In the Spotlight

In the Spotlight

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.

Leading consulting firm BearingPoint moved its Bucharest office in Timpuri Noi Square
Leading consulting firm BearingPoint moved its Bucharest office in Timpuri Noi Square 1067 600 BUCHAREST REAL ESTATE CLUB

BearingPoint, an independent management and technology consultancy with European roots, relocated its Bucharest office to Timpuri Noi Square, the flagship office development of Vastint Romania.

Headquartered in Amsterdam, the management and technology consulting firm has 46 offices in 24 countries.  BearingPoint has been present in Romania since 2007 and has achieved consistent and significant growth over its 19 years of activity. It now has a team of more than 850 employees in six offices in Romania, located in Bucharest, Braşov, Cluj-Napoca, Iaşi, Sibiu, and Timişoara.

The company supports clients in transforming their business digitizing and automating their processes, shifting to data-driven ways of working, and implementing AI within workflows.

“The Timpuri Noi Square office offers our colleagues in Bucharest a modern, accessible environment that mirrors our values. It reflects the way we collaborate, stay connected, and support each other every day. I appreciate the energy people bring into the office and the way the environment helps ideas and teamwork come to life. It’s a place that keeps us grounded, productive, and close as a community.” stated Katharina Bota, Leader BearingPoint Romania, Czech Republic, Portugal, and India.

“We are pleased to have BearingPoint as a tenant to Timpuri Noi Square, a project designed to support companies that value performance, collaboration and long-term growth. Their decision reflects not only the quality of the space, but also the strength of the community we are building here. Alongside a diverse mix of international companies already present in the project, BearingPoint is part of a dynamic business ecosystem here that encourages interaction, knowledge sharing and innovation. As one of the most ambitious urban regeneration projects in Bucharest, Timpuri Noi Square is reshaping the way people experience the workplace. It is more than an office destination – it is a place where companies can connect, evolve and create meaningful experiences for their teams”, said Sorin Macoveiu, Commercial Manager Vastint Romania.

The lease transaction was facilitated by the advisory company Griffes.

“Companies are no longer looking for just an office, but for an environment that supports performance and talent retention. BearingPoint’s relocation to Timpuri Noi Square illustrates this shift in paradigm, while also signaling the strengthening demand for top-tier assets in the Bucharest market. We are pleased to have partnered with BearingPoint in shaping their real estate strategy,” said Andreea Păun, Managing Partner of Griffes.

Vastint Romania is currently the real estate company with the largest active office construction site in Bucharest. Timpuri Noi Square 2, located in the center-south area of Bucharest, is the biggest office project under construction in the city, adding 60,000 sqm of leasable area (GLA) to the existing 52,100 sqm of Timpuri Noi Square 1 (which has a 100% occupancy rate). TNS 2 also includes the largest food hall in an office building (6,000 sqm). The project is scheduled for completion in Q4 2026 and will provide 690 parking spaces. The works have reached 95% completion, with the structure fully finalized for TNO5, where work is currently ongoing on the façade, installations, and architectural finishes. Meanwhile, at TNO4, the last floor has been poured, and the reinforced concrete works are being finalized.

Around 1,000 people are involved in the construction of TNS 2. In addition, the developer has decided to expand TNS 1 with The Venue – a fully equipped conference center, which includes 400 sqm of indoor space and an exclusive 300 sqm terrace. The Venue is nearing completion and will become fully operational starting this spring, being accessible to both tenants and external companies.

2026 Trends with Fulga Dinu, CPI Property Group Romania
2026 Trends with Fulga Dinu, CPI Property Group Romania 579 600 BUCHAREST REAL ESTATE CLUB

18.03.2026

Fulga Dinu, Country Manager, CPI Property Group Romania

What are your company’s business targets and plans for 2026?

Our main priority generally is to continually increase the relevance and resilience of our portfolio.

For the retail segment, we will continue upgrading our properties in line with the ever evolving consumer behavior, the growing demand for diversified services, and the need to enhance the shopping experience. We also focus on refreshing the tenant mix in order to drive higher footfall and strengthen the long-term competitiveness of our shopping centers.

For the office segment, we are expanding our ESG-driven measures while continuing to diversify the space usage by integrating private healthcare operators alongside traditional corporate tenants. Relevant examples include Nord Hospital at myhive IRIDE | eighteen, Băneasa Tumor Hospital, recently launched by Leventer Group at myhive Victoria Park, and Regina Maria at Băneasa Airport Tower. Today, more than 10% of our office portfolio is dedicated to medical services through long-term partnerships, some exceeding 20 years.

WWhat were the main business results for 2025?

In 2025, CPI Romania delivered very strong results, particularly in the leasing activity.

