In the Spotlight

In the Spotlight

Romanian tourists on the rise at Hotel Cișmigiu in the first half of 2026, partially offsetting the decline in Israeli arrivals
Romanian tourists on the rise at Hotel Cișmigiu in the first half of 2026, partially offsetting the decline in Israeli arrivals 397 600 BUCHAREST REAL ESTATE CLUB

Hotel Cișmigiu, part of Hercesa Romania’s portfolio, saw an increase in the share of Romanian guests in the first half of 2026, with their proportion of total overnight stays rising from 12% to 15%, against a backdrop in which, at national level, overnight stays by Romanian tourists fell by more than 10% in the first four months of the year, according to the National Institute of Statistics.

The hotel’s H1 2026 results reflect the impact of a specific external factor: the suspension of air routes to and from Israel in March and April 2026, amid the escalation of the conflict in the region. Although Israel retained its top position in the source market ranking, accounting for 18% of international overnight stays, its share declined by 5 percentage points compared to H1 2025, when it stood at 23%.

“Other markets partially and naturally offset the decline in Israeli guests, a result of our ongoing strategy to diversify the hotel’s visitor mix as broadly as possible. Moreover, the guests who did stay with us spent slightly more per night than in 2025, even as overall volume declined“, said Mirela Cojocaru, General Manager of Hotel Cișmigiu.

Romania ranks second in the source market breakdown for H1 2026, followed by the United Kingdom, Germany and Spain among international markets. Of international overnight stays, the United Kingdom accounted for 8%, Germany for 7%, moving up one position compared to the previous year, while Spain recorded the strongest relative growth, advancing from 4% to 6%. Italy fell from 11% to 6%, while guests from the United States maintained a steady 5% share.

The ADR (average daily rate) at Hotel Cișmigiu advanced from €121 to €123, a sign that demand quality improved, while the corporate/leisure ratio remained stable at 55/45, confirming the loyalty of the business segment to the property.

Total accommodation revenues at Hotel Cișmigiu came in at €923,000 in H1 2026, compared to approximately €1 million in the same period of the previous year, while the occupancy rate reached 71%, down from 77% in H1 2025 and 78% at year-end 2025. The number of overnight stays was 7,600, compared to 8,300 in H1 2025, with the 8% decline in line with the national trend recorded by INS for the same period.

 

“Although March and April were difficult months, May and June brought a recovery that gives us confidence for the second half of the year. September and October are traditionally a second peak season for Bucharest, and if this trend holds, we expect to close the year with a deviation of just 2–3% from our targets set at the beginning of the year. The key lesson of this first half is the importance of diversifying our source market mix  and we are working to make this a strategic priority going forward“, said Mirela Cojocaru.

Beyond these developments, the first six months of 2026 brought a cumulative set of fiscal and regulatory pressures. The city tax increased by more than 200% compared to 2025, following a change in the calculation model from a percentage-based levy to a fixed amount per tourist per night. The hotel chose to collect the tax separately, keeping ADR unaffected and ensuring transparency for guests and comparability with the prior period.

On the personnel side, the gross minimum wage increased from RON 4,050 to RON 4,325 as of 1 July 2026, a rise of 6.8% whose effects have already been factored into the budget plan for the second half. Added to these were pressures on energy costs, felt concretely in operations through utilities, climate control and equipment, and addressed through medium-term energy efficiency measures.

Overall, hotel management has absorbed these costs through operational adjustments and proactive budget planning, without passing the pressure on to room rates or compromising the quality of service offered to guests. In this context, the fiscal and operational pressures of H1 do not alter the outlook for the second half of the year, with the hotel continuing to pursue its stated objectives.

About Hotel Cișmigiu

Hotel Cișmigiu includes 60 apartments, five conference rooms with capacities ranging from 30 to 70 people, and an amphitheater. It also serves as a cultural hub, hosting a Humanitas bookstore and the Cervantes Institute.

Renewable Energy Projects Become Vitalis Consulting’s Main Growth Driver: Two New Photovoltaic Parks Signed in Q1 2026
Renewable Energy Projects Become Vitalis Consulting’s Main Growth Driver: Two New Photovoltaic Parks Signed in Q1 2026 900 600 BUCHAREST REAL ESTATE CLUB

Vitalis Consulting, one of Romania’s leading project management and construction consultancy companies, concluded the first quarter of 2026 with a strong acceleration of its renewable energy business, which has emerged as the company’s primary growth driver.

