CBRE reports that office demand in Bucharest remained stable in Q3 2025, with total leasing activity reaching 61,500 sqm, consistent with the previous quarter but down from last year's quarterly average and the first half of this year. Despite the constant activity levels, market dynamics shifted this quarter as net demand increased by 44% compared to Q2 2025, totalling 41,700 sqm.
According to a CBRE report, this represents a return to the average of the last six quarters, showing maintained confidence from occupiers even without major pre-let transactions. Renewals decreased by 38% compared to the previous quarter, further highlighting the dominance of new demand over contract extensions.
In retail, 2025 recorded total deliveries of 215,000 sqm, with next year expecting smaller delivery volumes consisting mainly of retail parks. Retail park development is very active, from expanding existing parks in Sovata and Sinaia to new schemes in cities like Galați and smaller towns. International brands entering the local market include Sports Direct, Action, Wendys, and Worldbox.
"Romania's real estate market continues to demonstrate stability amid economic challenges, supported by consistent tenant activity and growing domestic capital activity," said Răzvan Iorgu, Managing Director of CBRE Romania. He noted that infrastructure development remains an essential growth catalyst, especially in the industrial sector, with major projects like the A0 Bucharest Ring Road and A7 Moldova Highway contributing significantly to logistics efficiency.
CBRE recorded rental growth in the office sector and headline rent increases in central submarkets, plus vacancy decreases (currently 11.1% versus approximately 16% two years ago, with over 160,000 sqm of previously vacant space occupied in just two years).
The industrial sector recorded 227,200 sqm transacted, with 79% of volume in Bucharest, while the vacancy rate dropped to 4.5%. Investment volume reached €31 million in Q3 and €423 million year-to-date, down 35% but supported by an increasing share of local and regional investors (around 50%).
