Romania's commercial real estate market recorded investment deals worth €391 million during H1 2025, down 6.5% compared to H1 2024, with offices gaining a bigger share of the total volumes. This was the second best-performing first half in the last 12 years, surpassing the average for the period by 30%, according to Cushman & Wakefield Echinox.
Notable transactions included M Core’s purchase of a portfolio of seven strip malls across various Romanian cities and Alfa Group’s acquisition of a substantial portion of the IRIDE Business Park in Bucharest.
Cristi Moga, Head of Capital Markets at Cushman & Wakefield Echinox, said: “The outlook for the second half remains positive, considering ongoing transactions and the historical trend of stronger H2 activity. We expect a total investment volume between €800 million and €1 billion for the full year.”
The retail segment led the investment volume in H1 2025, attracting €163 million (42% of total), followed by office properties with €126 million (32%), and mixed-use projects at €55 million (14%).
The office sector, in particular, experienced a strong rebound, increasing its market share from 5% in H1 2024 to nearly one-third of the total in the first half of 2025, driven by improved office space utilization and declining vacancy rates.
Foreign investors showed renewed interest in the local market, contributing over 70% of the transaction volume. Investors from the UK were the most active with €148 million (38% of total), followed by Romanian investors with €105 million (27%), and Hungarian investors with €52 million (13%).