“The strongest momentum has been recorded in the photovoltaic and energy storage segments, as investors increasingly focus on energy efficiency, sustainability and long-term returns. This market is supported both by growing investor interest and by the funding opportunities available for such developments. We see this segment as a strategic pillar for the company’s future growth,” said Alexandru Samoilă, Managing Director of Vitalis Consulting.

Two New Photovoltaic Parks Signed in Q1

During the first quarter, Vitalis Consulting secured two major renewable energy projects. The first is the Mărunței Photovoltaic Park, located in Olt County, with an installed capacity of 60.88 MW and a 100.30 MWh Battery Energy Storage System (BESS). The second project is the Gârla Mare Photovoltaic Park, located in Mehedinți County, with a total installed capacity of 2 × 63 MW, complemented by two BESS installations with capacities of 50 MWh and 100 MWh, respectively. For both projects, Vitalis Consulting will provide integrated project management, site management, construction supervision and Health & Safety (H&S) coordination services.

These new developments reflect the accelerating pace of renewable energy investments in Romania and further strengthen Vitalis Consulting’s position in a strategic sector with significant long-term growth potential. At the same time, the company is in advanced negotiations for several additional projects, some of which are close to being signed.

Industrial and Hospitality Sectors Continue to Deliver Solid Growth

Beyond renewable energy, the industrial sector remains a strategic business line, particularly in logistics and automated warehousing infrastructure, where Vitalis Consulting leverages its experience gained through more than 80 industrial projects, covering over 600,000 square metres.

The hospitality sector also continues to represent an important growth area, with seven hotel developments currently underway across Romania, representing combined investments exceeding EUR 300 million.

During the first half of the year, the company was involved in projects including H East Residence, a residential development that will deliver 568 apartments, 824 parking spaces and an integrated retail component, as well as a logistics development in Câmpia Turzii, incorporating advanced warehousing and operational technologies. The latter is a relevant example of the ongoing evolution of Romania’s logistics sector and cold chain infrastructure.

A Challenging Yet Supportive Environment for Strong Projects

The company’s positive performance comes amid an economic environment characterised by persistently high financing costs, inflationary pressures and longer investment decision cycles. Despite these challenges, Vitalis Consulting remains optimistic, relying on the flexibility and adaptability it has built over 20 years of activity.

Looking ahead, the company will continue expanding its portfolio in the industrial and energy sectors while strengthening its presence in hospitality and healthcare projects. At the same time, it plans to further invest in digitalisation, automation and the expansion of its technical due diligence services.

2026 marks a significant milestone for Vitalis Consulting, as the company celebrates 20 years of operations on the Romanian market.

Romanians spend 17% more at the mall than two years ago, above the inflation rate. The Mall Effect Index explains why.
Romanians spend 17% more at the mall than two years ago, above the inflation rate. The Mall Effect Index explains why. 752 600 BUCHAREST REAL ESTATE CLUB

Urban consumer behavior in Romania is measured with a dedicated index. Trends over the last three years.

+17%

SPENDING PER VISIT

327 → 370 → 383 RON ·

real growth above inflation

 64%

REAL CONVERSION

visitors who stated they made a purchase after seeing an ad in the mall · 3-year record

 82%

ADS RECALL

growing for 3 consecutive years ·

80% · 81% · 82%

 70

MALL EFFECT INDEX 2026

on a  0–100 scale · 65 · 67 ·

70 (series  2024–2026)

The Mall Effect Index (MEI) https://themalleffect.ro/ reached a score of 70 points on a scale of 0 to 100 in 2026, the third consecutive year of growth, from 65 in 2024 to 67 in 2025. Romanians in major cities reported spending an average of 383 RON per mall visit, 17% more than two years ago, a growth that exceeds the cumulative inflation rate over the same period. The indoor advertising conversion rate reached 64%, an all-time record in three years of measurement, and the conversion gap of +7 percentage points shows that more people actually make a purchase compared to those who say they intend to.

WHAT IS THE MALL EFFECT INDEX (MEI)

The Mall Effect Index (MEI) is the first initiative in Romania to longitudinally track consumer behavior in shopping centers. Developed by Generatik together with Reveal Marketing Research, this index aims to bring greater clarity to an area that has been insufficiently measured until now: real consumer behavior in shopping centers and the role the mall plays in the purchasing decision.

