Romania's commercial real estate market recorded a total transaction volume of €386 million in H1 2025, down 7.4% compared to the same period last year, according to iO Partners.
The office sector led with approximately €169 million, accounting for 44% of the total investment, closely followed by retail at €163 million (42%). This marks a crucial rebound for the office segment after two years, indicating renewed investor confidence and a narrowing gap in price expectations between buyers and sellers.
International investors contributed the majority of the capital, contributing with €253 million, while domestic capital accounted for €133 million. Notable local players included Alfa Group and Pavăl Holding, with acquisitions in the Iride platform and Ethos House building, respectively.
However, the market continues to rely heavily on international interest, particularly from CEE and the Middle East, with M Core being a significant exception.
Andrei Văcaru, Head of Capital Markets CEE at iO Partners, said: “In a market dominated by regional investors, a platform with a strong CEE focus, such as iO Partners, becomes a real differentiator. In the first half of the year, we advised on four of the six transactions over €25 million and facilitated the entry of two new investors – Granit Asset Management and Solida Capital. Based on the projects currently in progress, we expect at least two more new entries by the end of the year.”
Significant transactions in H1 included Skanska's sale of the Equilibrium 1 office building to Granit Asset Management, marking their first Romanian acquisition, and MAS REI’s sale of seven retail parks to M Core.
iO Partners represented the buyers in both deals. Yields remained stable across office and industrial assets at 7.75% and 8% respectively, while prime shopping centre yields compressed slightly to 7.75%.