Within our local office portfolio, we secured a total of 55,000 sqm of leased space. Demand remained stable, following the trend of recent years, with lease renewals exceeding new take-up. Importantly, we recorded long-term renewals, often accompanied by space expansions, as well as renewed interest and new market entries from international companies: clear signs of continued confidence in the Romanian office market despite a challenging macroeconomic environment.

In retail, our 250,000 sqm portfolio continued to strengthen following the refurbishments, the reconfigurations, and the entry of major international brands into our portfolio. Notable milestones include the opening of the first Primark in VIVO! Cluj-Napoca, the ongoing refurbishment process of Sun Plaza, which includes the reopening of Pull&Bear and Zara stores, and the announced 7.000 sqm Auchan hypermarket and a fashion hub on an area of 16.000 sqm. We also completed a remodeling and extension process of Peek & Cloppenburg in Constanța, now operating a modern 2,500 sqm format.

Overall, 2025 was a dynamic year, marked by solid leasing performance, long-term tenant commitments, and continued investment in upgrading and strengthening our retail destinations.

What do you see as the main risks for the Romanian real estate market in 2026?

One of the main risks for the Romanian real estate market in 2026 remains the lack of predictability, which continues to affect the overall business environment. Romania is a market that requires constant attention, rapid adaptability, resilience, and firm decision-making. In this context, flexibility and a deep understanding of local dynamics are essential to successfully navigate 2026.

Where do you see the most attractive opportunities for growth in 2026?

In the office segment, limited new supply and high development costs are expected to create a favorable context for landlords. In retail, although consumption may remain under pressure, due to the recently adopted financial measures, dominant schemes with strong catchment areas are likely to remain stable and continue attracting both tenants and customers.

EBRD signs €40 million guarantee with Libra Internet Bank in Romania
EBRD signs €40 million guarantee with Libra Internet Bank in Romania 1200 722 BUCHAREST REAL ESTATE CLUB
  • EBRD signs its first InvestEU facility in Romania’s financial sector with Libra Internet Bank
  • Libra Internet Bank to expand green lending for buildings and transport
  • Project supports Romania’s climate goals and EBRD’s green transition priorities

The European Bank for Reconstruction and Development (EBRD) is partnering with Libra Internet Bank S.A. to provide a portfolio guarantee of up to €40 million under the InvestEU programme, supported by funding from the Romanian Recovery and Resilience Facility. This is its first InvestEU facility in Romania’s financial sector.

This innovative risk-sharing instrument will enable Libra to scale up financing for green projects in Romania, focusing on energy-efficient buildings and sustainable transport, and will help bridge the funding gap for sustainable energy investments to support Romania’s transition to a low-carbon economy.

The EBRD’s guarantee will enable Libra to allocate €50 million to eligible green projects, ensuring a strong impact on energy savings and emissions reduction.

Libra Internet Bank, a mid-sized Romanian bank, has a strong track record in digital innovation and solid and increasing interest in green financing. EBRD support will enhance Libra’s ability to expand its role in Romania’s green economy.InvestEU is a flagship initiative of the European Union aimed at supporting strategic investments in sustainable infrastructure, research, innovation, digitalisation, small and medium-sized businesses, and social investment and skills. It provides a guarantee mechanism to unlock financing that might not otherwise be available, focusing on projects that promote long-term growth and resilience.

The EBRD is one of the leading implementing partners of the InvestEU Programme and deploys portfolio risk sharing instruments for financial intermediaries across the EU economies where it invests. By working with local financial institutions and market players, it ensures that InvestEU support is delivered efficiently and aligned with regional needs and opportunities.

EBRD Head of Romania Victoria Zinchuk said: “This agreement with Libra Internet Bank is an important boost for Romania’s green transition. By broadening access to finance for energyefficient buildings and cleaner transport, we are helping Romanian households and businesses save costs, reduce emissions, and become greener and more sustainable. Through InvestEU, together with Libra Internet Bank, we are proud to support investments that strengthen Romania’s resilience and enhance its longterm competitiveness.”

“The partnership between Libra Internet Bank and the European Bank for Reconstruction and Development for financing green projects in Romania reaffirms our strong commitment to supporting the transition towards a low‑carbon economy. Together with the EBRD, one of Romania’s leading institutional investors, we will turn business plans into achievements that benefit our clients, the environment, and our communities,” said Cristina Mahika‑Voiconi, CEO of Libra Internet Bank.

Alongside the guarantee, to strengthen green lending operations, EBRD will also deliver to Libra and final borrowers dedicated technical assistance funded through the InvestEU Advisory Hub. The project will be complemented by the EBRD’s Digital Transformation Support Programme, to help Libra build internal AI capacity to optimise customer experience.

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery and growth. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition.

The EBRD is a major institutional investor in Romania. To date it has invested more than €12.4 billion in 589 projects.