Built on three waves of research conducted between 2024 and 2026, the index provides the first coherent insights into how consumption works in Romania’s shopping malls. Until now, the market has had mostly fragmented data on traffic, sales, or reach, but very few integrated tools that track the same type of behavior, using the same methodology, year after year.

„The Romanian market has sales data, traffic data, and reach data. What it has lacked until now is a tool that measures the same behavior, with the same method, year after year. Without that, you cannot tell whether what you see is a real trend or just year-to-year variation”, explains Marius Luican, founder of Reveal Marketing Research, highlighting the role of methodological continuity in this endeavor.

From an advertising effectiveness perspective, approximately 8 in 10 visitors reported having seen advertising in the mall during their visit , this is the exposure rate, the first sub-index of the index, measuring how many visitors have visual contact with indoor advertising. 64% of respondents said they made a purchase as a result of an ad seen inside, representing the conversion rate, the only sub-index that measures real behavior rather than stated intent. However, the index’s surprise indicator remains the difference between stated intent, what people say they will do after seeing an ad, and actual purchasing behavior: more respondents said they actually made a purchase (64%) than stated they intended to (57%). This 7-percentage-point gap, called the Conversion Gap, shows that the influence of mall advertising operates beyond consumer awareness, and that the mall functions more as a decision-making and purchasing space rather than merely an exposure space. At the same time, indoor advertising recall, the extent to which visitors exposed to advertising retain something from what they saw, has grown for the third consecutive year, a rare phenomenon in Romania’s media landscape.

The influence of indoor advertising appears at a specific moment of the visit, defined by the authors as the “Golden Moment”, the point at which context, exposure, and consumption readiness align.

„The conversion gap is the golden nugget that mall advertising adds to the relationship between brand and consumer. When we go to the mall, we are much more open to discovery and purchase decisions than in other contexts. For the first time, this effect is beginning to be quantifiable”, explains Răzvan Marincoi, Product Manager at Generatik, Creator of The Mall Effect Index.

The 2026 study data paints a picture of a more active urban consumer who is spending more than in previous years. The average spending per visit reached 383 RON, exceeding the cumulative inflation rate over the analyzed period. The data suggests that the physical mall remains the primary point of contact and validation in the purchasing process, decisively influencing the final choice, even when the transaction subsequently shifts online.

The data also points to a shift in urban consumer behavior: the mall remains a relevant commercial space but is increasingly gaining a social dimension. At the same time, consumers appear to be becoming more efficient, spending more during shorter visits.

„After three consecutive years of measurement, the real conversion of mall advertising reached 64% in 2026, the highest since we started measuring. At the same time, average spending has increased, and advertising recall grows every year. We are no longer talking about a snapshot. We are talking about a structural trend that positions the mall as one of the most effective communication channels in Romania”, said Răzvan Marincoi, Product Manager at Generatik, Creator of The Mall Effect Index.

The project’s authors emphasize that The Mall Effect Index is an evolving endeavor, built on three years of comparable measurements. Derived from a larger study on consumer behavior and based on self-reported responses collected via the CAWI method, the index currently provides an overview of consumption trends in the mall.

The Mall Effect Index marks a shift in perspective in how the industry can understand consumer behavior in the mall: from measuring volumes to the mechanisms behind the purchasing decision. Based on three years of comparable data, the index is already outlining a first frame of reference , for brands and marketers, for media agencies, for investors and shopping center operators, and is preparing to reach a greater level of granularity. In editions 4 and 5, the analysis will be developed through dedicated studies and expanded with differentiations by mall type, city, and consumption category, built together with all interested parties.

How Mindspace Is Shaping Romania’s Flexible Office Market
How Mindspace Is Shaping Romania’s Flexible Office Market 1200 600 BUCHAREST REAL ESTATE CLUB

18.05.2026

Andreea Birladeanu, General Manager Romania, Mindspace

Mindspace operates two hubs in different areas of the capital. How do the two locations differ, and what type of tenants have you attracted?

Mindspace’s two Bucharest locations reflect two different business dynamics within the city.

Mindspace Victoriei location, in the central Bucharest, attracts a diverse mix of international companies, professional services firms, tech teams and scale-ups seeking strong accessibility and a premium central presence. The atmosphere is energetic and business-oriented, with many companies using the space as a hub for hybrid teams and client-facing operations.

