iO Partners

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

2026 Trends with Andrei Văcaru, iO Partners
2026 Trends with Andrei Văcaru, iO Partners 620 600 BUCHAREST REAL ESTATE CLUB

09.02.2026

Andrei Văcaru, Managing Director & Head of Capital Market CEE, iO Partners

What were the main business results for 2025?

In 2025, our investment team ranked first in Romania in terms of market share, advising on around half of the transaction volume this year. Our Office Advisory team was involved in one of the largest lease transactions of the year – P&G, working closely with both landlords and occupiers on strategy and execution. In parallel, we finalized several Project & Development Services mandates for major occupiers such as Oracle, Amazon, Pro TV supporting the delivery of complex office projects and bringing new workspaces to market.

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

Our plans for 2026 focus on consolidating our core business and continuing the direction we have been building over time, while ensuring stability where it is needed and momentum where it matters.

We approach our strong market position with a sense of responsibility towards our clients, partners and teams, and our priority is to provide the best possible level of service for those who choose to work with us.

Looking ahead, this means operating with consistency and focus, strengthening collaboration across advisory lines, and continuing to support both investors and occupiers with well-grounded advice for long-term decision-making.

What economic pressures (e.g., inflation, interest rates, work force issues) or regulatory and fiscal changes do you anticipate impacting the market in 2026, and how is your company preparing for them?

In 2026, the market will continue to adjust to a combination of fiscal measures, interest rate dynamics, and broader macroeconomic rebalancing and these changes are not without short-term pressure. However, we see the recent fiscal measures as constructive over the medium to long term. While they may be challenging in the immediate phase, they are an important step toward restoring credibility, improving key macro indicators such as inflation, public and trade deficits, and ultimately supporting a lower and more stable interest rate environment.

From our perspective, this transition creates opportunities. Our focus is on helping clients navigate this period with quality advisory and position them to benefit as market conditions improve.

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 for the Romanian real estate market in 2026 remain political uncertainty at local level and the broader geopolitical context, both of which can affect investor confidence, financing conditions, and the timing of decisions. These factors tend to increase caution rather than fundamentally change long-term fundamentals.

On the opportunity side, we see several structural drivers. The gradual rebalancing of work-from-home practices toward increased office presence is supporting demand for well-located, high-quality office space. Continued investment in infrastructure is also opening up new areas for development and improving the attractiveness of secondary and emerging areas, particularly for industrial and logistics development.

In addition, we expect to see increased investor appetite for retail assets, supported by resilient consumer demand and clearer operating performance, positioning retail once again as an attractive product.

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

In 2026, we expect the players best positioned to perform well to be those that remain nimble and focused, with a clear understanding of their core strengths. In a less globalized environment, strategies built around core markets, clear execution capabilities, and local decision-making are likely to perform better than highly diversified or overly complex models. Those who stay close to their fundamentals and continue to build on their strengths will be best positioned to adapt as conditions evolve.

BREC AWARDS 2025: VISIONARY CONSULTANCY AWARD
BREC AWARDS 2025: VISIONARY CONSULTANCY AWARD 901 600 BUCHAREST REAL ESTATE CLUB

The annual BREC Christmas Party was a great opportunity to inaugurate BREC AWARDS, a new initiative designed to bring recognition to BREC members for their activity throughout the year in the real estate industry.

BREC AWARDS is our way to honour the visionaries who transform cities, redefine communities, and set new standards of excellence. BREC AWARDS has given us the opportunity to look closely at each member’s work in 2025 and highlight the investments, transactions, and companies that bring greater maturity and professionalism to the Romanian real estate industry.

VISIONARY CONSULTANCY AWARD – IO PARTNERS

BEST OFFICE DEAL: PROCTER & GAMBLE – YUNITY PARK

The company has gone through a series of notable transformations recently. In 2023, following the JLL – iO Partners transaction, JLL offices in Romania, the Czech Republic, Hungary and Slovakia became iO Partners. Starting from January 2026, the new market manager for Romania will be Andrei Vacaru, as recently announced.

We were glad that Andrei was present at the BREC event and that he can inaugurate the new role with an award, which we are offering for the best office transaction: Procter & Gamble at Yunity Park.

