A and B industrial and logistics parks, built or renovated since 2000, with a leasable area of at least 5,000 sq m (excluding temperature-controlled units, which may be under 5,000 sq m). Source: iO Partners, Q2 2026.

CTP aims to surpass the 4 million sq m threshold in the coming years, primarily through the expansion of CTPark Bucharest West and CTPark Bucharest South.

WDP plans to expand by nearly 200,000 sq m by 2027 through ongoing pipeline projects, mostly located in Bucharest.

VGP is nearing the 600,000 sq m mark following deliveries exceeding 120,000 sq m in the first half of this year.

P3, owned by Singapore’s sovereign wealth fund GIC, continues to target the sale of its Romanian portfolio, with a transaction expected before the end of this year.

Logicor focuses on expanding around Bucharest, with plans to deliver approximately 30,000 sq m by the end of 2027.

The top five industrial players control approximately 76% of Romania’s total modern industrial and logistics stock (production and warehousing).

“The ranking of real estate asset owners in Romania tells a compelling story of market confidence. Romanian capital stands today alongside capital from the Czech Republic, South Africa, Israel, the Netherlands, Belgium, Singapore, and China across portfolios totaling nearly 18 million square meters, valued at tens of billions of euros. This proves that the Romanian real estate market has reached sufficient maturity and profitability to attract long-term investors with a highly diversified profile.” – Despina Ponomarenco, Founder of BREC & RPC.

Laura Ene, iO Partners, about the new design of work 2026: “One size no longer fits all”
Laura Ene, iO Partners, about the new design of work 2026: “One size no longer fits all” 632 600 BUCHAREST REAL ESTATE CLUB

11.05.2026

Laura Ene, Senior Consultant, iO Partners

Investment Market: Signs of Recovery After a Challenging 2025

Following a 31% decline in liquidity in 2025 compared to 2024, Romania’s real estate investment market is showing the first clear signs of recovery. Last year’s slowdown largely reflected the postponement of several large-scale transactions into 2026, with the office sector leading total volumes at 40%, followed by retail at 36%. Against this backdrop, 2026 projections are optimistic: with multiple major transactions currently in advanced stages of negotiation, total investment volumes could reach approximately €900 million. Prime yields and rents remained broadly stable in Q1 2026, providing a degree of predictability for the period ahead.

Office Take-Up: Demand Softens, but the Market Rebalances

Both Bucharest and regional cities recorded declines in gross take-up in 2025 — down 23% and 27% respectively compared to 2024. The picture, however, is nuanced. In the capital, a lack of new supply kept lease renewals as the dominant transaction type, while higher-vacancy regional markets such as Timișoara saw more expansions and relocations. Prime rents remained stable across most markets, with Bucharest continuing to be the most complex, showing significant variation between assets and submarkets. Vacancy rates at national level continue to decline, signalling a gradual absorption of existing stock.

Regional Cities: Cluj and Brașov Lead the Development Pipeline

At regional level, Cluj-Napoca, Timișoara, Iași and Brașov all recorded year-on-year decreases in vacancy, with typical Class A rents ranging between €12.5 and €17 per sqm per month. While Bucharest has evolved beyond its IT-driven roots, regional cities such as Cluj and Iași remain heavily reliant on the technology sector as the primary demand catalyst. On the supply side, regional developers are proceeding cautiously, with Cluj and Brașov concentrating the majority of completions expected over the next three years.

Hybrid Working Models Are Reshaping Space Requirements

One of the most compelling sections of the iO Partners report examines the five dominant working models currently in play — ranging from Office Centric, with up to 75% maximum presence, to fully Remote, with four to five days worked from home. Companies recording office presence below 30–45% are already exploring flexible space solutions, a trend that is accelerating the adoption of flex and coworking formats. Hybrid models imply lower sharing ratios and a growing emphasis on social over individual workspaces — a shift with direct implications for how offices are configured and sized.

Flex Office: Steady Growth, Decentralisation Underway

Bucharest’s flex office stock surpassed 74,000 sqm by the end of 2025, accounting for over 2% of the total modern office stock — a meaningful threshold. Nationally, Romania now counts over 100 coworking locations, with the highest concentration in Bucharest, Brașov, Iași, Cluj and Timișoara. The emerging trend is one of decentralisation: satellite offices, regional hubs and flexible work environments that combine the benefits of remote work with professional office infrastructure. This evolution simultaneously addresses employee needs — reduced commuting, improved work-life balance — and corporate priorities, as businesses look to avoid long-term lease commitments and the high operational costs of a single central headquarters.

Bucharest bets on flexibility. Flex office deliveries triple year-on-year
Bucharest bets on flexibility. Flex office deliveries triple year-on-year 540 600 BUCHAREST REAL ESTATE CLUB

Bucharest’s flexible office footprint has reached 74,000 sq m across 48 locations, pushing the segment beyond 2% of the city’s modern office stock.

Supply continues to expand, with total flex stock growing 8.1% year‑on‑year in 2025, supported by a strong rebound in deliveries amounting to 5,600 sq m, marking an over  300% increase compared with the previous year.

The distribution of flex space remains highly centralised: the Centre (25%), Floreasca–Barbu Văcărescu (17%), Centre‑West (16%) and the CBD (14%) together account for 72% of Bucharest’s flex market.

Flex office asking rents in Bucharest peak in the CBD and Central areas (around €400 per person/month).

Center-West and Floreasca sit in the mid-range (€350), while Dimitrie Pompeiu and North-West Expozitiei remain the most affordable options (€250).