Mindspace Business District, located in one of Bucharest’s key modern office areas, appeals more strongly to established corporations, regional headquarters, and fast-growing technology companies. Tenants there tend to prioritize scalability, premium amenities, and access to modern infrastructure while still maintaining flexibility.

What’s particularly interesting in Romania is how diverse the tenant mix has become. Flexible workspaces are no longer used only by startups or freelancers. Enterprise companies, outsourcing firms, creative industries, and international businesses are increasingly using flexible office solutions as part of their long-term workplace strategy.

Can we still talk about co-working as a solution for freelancers and start-ups?

That’s where coworking started, but the Romanian market has evolved significantly.

In the early years, coworking spaces mainly served freelancers, entrepreneurs and small startups that needed affordable and flexible office solutions. Today, the market has matured. Flexible workspace has become an important solution for medium-sized businesses, international companies entering Romania and enterprise teams adapting to hybrid work.

In Bucharest especially, companies are increasingly focused on employee experience, talent retention, and flexibility. The office is no longer viewed simply as a fixed operational cost. It’s part of company culture and employer branding.

Romania’s growing tech ecosystem has also accelerated this shift. Many companies want spaces that support collaboration, creativity, and community rather than traditional static offices.

So coworking today is less about company size and more about agility and experience.

Economic and technological instability makes 10-year planning difficult for companies. Under these conditions, is flexibility becoming the “new security” for tenants?

Absolutely. In today’s environment, flexibility is increasingly seen as a form of security.

Many companies are cautious about committing to long-term leases because workforce needs, economic conditions, and technology are changing so rapidly. This is especially relevant in Romania, where businesses are balancing growth opportunities with global uncertainty.

Flexible workspaces allow companies to scale more efficiently, adapt to hybrid work models, and reduce long-term real estate risk. Instead of locking themselves into rigid structures, businesses want the ability to evolve and adapt quickly.

We’re also seeing that flexibility supports talent strategy. Employees now expect more adaptable work environments, and companies need workplace solutions that help attract and retain skilled professionals.

In many ways, agility has become more valuable than permanence.

How does Mindspace use data and artificial intelligence to optimize workspace utilization? Do you have any insights into how workplace design is changing to accommodate teams that collaborate intensively with AI tools?

Data and AI are becoming increasingly important in understanding how people use workspaces and how offices can operate more efficiently.

By analyzing occupancy trends, meeting room usage, attendance patterns and member behavior – Operators can optimize layouts, improve operational efficiency, and create more responsive environments.

AI also helps improve forecasting, energy management and personalized workplace experiences. As hybrid work becomes standard, these insights are essential for adapting spaces to real usage patterns rather than assumptions.

In terms of design, offices are evolving significantly because AI is changing how teams work. Routine individual tasks are increasingly supported by AI tools, which means the office is becoming more focused on collaboration, innovation, and interpersonal interaction.

We’re seeing demand for:

  • More collaboration zones and social spaces
  • Flexible meeting rooms with advanced hybrid capabilities
  • Quiet rooms for focused AI-assisted work
  • Better acoustics and adaptable layouts
  • Hospitality-inspired environments that encourage employees to spend meaningful time in the office

In Romania’s competitive talent market, workplace quality has become an important differentiator.

As co-working evolves into broader business ecosystems, how are operators responding in terms of the services they provide?

The role of coworking operators has expanded considerably.

Today, companies expect much more than office infrastructure. They’re looking for environments that support networking, employee wellbeing, productivity, and company culture.

Operators are responding by building full business ecosystems around the workspace experience. That includes hospitality services, curated events, wellness initiatives, networking opportunities, flexible memberships, and community-driven programming.

In Bucharest, this is particularly relevant because many businesses value opportunities for collaboration and international connectivity. Flexible workspaces can create communities where startups, scale-ups, corporates, and creatives interact organically.

We’re also seeing increased demand for:

  • Enterprise hybrid-work solutions
  • Event and meeting spaces
  • Plug-and-play offices
  • Wellness and lifestyle services
  • Community and networking programs
  • Technology-enabled workplace experiences

The overall direction is clear: coworking is evolving from a real estate product into an experience and service platform that helps companies support both business performance and employee satisfaction.