VISIONARY CONSULTANCY AWARD – FILIP & COMPANY

EXCELLENCE IN LEGAL ADVISORY & TRANSACTIONAL SUPPORT

Filip & Company is a company founded in 2019 by Cristina Filip and which has become one of the most active in the real estate area.

The real estate law practice is formed by lawyers with solid experience, who are at the forefront of the development of the real estate market in Romania. Ioana Roman, the coordinating partner for real estate within the firm, is recognized in Band 4 of the renowned Chamber & Partners. We are granting them the award for excellence in legal advisory & transactional support.

VISIONARY CONSULTANCY AWARD – FORTIM TRUSTED ADVISORS

TOP TRANSACTION: MEDICANA HEALTH GROUP

Fortim Trusted Advisors is a member of the BNP Paribas Real Estate Alliance. With headquarters in Bucharest and a branch in Cluj-Napoca, the company offers integrated real estate consulting and brokerage services across all market segments.

Fortim was the architect of a significant transaction recently concluded: Medicana Helath Group, for a 120-bed hospital, an investment of over 46 million Euros.

VISIONARY CONSULTANCY AWARD – SCHOENHERR ROMANIA

TOP CROSS-BORDER REAL ESTATE LEGAL ADVISORY

Founded in Vienna 75 years ago, the company has been active on the Romanian market for almost 30 years.

SCHOENHERR is active throughout the Central and Eastern European region and at BREC AWARDS 2025 we recognize their merits for international transactions.

VISIONARY CONSULTANCY AWARD – EST HOSPITALITY

BEST HOSPITALITY STRATEGY & ADVISORY

This award recognizes the merits of a niche consulting company. We are talking about tourism consulting and hotel affiliation in international brand chains.

Mircea Draghici is a pioneer in this field; he has numerous contracts that have materialized in successful hotel businesses. At BREC AWARDS 2025 we offer him the award for the best hospitality strategy & advisory.

iO Partners announces the appointment of Andrei Văcaru as Managing Director for Romania
iO Partners announces the appointment of Andrei Văcaru as Managing Director for Romania 620 600 BUCHAREST REAL ESTATE CLUB

04.12.2025

Andrei Văcaru as Managing Director iO Partners

iO Partners is entering a new leadership chapter in Romania with the appointment of Andrei Văcaru as Managing Director from 1/1/2026. After a transition period with Andrei till year end, Vlad Stanislav will take some time off before pursuing new opportunities. We wish him every success in his new endeavors, and we thank him for his contribution over the years.

Andrei’s appointment marks a natural evolution for someone who has been part of the company’s backbone for 18 years. He is one of the most consistent reference points for colleagues and clients alike, throughout every phase of the organization’s evolution, from its JLL heritage to the formation and growth of iO Partners. His experience spans multiple market cycles, structural shifts and strategic transitions, giving him a deep understanding of how the business operates and what it needs to perform at its best.

Throughout the last two and a half years, his leadership of the CEE Capital Markets team has redefined the company’s position in the region. Under his guidance, the team delivered its strongest results to date, completed landmark transactions across multiple markets and asset classes, grew revenue at an unprecedented pace, and built the reputation that now places iO Partners at the forefront of investment advisory in Romania and among the top players in CEE.

Andrei will continue to lead the CEE Capital Markets team while taking on his new role, further supporting our regional experts and facilitating cross border capital flows.

Beyond performance, Andrei has been instrumental in establishing iO Partners as a recognized regional brand, helping transform a new identity into a name trusted by global and local investors alike.

He brings into the role a long-standing connection with JLL. Having built his career inside the global platform and maintained close collaboration ever since, Andrei understands both operating models in depth. He is the bridge that aligns values and execution between iO Partners and JLL, a link that is a strategic advantage for clients in a setup that relies on balancing independence with partnership.

“Andrei has shaped this organization in ways few people have, and his judgment has been a stabilizing force through every transition we’ve gone through”, said Charles Boudet, CEO of iO Partners. “His appointment brings the continuity and market understanding we need as we move into the next phase of growth.”

“Stepping into this role feels like a natural continuation of the work we’ve been building for many years. I’ve worked through many stages of this company’s development, and that perspective helps me understand what differentiates us and what makes us strong. We have skilled people, solid partnerships and a clear direction. My focus now is to bring stability where it’s needed and pace where it matters”, said Andrei Văcaru, Managing Director of iO Partners Romania.

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