Romania's modern retail stock has reached 4.93 million sqm across 191 projects exceeding 5,000 sqm, including shopping centres, retail parks and commercial galleries, according to an analysis by Cushman & Wakefield Echinox. The 18 cities with more than 100,000 inhabitants account for over 80% of this stock, with Warsaw alone holding approximately 1.35 million sqm across 40 projects, representing 27% of the national total. Cities with fewer than 50,000 inhabitants account for only 179,300 sqm, or 3.6% of the country's stock.
"Romania's retail market will enter its next growth phase shaped not just by how much new space is delivered, but by where it is built and how well it meets local demand," said Dana Radoveneanu, Head of Retail Agency at Cushman & Wakefield Echinox. "Smaller and medium-sized cities give retailers room to expand their networks and reach new customers, yet a project's success will rely more and more on local purchasing power, accessibility and a tenant mix tailored to community needs. We anticipate that developers will become increasingly selective, with correct project sizing and strong commercial positioning playing an essential role."
According to the Romania Marketbeat Retail Q3 2026 report, almost 70,000 sqm of new retail space was delivered in the first nine months of 2026, though the pace slowed in the third quarter when only two retail parks totalling approximately 11,000 sqm were completed. Nationwide, more than 500,000 sqm of retail space is currently under construction or in various planning stages, with completion expected by 2029.
Retail property investment remained active, with transactions totalling approximately €375 million in the first nine months of 2026, representing nearly 67% of Romania's total income-producing real estate investment volume. The most significant transaction in the third quarter was AFI Europe's acquisition of a six-property retail portfolio from MAS RE - Prime Kapital for approximately €281.8 million. The portfolio, with a total area of 125,500 sqm, comprises Prahova Value Centre, Zălău Value Centre, Baia Mare Value Centre, Roman Value Centre, Sepsi Value Centre and Bârlad Value Centre.
The market is developing against a challenging macroeconomic backdrop. In the third quarter, Romania's economy contracted by 0.8% year-on-year, inflation stood at 6.8%, and retail sales declined by 3.9% compared with the same period a year earlier. Despite this, prime rents remained broadly stable, with the benchmark rent in Bucharest on Calea Victoriei and in major shopping centres standing at €90 per sqm per month, while rents in dominant shopping centres in regional cities ranged between €50 and €65 per sqm per month.