Eldrive Romania celebrated the opening of its new office alongside partners
Eldrive Romania celebrated the opening of its new office alongside partners 899 600 BUCHAREST REAL ESTATE CLUB

The companies part of Renalfa Solarpro Group, Renalfa, Solarpro, Toki Power Romania and Eldrive Romania, celebrated the opening of their new office alongside partners.

On May 13, the Romanian teams of the RSG celebrated the opening of their new office of approximately 750 sqm in Oregon Park, Bucharest, through an event dedicated to collaboration, networking, and strengthening relationships with partners and guests from various industries.

The program included a series of speeches delivered by representatives of the four companies sharing the new office space.

Konstantin Nenov, Founder of Renalfa Group, opened the speeches by highlighting the long-term vision behind the ecosystem formed by Eldrive, Solarpro, Renalfa, and Toki Power Romania, as well as the importance of innovation and strong partnerships. “Our business mentality is that we bet on very long-term relationships. We grow together, we develop together, and we innovate together,” he said.

George Tecușan, Country Manager of Renalfa Romania, continued by emphasizing the importance of collaboration, partnerships, and the people behind the group’s strategic objectives.

“We are innovators, but we need an ecosystem to thrive and to develop. This journey cannot be done alone,” he said.

He also thanked the partners and stakeholders present at the event for their trust, support, and contribution to the group’s development in Romania.

In his speech, Stefan Spassov, CEO of Eldrive, highlighted the strategic importance of Romania for the company and the rapid evolution of the country’s EV charging infrastructure. He emphasised Eldrive Romania’s milestone of reaching 1,000 charging points nationwide and outlined the company’s plans to continue investing in stronger and more reliable charging infrastructure, new high-performance charging hubs tailored to the Romanian market, and future-ready solutions for electric trucks and heavy-duty vehicles.

“Romania is not simply another market for Eldrive, it is a strategic priority and a country where we strongly believe in the long-term potential of e-mobility,” said Stefan Spassov.

Kamen Nedyalkov, Country Manager of Solarpro Romania, emphasized the importance of collaboration and strong partnerships in supporting the company’s projects and long-term ambitions in Romania. He also highlighted Solarpro’s commitment to delivering projects on time and at the highest quality standards.

“This is just part of the way we are being ambitious to develop the market here and to grow together with our partners,” he said.

Aurel Mindrican, Country Manager of Toki Power Romania, spoke about the company’s role within the wider Renalfa Solarpro Group ecosystem and its focus on optimizing the commercial operation and performance of production and storage capacities.

“For Toki Power Romania, the priority is the commercial operation and performance optimization of the production and storage capacities of both our partners and the Renalfa Solarpro Group,” he stated.

Camelia Popescu, Country Manager of Eldrive Romania, spoke about the journey of the local team and the importance of collaboration in accelerating the transition to electric mobility.

“This new office represents much more than a physical move. It reflects who we are becoming as a company: a place where ideas grow, partnerships strengthen, and innovation happens,” she said.

The companies also extended their thanks to Lion’s Head, the owner and operator of Oregon Park, for hosting the new shared office space.

Following the official session, guests had the opportunity to discover the new office and continue the discussions during a networking lunch focused on future projects, collaboration opportunities, and the continued development of sustainable mobility in Romania.

We would like to thank everyone who joined us for this special occasion, and we look forward to continuing to build ambitious and sustainable projects together.

West Group launches the KronenPark Residences brand, announces four residential projects in Romania and Germany, and targets a turnover of 75 million euros in 2026
West Group launches the KronenPark Residences brand, announces four residential projects in Romania and Germany, and targets a turnover of 75 million euros in 2026 900 600 BUCHAREST REAL ESTATE CLUB

West Group, a real estate developer operating on a German business model, is announcing a major milestone in the consolidation and development of its portfolio. The residential complex previously known as iResidence becomes KronenPark Residences. The rebranding follows West Group’s full acquisition of the project and its integration into the portfolio of developments the group is building under the Kronen brand.

The new identity marks the group’s commitment to the clients who have trusted the project from the very beginning and reaffirms the promise to deliver homes to the highest quality standard in the northern area of the capital. Simultaneously, West Group is announcing four residential projects under development in Romania and Germany and a consolidated projected turnover of ~75 million EUR for 2026.