“The office remains a core asset for collaboration and culture, but its relevance today depends on how well it supports people and operations. Coworking spaces respond to this shift by combining location, design, amenities and technology in a way many companies struggle to build it from scratch. The coworking model does not replace the traditional lease, but gives companies the ability to test different ways of working. Once the right model is validated, committing to a long-term lease becomes both easier and safer.” Laura Ene, Senior Consultant Office Advisory iO Partners.

Building quality remains a defining advantage for occupiers, with approximately 69% of flex stock situated in Class A buildings, while green‑certified buildings account for more than 50,000 sq m of total supply.

Accessibility continues to shape occupier preference. 84% of all flex stock is positioned within one kilometre of a metro station, and nearly two‑thirds fall within a 500‑metre radius, strengthening the appeal of these locations for talent access and commuter convenience.

The local operator landscape is led by IWG, whose brands Regus and Spaces together represent 34% of market share by area, followed by Mindspace (11%), The One (10%), aSpace (9%), Hotspot (6%) and Supertree (4%). The market has welcomed several new entries, including Betahaus, V7, and OmniOffice, adding fresh concepts and diversity to the flex office landscape.

On a wider scale, the global coworking market is expected to almost double by 2029, reaching an estimated USD 51 billion in value. This growth is accompanied by a structural shift, as corporate coworking spaces expand to a 43% market share, driven by increased enterprise adoption, with 29% of global corporations leasing private suites.

In parallel, 56% of corporate-oriented coworking centers now integrate smart automation, while 47% offer advanced meeting infrastructure. As a result, the market is gradually moving away from open-desk layouts traditionally designed for freelancers or early-stage startups, toward more private, enterprise-grade workspace solutions.

For occupiers, the market now offers a mature network of flexible, modern and centrally located workspaces. For landlords, flex has become a strategic component of asset stabilisation, contributing to faster absorption and improved building performance in competitive submarkets, some landlords even operating it themselves.

FORTIM Study: Romanian Investors Lead the Commercial Real Estate Investment Market in 2025
FORTIM Study: Romanian Investors Lead the Commercial Real Estate Investment Market in 2025 538 600 BUCHAREST REAL ESTATE CLUB

In 2025, the total volume of investments in commercial properties in Romania reached 579.4 million euro, according to a study conducted by Fortim Trusted Advisors, an alliance member of the BNP Paribas Real Estate.
Romanian investors held the largest share of total invested capital, accounting for 34% of transaction value, 193 million euro.

Second place was taken by investors from the United Kingdom, with 27% of the total and investments 156 million euro, followed by Hungarian investors with 9%, equivalent 52 million euro.

This structure marks a significant change compared to 2024, when Belgian investors ranked first, followed by Czech investors, while Romanian investors were in third place.

Among the most important commercial properties acquired by Romanian investors in 2025 are the Winmarkt Someș shopping center in Cluj-Napoca, the Joy retail park in Calafat, the Iride, Ethos, Pipera Business Tower and Henkel HQ office buildings in Bucharest, the Heineken factory in Constanța, as well as the Capitol hotel complex in Eforie Sud and the Balada Hotel in Saturn.

“The significant increase in the share of Romanian investors reflects the maturation of the local market and growing confidence in the long-term potential of commercial real estate assets in Romania. We see well-capitalized local investors with clear strategies and an increased appetite for diversification, covering all four real estate segments: offices, retail, industrial and hotels,” said Ștefan Oana, Head of Capital Markets at Fortim Trusted Advisors, an alliance member of the BNP Paribas Real Estate.

A single investor from the United Kingdom, M Core, purchased retail parks and shopping malls in secondary cities with a total value ofeuro156 million, placing this nationality second in terms of total transaction volume.

TARA INVESTITORI VALOARE 2025 (MIL. EURO)
ROMÂNIA 193
MAREA BRITANIE 156
UNGARIA 52
ISRAEL 40
JAPONIA 35
LIBAN 30
TURCIA 15,8
BELGIA 15
CIPRU 6,4
GRECIA 4,2
n/a 20

Top 3 Transactions of 2025 

The largest transaction of 2025 was carried out by M Core, which acquired seven retail parks located in smaller cities for 57 million euro.
Second place was taken by a transaction involving Romanian capital: Alfa Group purchased part of the IRIDE office complex in the Pipera area of Bucharest for 55 million euro.
Third place was occupied by the Equilibrium transaction, acquired by Hungarian investors from Adventum for 52 million  euro.

One of the most important transactions expected in 2025 in the industrial segment—the acquisition of the P3 portfolio by CTP—did not receive approval from the Competition Council. Under these circumstances, the total investment market volume remained, at year-end, below the level recorded in 2024.

The largest transaction in the industrial segment was the acquisition of a tire factory in Mehedinți County for 35 million euro by a Japanese company.

“In 2026, investor interest will remain high in the retail park segment, which continues to benefit from high occupancy rates, in the industrial-logistics segment, which has the greatest investment potential supported by the expansion of road infrastructure, as well as in the office segment. In this case, investors are particularly attracted by market opportunities generated by pricing levels and seller flexibility, if office assets are located in well-positioned areas,” estimates Nicolae Ciobanu, Managing Partner – Head of Advisory at Fortim Trusted Advisors, an alliance member of the BNP Paribas Real Estate.

The highest volume of investments ever made by Romanian capital in the real estate sector was recorded in 2022, when Pavăl Holding acquired office buildings with a total value ofeuro467 million. That year, Romanian investors accounted for 49% of the total transaction volume, in a context of record investment levels.

Market Reports
Market Reports 1600 1120 BUCHAREST REAL ESTATE CLUB

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MARKET REPORTS: ROMANIA R.E.VOLUTION 2019-2020

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