2026 Trends with Ioana Țălnariu, Voelkel Real Estate
2026 Trends with Ioana Țălnariu, Voelkel Real Estate 603 600 BUCHAREST REAL ESTATE CLUB

26.02.2026

Ioana Țălnariu, Voelkel Real Estate Romania

What were the main business results for 2025?

For VÖLKEL Real Estate Group, 2025 was a strong growth year for VÖLKEL Real Estate Group. We secured several high-profile management mandates for landmark mixed-use properties in prime German city-center locations, including the Kaufmannshaus in Hamburg, the former stilwerk building in Düsseldorf, and the Gäubodenpark in Straubing. These projects further strengthened our position as a specialist for complex, mixed-use commercial assets with development potential.

For VÖLKEL Real Estate Romania, 2025 marked our market entry phase. We launched the first tenders for Center Management, Property Management, and Accounting services and began negotiations for our initial mandates. In parallel, we started a strategic AI collaboration to increase operational efficiency and scalability from the outset.

What are the company’s business targets and plans for 2026?

Our key objective for 2026 is to expand our footprint in the Romanian market and establish VÖLKEL as a trusted provider of professional Center Management, Property Management, and Accounting services. We will focus on retail, logistics, shopping centers, and office assets.
Strategically, we will continue integrating AI-driven tools into daily operations to improve efficiency, remain price-competitive, and reduce operational risk.

WWhat economic pressures or regulatory and fiscal changes do you anticipate impacting the market in 2026, and how is your company preparing for them?

Across both Germany and Romania, we expect continued pressure from interest rates, inflation-driven operating costs, workforce shortages, and increasing ESG and reporting requirements.
In Romania specifically, ongoing regulatory alignment with EU standards and potential fiscal adjustments will shape the market. We are preparing through digitalization, standardized processes, and flexible operating models, allowing us to respond quickly while maintaining service quality.

What do you see as the main risks for the Romanian real estate market in 2026? Where do you see the most attractive opportunities for growth?

The main risks are macroeconomic volatility, rising costs, and inconsistent management standards across the market.
At the same time, the biggest opportunity lies in the growing demand for professional, transparent, and technology-driven real estate management, particularly in retail parks, logistics, and well-located office properties.

Which players or strategies are going to be winners in 2026?

The winners will be agile players who adapt quickly to economic change, invest in digitalization and AI, and deliver integrated, high-quality management services. Companies that combine local market knowledge with international best practices and a strong focus on efficiency will clearly outperform.

2026 Trends with Alexandros Diamantis, Medcity
2026 Trends with Alexandros Diamantis, Medcity 1200 600 BUCHAREST REAL ESTATE CLUB

24.02.2026

Alexandros Diamantis, Managing Director, Medcity

What were the main business results for 2025?

2025 marked an important milestone for our company through the successful completion of the Timisoara project, which added a new facility to the MEDCITY network and expanded our footprint in one of Romania’s strongest regional healthcare markets.

This new location strengthens our national presence and reinforces our positioning as the only developer in South-Eastern Europe dedicated exclusively to medical infrastructure.

What are the company’s business targets and plans for 2026?

n 2026, our focus will be twofold.

First, we aim to consolidate the performance of our existing medical portfolio and continue expanding our healthcare real estate platform.

Second, we are actively exploring and analyzing entry into the office segment, assessing how our expertise in compliance-driven, high-specification developments could translate into adjacent asset classes. This represents a strategic diversification opportunity, while maintaining our core strengths in quality, safety and long-term tenant partnerships.

WWhat economic pressures or regulatory and fiscal changes do you anticipate impacting the market in 2026, and how is your company preparing for them?

We expect inflationary pressures to gradually ease compared to previous years. However, the fiscal measures and increased taxation introduced last year may continue to weigh on consumption and investment appetite across the economy.

That said, our business model has proven resilient in such environments. Healthcare real estate benefits from structural, non-cyclical demand, as medical services remain essential regardless of broader economic fluctuations.

We prepare by:

  • maintaining conservative financial planning,
  • securing long-term leases,
  • focusing on operational efficiency, and
  • prioritizing locations and tenants with stable fundamentals.

This disciplined approach allows us to mitigate volatility and protect occupancy levels.

What do you see as the main risks for the Romanian real estate market in 2026? Where do you see the most attractive opportunities for growth?

The main risks we foresee include:

  • slower residential development due to affordability constraints and higher prices,
  • workforce reductions in certain sectors, particularly IT, which could reduce office space demand,
  • and overall caution from investors in a still-uncertain macroeconomic climate.

However, opportunities remain strong in specialized and needs-based segments.

We see continued growth potential in:

  • healthcare real estate,
  • and custom-built, compliance-ready spaces where demand is driven by long-term demographic trends rather than short-term cycles.