The rebranding reflects a long-term portfolio strategy. West Group is simultaneously developing KronenPark Residences in Pipera, a boutique project in Cotroceni, multi-family vacation homes in Sinaia, and a residential project in Offenbach (Frankfurt), the city where the group also has a subsidiary.

„The market is maturing and buyers are making the distinction between a project and a product. KronenPark Residences is a product with a technical standard, a services ecosystem and a brand identity that we can replicate in every future development. This is the Kronen promise”, said Dan Crăciunescu, founder of West Group.

The announcement comes at a time when Bucharest’s residential market is going through a phase of maturation and consolidation. New apartments in the capital have risen in price by 24% over the past year, and estimates point to over 20,500 new homes in Bucharest and its surroundings in 2026. The northern area remains the primary development hub, with over 8,500 units in the pipeline. In this competitive landscape, buyers are becoming increasingly selective and favour well-built, energy-efficient projects with multiple amenities.

KronenPark Residences – 45% reservations in the first phase, accelerating demand

Developed on a 23,000 sqm plot in the Pipera – North Bucharest area, the project comprises 547 apartments across 8 buildings, with 57 typologies , ranging from studios to panoramic penthouses and apartments with private gardens. The first phase (273 homes) has a reservation rate of 45%. Of these, 5 percentage points were added in just three weeks, signalling a significant acceleration in demand as the project gains visibility and progresses in construction.

The construction site is progressing on schedule. The structure is fully completed. Reynaers aluminium exterior joinery with triple-pane thermal insulation glazing has been installed on all buildings. Interior partitioning is complete in building B3 and nearing completion in buildings B1 and B2. Facade installation will begin on May 18, 2026. Electrical, HVAC, sanitary, and thermal installation works are underway.

KronenPark Residences integrates smart-home infrastructure, a BMS system for energy consumption optimisation, valet parking, 24/7 reception, a secured parcel area, property management and concierge services. Vehicle circulation is exclusively underground. The project features 810 parking spaces across two levels, EV charging stations and bicycle parking. At ground level, a 15,000 sqm private park is planned, the largest in the area, with a promenade, cycling and jogging track (~500 m), a multi-purpose sports court, a wellness area and pet-dedicated spaces.

Hybrid Working Accelerates the Rise of Flex Office
Hybrid Working Accelerates the Rise of Flex Office 900 600 BUCHAREST REAL ESTATE CLUB

As the way we work shifts from traditional to decentralised models, Flex Office solutions are gaining significant ground — whether through coworking operators or landlord-led flexible offerings. This is one of the key conclusions of THE NEW DESIGN OF WORK, the office conference organised on 6 May by Bucharest Real Estate Club and Romania Property Club.

Data from iO Partners highlights a diversification of occupancy strategies, identifying five distinct working models adapted to the new economic realities. “While the Office Centric model assumes office presence of up to 75% — with a strong 70% focus on individual work — the market is witnessing a paradigm shift among organisations with lower utilisation rates. Companies recording office presence below the 30–45% threshold are already transitioning towards flexible options, optimising space by adjusting the sharing ratio and prioritising social interaction over static workstations,” explains Laura Ene, Senior Consultant, Tenant Representation, iO Partners. On the rents side, iO Partners data shows that in Bucharest rates range between €15–22 per sqm per month, while in regional centres — Cluj-Napoca, Timișoara, Iași and Brașov — they sit between €12.5 and €17 per sqm. The lowest vacancy rate is recorded in Brașov at 6.7%, while Iași leads at 13.3%; Bucharest stands at 10.3%. Between Q1 2025 and Q1 2026, approximately 300,000 sqm were transacted in Bucharest and 51,000 sqm in regional centres, with Cluj-Napoca, Timișoara and Iași being the most active markets.

Vastint is currently developing the largest office construction site in Bucharest — the second phase of Timpuri Noi Square, spanning 60,000 sqm. “The new building is designed as a landmark project that eliminates fossil fuels and relies entirely on renewable energy sources, including 1,700 sqm of photovoltaic panels, heat pumps and geothermal wells. Our goal is to achieve LEED Platinum certification at the highest level — above 100 points. Phase 2 also introduces an expanded retail mix, including New Tales — a unique concept set to combine a diverse food and beverage offer with cultural services across approximately 6,000 sqm,” says Maria Badea, Senior Leasing Manager, Vastint Romania.

