In the Spotlight

In the Spotlight

Vastint Romania launches The Venue Timpuri Noi
Vastint Romania launches The Venue Timpuri Noi 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, has launched The Venue Timpuri Noi Square, a dedicated space for conferences, meetings and events, further opening the project to the business community and the city.

With approximately 400 sqm of indoor space and a 300 sqm terrace, the highly flexible and fully equipped venue can accommodate a wide range of event formats, from intimate meetings to conferences for approximately 300 participants. The Venue is open not only to Timpuri Noi Square tenants, but also to all the companies looking for a fresh, modern and versatile setting for their events.

One of The Venue’s key advantages is the ecosystem around it. Located next to Timpuri Noi metro station, it offers easy access from different areas of Bucharest, while the restaurants within Timpuri Noi Square can complement events with a variety of catering options. This combination makes it possible to organize conferences, business meetings and social events in one well-connected destination, with many of the services guests and organizers may need available within the project.

The Venue’s interior concept was developed by turnerbates Design & Architecture, a London-based studio working across hospitality, workplace, leisure and mixed-use projects. Partnering with Vastint across Europe since 2017, the studio led the concept design and provided technical assistance throughout the construction works, translating the site’s industrial heritage into a flexible venue for business, cultural and social events.

“The Venue represents the Vastint teams continued evolution in how the mix of blended environments for work and leisure and social interaction, are at the forefront of their strategy.

Our design approach was to make the space flexible enough to accommodate a formal business conference but also have the personality for a private function such as a wedding or birthday party,” said Howard Bates, co-founder of turnerbates Design & Architecture.

“The concept drew inspiration from a traditional gallery space, creating a flexible backdrop that can adapt to different uses and evolve over time.

With this in mind, the material palette is deliberately restrained. Brick, steel and concrete reference the site’s industrial heritage, whilst offering practical and robust qualities. These are paired with warm lighting and softer elements, including fabric curtains and wood wool ceilings, providing comfort and enhancing the acoustic qualities of the space.

Art and curation were also central to the design. We created a series of large-scale bespoke abstract collages, alongside a carefully curated selection of work by local artists. Together, these pieces bring colour and character to the space, whilst reflecting the local community and creating a strong sense of identity.”, added Joanna Gomm, Lead concept designer and Associate Design & Architecture.

The resulting space is designed to be both adaptable and distinctive, providing a versatile setting that can transition seamlessly between business, cultural and social events.

“For us, The Venue is more than just a new facility added to the project. It is another reason for people to come to Timpuri Noi Square even if they do not work here, and another way for the project to come to life beyond regular office hours. Also, something I find increasingly valuable, especially in a city like Bucharest, is proximity. Being able to work, have lunch, exercise, meet people or attend an event without spending a significant part of the day travelling from one place to another ultimately means gaining valuable time. And time is the new luxury. In real estate, we build for decades, and all three phases of Timpuri Noi Square reflect this principle. That is why, for me, the question is not only what the market wants today, but what will make a place remain relevant 10, 20 or 30 years from now. I think less about buildings as physical objects and more about the life that will unfold in and around them.,” declared Antoniu Panait, Managing Director, Vastint Romania.

The development strategy for Timpuri Noi Square reflects a broader vision for the project: to evolve from a traditional office development into a fully integrated urban destination, where workplaces are complemented by dining, events, services and spaces designed for interaction, creating a place that remains active and relevant well beyond office hours.

Timpuri Noi Square is the project that best embodies the Vastint team’s philosophy. Conceived from the beginning as a mixed-use development, the project, which began in 2010, was planned in three phases. The first three buildings, totaling 52,100 sqm of GLA, have been completed and are fully leased.

The second phase, currently at an advanced stage of construction – with the structure 100% completed, architecture works at 45%, MEP installations at 75% and the façade at 65% – is the largest office development currently under construction in Bucharest. It will add 60,000 sqm of GLA across two buildings, TN04 and TN05, as well as 690 parking spaces, 1,700 sqm of photovoltaic panels and 200 geothermal wells. The project also features façades designed to deliver genuine energy efficiency, full redundancy of technical equipment and the complete elimination of natural gas, a first for the local market.

Timpuri Noi Square 2 project is set for completion in Q4 2026 and fully operational in 2027.

Romeo Ghica, Hercesa Romania: CATUC shifts the debate from density to quality of living
Romeo Ghica, Hercesa Romania: CATUC shifts the debate from density to quality of living 535 600 BUCHAREST REAL ESTATE CLUB

The debate surrounding the new Territorial Planning, Urbanism and Construction Code (CATUC) risks focusing excessively on urban planning indicators and project density, while the real challenge is improving quality of living and integrating residential developments into the urban fabric, according to Romeo Ghica, Operations Manager at Hercesa Romania.

According to Ghica, urban planning cannot be reduced to discussions about CUT, POT or the number of apartments built on a plot of land. Instead, it should be assessed through the lens of the services and infrastructure that support a community.

“Urban planning is neither the exclusive domain of public authorities nor of developers. It is fundamentally about quality of living. This is not determined solely by the apartment itself or by what the developer builds within the project, but also by the services that residents rely on, such as schools, kindergartens, infrastructure, public spaces, and all the other components that contribute to the functioning of a community”, says Romeo Ghica.

In his view, residential development should be seen as an integrated process in which both developers and public authorities contribute to the same objective: creating functional and sustainable urban areas.

“The ideal scenario is one in which we move increasingly closer to the European model, where developers are required to integrate urban services and amenities into their projects, with the support and cooperation of public authorities.”