These sectors offer more stability and predictable occupancy compared to traditional real estate classes.

Which players or strategies are going to be winners in 2026?

The winners will likely be developers and investors who:

  • focus on specialized, resilient asset classes rather than generic supply,
  • prioritize long-term tenant partnerships over speculative development,
  • maintain financial discipline,
  • and deliver high-quality, compliant spaces tailored to operators’ operational needs.

In our view, real estate strategies built around essential services — such as healthcare — will continue to outperform, as they combine social relevance with strong, defensive fundamentals.

2026 Trends with Lucian Grosaru, Sema Real Estate
2026 Trends with Lucian Grosaru, Sema Real Estate 1200 600 BUCHAREST REAL ESTATE CLUB

24.02.2026

Lucian Grosaru, CEO, Sema Real Estate

What were the main business results for 2025?

2025 was a breakthrough year. We launched Sema Home, our first residential development, and the market response has been exceptional.

Pre-sales opened in mid-October. By now, buyers have already reserved more than a third of the 301 apartments. That speed confirms strong market demand.

What we are seeing is validation of our core thesis: buyers increasingly prioritize location, transit access, and integrated amenities over standalone residential buildings. The Sema Parc Masterplan was designed around this insight, and the sales performance demonstrates that buyers value this approach.

The broader trend is clear. Mixed-use developments with functional infrastructure are gaining market share at the expense of isolated apartment towers.

What are the company’s business targets and plans for 2026?

On the residential side, we aim to maintain momentum with Sema Home by completing the first phase and preparing subsequent stages for launch. The demand is there.

Beyond that, we have two priorities. First, strengthen our office and mixed-use portfolio where we see value creation opportunities. Second, advancing the next phases of development within Sema Parc. Our strategy is to build out the full masterplan rather than pursuing scattered sites. This allows us to create genuine neighborhood value and benefit from the infrastructure and community we are establishing.

Across all activities, energy efficiency and operational performance remain central. Market expectations have shifted. Buildings that underperform on energy costs will face competitive pressure within five years.

WWhat economic pressures or regulatory and fiscal changes do you anticipate impacting the market in 2026, and how is your company preparing for them?

2026 will be challenging. Inflation persists, labor costs continue rising, and construction material prices remain volatile. Recent VAT changes and new compliance requirements added further cost pressure.

On the regulatory side, tighter market discipline rules raise standards but also increase procedural and financial complexity. This is beneficial long-term but adds immediate cost.

Our response focuses on three areas. First, disciplined financial planning with conservative assumptions. Second, flexible supplier contracts that avoid locking in unfavorable pricing. Third, diversified procurement to reduce dependency on single sources.

We are also accelerating digitalization to improve operational efficiency. While we cannot control external cost pressures, we can control our operational response to them.

What do you see as the main risks for the Romanian real estate market in 2026?

The primary risk is uncertainty. Macroeconomic instability and geopolitical tension reduce investor confidence, tighten financing conditions, and disrupt supply chains. Projects with solid fundamentals six months ago may no longer be viable.

Domestically, slow permitting processes and insufficient new residential supply create additional constraints. Construction cost volatility makes long-term project commitments difficult.

The greatest concern is developer consolidation. Projects lacking disciplined financials or conservative planning assumptions will face severe pressure. The market will reveal which developments were built on solid fundamentals versus optimistic projections.

The market will survive. Not all participants will.

Where do you see the most attractive opportunities for growth in 2026?

Location remains paramount, but context matters increasingly. The strongest opportunities are in mixed-use developments within neighborhoods that have functional infrastructure: reliable transit, utilities, and road systems.

Successful projects will reflect current lifestyle preferences rather than outdated models. Energy-efficient buildings are now baseline requirements. Buyers and tenants evaluate operating costs, and buildings with poor energy performance will lose competitive positioning.

Energy infrastructure itself represents significant opportunity. Solar installations, battery storage, and systems that reduce long-term operating costs deliver both financial returns and asset value appreciation.

The pattern is clear: projects that reduce costs, increase convenience, or improve quality of life will find demand. Undifferentiated residential products will be a struggle.

Which players or strategies are going to be winners in 2026?

Winners will be developers who execute reliably. In a difficult market, delivery capability separates viable players from the rest. This requires adequate capital, operational experience, and a verifiable track record.

Financial strength is essential. Developers who survive will be those who planned for adverse scenarios rather than only favorable outcomes. Business models dependent on optimal conditions represent excessive risk.

Successful developers also recognize that buildings must evolve. Mixed-use spreads risk. Energy efficiency protects value. These are requirements, not preferences.

The decisive advantage is reputation. In a cautious market, trust matters more than marketing. Developers known for on-time, on-budget delivery secure opportunities before formal negotiations begin.

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