CPI Property Group Romania manages an office portfolio of 280,000 sqm, representing 8% of Bucharest’s modern stock. The portfolio has been significantly strengthened through the expansion of medical and healthcare assets — buildings such as Iride Eighteen, myhive Victoria Park and Băneasa Airport Tower have been partially or fully converted into medical spaces, now hosting private healthcare operators including Provita, Leventer Medical Group and Regina Maria. “For us, this move not only diversified our tenant mix, but also increased stability and predictability, improved utilisation rates in a hybrid working context, enhanced asset value and occupancy — and, not least, created a clear differentiation from the competition,” explains Andreea Cotigă, Head of Leasing Office, CPI Property Group Romania.

The concept of coworking and flexible office spaces has evolved considerably — from being primarily associated with startups and freelancers to gaining broad adoption among large enterprise companies. “Flexible office spaces and managed offices are becoming an increasingly common choice for companies at a certain stage of their evolution, when the need for adaptability and scalability becomes essential. These solutions allow them to avoid long-term lease commitments, optimise fixed costs and integrate flexibility as a strategic component of their real estate portfolio — not merely a temporary fix,” says Andreea Birladeanu, General Manager, Mindspace Romania, one of the leading players in the flexible workspace market, operating two major hubs in key areas of Bucharest: Mindspace Business District in the Dimitrie Pompeiu area, and Mindspace Victoriei in the central zone.

Ana-Maria Nemțanu, Director of Leasing, Hagag Development Europe, adds: “We are seeing sustained demand for boutique office spaces, particularly in premium central locations where accessibility, design quality and the amenities mix play an essential role in occupancy decisions. Flexibility and service integration are becoming increasingly relevant criteria for tenants, which sustains strong interest in fully serviced private office concepts. A clear example is H Private Arghezi, our business centre in the CBD, which reached 89% occupancy in April, supported by a retention rate of nearly 95%. At the same time, we are observing a natural growth path among tenants, with some migrating from serviced spaces to conventional areas within our portfolio — confirming both the appeal of the product and the importance of services and long-term relationships.”

 

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.

Cordia Romania opens sales for Centropolitan
Cordia Romania opens sales for Centropolitan 600 600 BUCHAREST REAL ESTATE CLUB

Cordia Romania, a member of the Futureal Group and one of Europe’s leading residential developers, is officially launching sales for Centropolitan, its new premium residential project in central Bucharest, steps from Bucharest Mall and Alba Iulia Square.

After generating hundreds of registrations during the pre-launch period in recent weeks, the project is now entering its pre-sales window, running from 20 April to 20 May 2026, during which buyers will have a limited-time opportunity to secure apartments at preferential prices. The launch comes against a backdrop of resilient demand and increasingly limited new-build supply.

“Bucharest remains a market with strong underlying housing demand, but it is also becoming increasingly defined by a more selective buyer profile and a more limited pipeline of high-quality, well-located new developments”, said Mauricio Mesa Gomez, Chairman of the Board, Cordia Romania and Spain. “In this context, we see a clear opportunity for projects that combine central location, quality and long-term relevance. Centropolitan reflects this strategy and we believe the pre-sales phase comes at the right moment for buyers seeking to secure an early position in a supply-constrained market”, he added.

Centropolitan represents a total investment of approximately EUR 65 million and will comprise 274 premium apartments in a wide variety of layouts, from one-room units to four-bedroom homes. The project will also include 3,345 sqm of ground-floor retail with dedicated parking on a separate level, as well as approximately 350 sqm of curated resident amenities.

During the pre-sales period, buyers will be able to reserve apartments with starting prices from approximately EUR 170,000 plus VAT for one-room apartments and reaching approximately EUR 337,000 plus VAT for four-room apartments.

Centropolitan, a new residential standard in central Bucharest

ituated on an 8,179 sqm land plot in the immediate vicinity of Bucharest Mall, a strategic acquisition finalized in September 2025, Centropolitan is designed around the “10-minute city” concept, offering residents fast access to daily urban essentials. Bucharest Mall is one minute away, Alba Iulia Square is three minutes away, and Unirii Square can be reached in around ten minutes, with strong public transport connectivity across the city.