CUT is not the most important issue

One of the most debated provisions of the new code is the limitation on exceeding certain urban density thresholds. From Romeo Ghica’s perspective, the discussion around CUT is often overemphasized.

“A project’s density is only one part of the equation. Density alone is not decisive for quality of living. There are far more important factors that we risk overlooking.”

According to Ghica, large-scale residential developments rarely reach the theoretical maximum values allowed by urban planning indicators in practice, as they are further constrained by requirements regarding setbacks, distances between buildings, integration with existing infrastructure and other technical conditions.

“In reality, the existence of a certain CUT does not automatically mean that this entire level can actually be built. Numerous other urban planning parameters influence the final form of a project.”

Residential developments connected to urban amenities

The Hercesa representative believes that a modern approach to urban planning requires evaluating density and resident services simultaneously.

“If a residential project includes community facilities that are relevant to both the area and its residents, these should be considered a contribution to quality of living. We cannot assess only the number of apartments while ignoring the services that are created around them.”

In his opinion, public discussions about real estate development sometimes risk creating an artificial divide between developers and local administrations.

“Apartments without urban amenities cannot function properly and urban amenities without residents are pointless. Urban quality is the result of combining these two components.”

Urbanization agreements represent a step forward

CATUC introduces the concept of urbanization agreements, through which developers and local authorities can collaborate on public investments necessary for the development of specific areas.

According to Romeo Ghica, the importance of this provision lies not necessarily in its immediate effects, but in the fact that it formally acknowledges the need for closer cooperation between the public and private sectors.

“The Code confirms this necessity and creates the foundations for better collaboration. Previous legislation did not explicitly address this approach.”

However, for these mechanisms to function on a broader scale, updates to other legislative frameworks concerning public-private partnerships, public utility regulations and property rights will also be necessary.

“The Code alone cannot resolve all of these issues. It provides direction and recognizes the need for collaboration, but effective implementation requires the harmonization of several legislative acts.”

Romania moves closer to the spanish model

Romeo Ghica also notes a gradual convergence between residential development trends in Romania and those seen in the Spanish market. In recent years, the local market has increasingly focused on projects that provide residents with dedicated amenities and community spaces.

“We are seeing more and more projects that include internal areas reserved exclusively for residents, such as green spaces, playgrounds, recreation areas, sports facilities, and other community-focused services.”

This approach is already well established in cities such as Madrid and represents one of the key directions of evolution for the European residential market.

“The trend is very similar to what happened in Spain. Housing is no longer viewed simply as an apartment, but as part of a community that offers additional services and amenities to residents.”

Iulia IANA Joins the IMPACT Group as CEO of IMPACT Finance & Sales
Iulia IANA Joins the IMPACT Group as CEO of IMPACT Finance & Sales 559 600 BUCHAREST REAL ESTATE CLUB

IMPACT Developer & Contractor, one of Romania’s leading real estate developers and a company listed on the Bucharest Stock Exchange, announces the appointment of Iulia IANA as CEO of IMPACT Finance & Sales, a company within the IMPACT Group specializing in sales, marketing, brokerage, commercial leasing, and IT services for projects developed by IMPACT.

The appointment is part of the IMPACT Group’s strategy to strengthen its integrated business model and accelerate commercial performance, in the context of a new phase of development focused on growth and operational efficiency.

In her new role, Iulia IANA will oversee the company’s commercial activities, with responsibility for sales, marketing, IT, and the development of commercial processes across the IMPACT Group’s portfolio of projects. Her mandate includes developing marketing and sales strategies, optimizing conversion and customer retention processes, enhancing commercial performance, and facilitating customers’ access to financing solutions for home purchases. In this position, she will contribute to the commercial strategy for projects within the IMPACT Group portfolio, including GREENFIELD Băneasa, ARIA Verdi, GREENFIELD Copou, and BOREAL Plus.

Iulia IANA brings more than 14 years of experience in marketing, strategy, and management across industries including real estate, automotive, and retail. Prior to joining IMPACT Finance & Sales, she served as Marketing Director at another real estate development company, where she led the marketing and communications strategy for the company’s portfolio and contributed to the development and positioning of both the corporate brand and its residential projects. Her expertise includes designing and implementing integrated marketing, digital, communications, and branding strategies, leading multidisciplinary teams, and managing marketing budgets, with a strong focus on linking marketing investments to lead generation, commercial opportunities, and sales performance.

“I am joining the IMPACT Group at a time when there is significant potential for further portfolio growth and, consequently, for enhanced commercial performance. My mandate at IMPACT Finance & Sales is to build an integrated commercial function in which marketing, sales, CRM, technology, and data operate as part of the same business process. The objective is simple: to establish measurable processes, gain the deepest possible understanding of our customers, and create a direct link between the investments we make and the commercial results we generate. I believe that a strong brand and commercial performance must be built together,” said Iulia IANA, CEO of IMPACT Finance & Sales.

“By strengthening IMPACT Finance & Sales, we aim to build a more integrated commercial structure, focused on performance and customer needs. Iulia brings relevant experience in real estate, brand development, and the management of integrated marketing and business strategies, at a time when IMPACT is undergoing its most extensive phase of growth and consolidation of its integrated business model. Her expertise and business perspective will further strengthen the Group’s strategic direction during this new stage of development,” said Dan Sebastian Câmpeanu, CEO of IMPACT Developer & Contractor.

In the coming period, IMPACT Finance & Sales will play a central role in supporting the IMPACT Group’s development plans by integrating marketing, sales, and financing functions into a unified commercial model. Strengthening this structure will help improve commercial efficiency, enhance the customer experience, and support the company’s growth objectives for both the residential projects currently in its portfolio and those under development.

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.

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.

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