Major real estate investors in Romania anticipate rental growth in 2026, particularly in the office segment, while occupier demand shows signs of consolidation rather than expansion, according to a new study by Cushman & Wakefield Echinox.
The agency surveyed top management of local, regional and global investors and developers, with a combined Romanian real estate portfolio valued at more than €15 billion, representing approximately 50% of the local modern real estate market.
Vlad Săftoiu, Head of Research Cushman & Wakefield Echinox, said: "Investors generally anticipate a period of market stabilisation, with limited forecast of sharp rental, demand and value growth, factors which suggest that Romania remains an attractive destination, with conditions that support growth and investment on all market segments, even if a number of challenges persist."
Most respondents foresee a positive office rental evolution in the next 12 months, with 56% expecting growth, 39% forecasting stability, and only 5% predicting a decline. After strong optimism between 2022 and 2023, when most respondents anticipated rental growth in Romania's industrial and logistics market (peaking at 75% in 2023), expectations have moderated. In the latest edition, 52% of respondents expect rents to remain stable, 36% foresee further growth, and 12% predict decreases.
The results indicate a cautiously optimistic outlook for retail rents, with 41% of respondents expecting increases, 49% anticipating stability, and only 10% foreseeing decreases. Fiscal changes are perceived as the main factor influencing occupancy costs, cited by 20% of respondents, followed by geopolitical developments and macroeconomic uncertainty (18% each). Industrial and logistics assets lead in potential, while alternative segments such as hotels and residential are gaining momentum. Most investors (56%) plan to expand their portfolios in 2026, while 35% intend to maintain their current position and 9% anticipate reducing activity.