Apartments range from 42 to 156 sqm, with generous terraces. In line with Cordia’s approach to contemporary residential living, the project will offer a curated amenity package including a residents’ gastro bar, Kids Corner, teenage Arcade Room, coworking hub and dedicated fitness and yoga areas. The ground-floor retail component will be served by a fully separate parking level, creating a seamless experience for both residents and visitors.

Construction is currently in the excavation phase, with works at a depth of -4.0 metres. Diaphragm walls are substantially complete and crown beams are approximately 10% finished.

Vastint Romania secures first tenant for Timpuri Noi Square Phase 2
Vastint Romania secures first tenant for Timpuri Noi Square Phase 2 900 600 BUCHAREST REAL ESTATE CLUB

Vastint Romania, part of VASTINT Group, an international real estate company with over 36 years of experience in the real estate field, announces the signing of the first lease agreement for the second phase of Timpuri Noi Square. SCOR, a leading global reinsurer, has selected the project for the permanent establishment of its operations in Romania, where it will occupy a space of 3,250 m².

SCOR, a leading global reinsurer headquartered in Paris, offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. In 2025, the Group generated premiums of EUR 18.7 billionand serves clients in more than 150 countries through a network of over 35 offices worldwide.

SCOR recently selected Business Garden Bucharest, also part of Vastint Romania’s portfolio, for its first office in Romania, where it currently occupies 2,320 sqm. The company will remain there until the summer of next year, when it is set to relocate to Timpuri Noi Square Phase 2, expanding into a larger space.

“Signing this pre-lease agreement with SCOR for the next phase of Timpuri Noi Square marks a natural continuation of a partnership that started within our own portfolio. It reflects an organic development, built on trust and a shared vision for high-quality work environments. At Vastint Romania, we value long-term relationships and the confidence our tenants place in us, and we remain committed to supporting their growth. We focus on staying flexible and working closely with our partners to identify the right solutions as their needs evolve. We are pleased to see this collaboration continue and to support SCOR in the next step of their development in Romania. At the same time, we are in advanced discussions with several other companies interested in Timpuri Noi Square Phase 2, further confirming the strong appeal of our flagship project” declared Antoniu Panait, Managing Director, Vastint Romania.

“SCOR Bucharest has a clear direction to build a strong team and expand its capabilities, with a view to making a meaningful impact at a global level. To support this, we need a workplace that truly enables collaboration, performance, and connection.

Our decision to move next year into a larger space reflects our confidence in our success on the Romanian market and our long-term commitment to growing our presence here. At the same time, this step reinforces our long-term partnership with Vastint Romania, a developer that consistently understands and supports our evolving needs. The project’s high sustainability standards, modern infrastructure, and strong sense of community make it a natural fit for us,” said Andrei Romanescu, General Manager SCOR Bucharest.  

The rental transaction was facilitated by CBRE Romania.

“We are honored to have represented SCOR, a global reinsurance leader, throughout their strategic entry into Romania, a move that reinforces the country’s status as a premier destination for international financial players.

CBRE provided end-to-end consultancy over a 16-month journey, spanning from initial pre-analysis to the delivery of both temporary and permanent office solutions. We utilized advanced location analytics, commute-time modeling including transport-related carbon emission measurements for every site option. This data-driven approach allowed SCOR to transform ESG objectives into a tangible reality while securing a high-quality workspace in a market where central vacancy rates have reached single digits.

This landmark pre-lease transaction mirrors the robust demand for premium, well-connected spaces that has defined the Bucharest office market over the last 18 months”, stated CBRE consultants Vlad Damian, Head of Investor Leasing and Ana Vicoveanu, Senior Office Consultant.

Timpuri Noi Square 2 project, set for completion in Q4 2026 and fully operational in 2027, is currently the largest of the very few office projects under construction in Bucharest. Phase 2 will add 60,000 sqm (GLA) and introduce two new office buildings, effectively doubling the available office and retail space within the Timpuri Noi Square complex up to 112,000 m² of GLA. The 3 buildings in the first phase of Timpuri Noi Square, with a total rentable area of 52,100 m², are now 100% leased, among the tenants being Playtika, Ayvens, Radio AG (Kiss FM, Magic FM and Rock FM), Fratelli, Zitec, Bolt, Go Pro, Vola etc.

Phase two of the project will benefit from additional 690 underground parking spaces and a wide range of retail spaces. Also, phase two will host the largest food hall in an office building in Romania, with an area of nearly 6,000 m².

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