Oana Iliescu, Managing Director at Cushman & Wakefield Echinox, talked to Property Forum about the resilience of Romania’s real estate stock, which remains among the youngest in CEE. She highlighted that despite a complex economic landscape, industrial and capital markets continue to offer investment opportunities for well-positioned assets and long-term investors.
This interview was first published in Property Forum’s annual listing of "The 50 most influential people in Romania’s real estate market”.
What are the primary strategic objectives for Cushman & Wakefield Echinox this year?
Our main objective is to consolidate our position as a leading real estate advisory firm in Romania, in a still complex and evolving market environment. We are focused on delivering integrated solutions that combine transactional expertise with strategic advisory, valuation, research, and professional services. With over 30 years of experience across multiple market cycles, our focus is to help clients transform information into clarity and direction, especially in complex decision-making contexts. In a market marked by volatility and shifting expectations, the ability to structure options and provide a clear framework for decisions becomes critical. At the same time, we continue to invest in our teams and in strengthening long-term client relationships, which remain the foundation of sustainable growth.
How do you intend to maintain momentum in your Industrial and Capital Markets departments this year amidst shifting economic trends?
2025 was a strong year for us in both segments. In Industrial, we advised on leasing transactions totalling over 240,000 sqm, accounting for a 43% market share of the total volume transacted through real estate consultants, while in Capital Markets, we were involved in 10 transactions with a combined value close to €200 million.
Although it was a relatively slow year for the investment market overall, we were active in close to half of the transactions completed, which reflects both our market positioning and the trust of our clients.
Despite the current context, both industrial and capital markets continue to offer opportunities, particularly for well-positioned assets and for investors with a long-term perspective. Our role is to support clients in navigating complex and often multi-layered transactions, whether that means sourcing off-market opportunities, advising on repositioning, or structuring transactions in line with evolving risk-return expectations.
What specific factors underpin the resilience of office and retail assets in Romania, and how are your teams responding to this?
A key strength is the relatively modern stock, better aligned with current occupier expectations in terms of quality, ESG standards, and flexibility. The average age of office stock is around 13 years and retail around 16 years, which places Romania among the markets with one of the youngest modern real estate stocks in CEE and creates a solid foundation for resilience, even as demand evolves and requirements become more sophisticated. We support landlords in maintaining competitiveness through project and asset enhancement services, while also helping them rethink positioning, tenant mix, and long-term asset strategy where necessary.
Moreover, we work closely with occupiers on workplace strategies and space optimisation. These decisions now require more nuanced and data-supported analysis, as companies reassess how space supports productivity, culture, and cost efficiency.
What are the main elements of your vision to integrate AI and data-driven insights into your core advisory services?
AI already enhances our efficiency and analytical quality, serving as a powerful tool to support and elevate our work. We operate in an industry built on trust and long-term relationships, which often views technological change conservatively. Consequently, technology is a strong enabler but remains secondary to human judgement and interaction.
By merging data with expert experience, we provide integrated, well-grounded opinions to support clients through complex mandates. Looking ahead, the ability to synthesise data from multiple sources will become a key differentiator for faster, more relevant advisory.
How are client expectations evolving regarding the speed and agility of high-precision market forecasting?
Clients expect faster and more precise insights but also understand that in a volatile environment, forecasting is less about certainty and more about scenarios. Our role is to help them navigate uncertainty by providing context, testing assumptions, and structuring possible outcomes. The value lies not only in the data itself, but in how it is interpreted and translated into actionable strategy.
Meanwhile, we see a shift from simply delivering information to supporting decision-making in a more structured way. Clients are looking for clarity, prioritisation, and a clear framework that allows them to move forward with confidence, even when visibility is limited. In practice, this means combining speed with depth, being able to respond quickly while maintaining a high level of rigour in analysis and recommendations.
How do you perceive the current appetite of international investors for Romanian commercial assets compared to other CEE regions?
Romania maintains its appeal through strong growth potential and relatively higher yields, though investors have become increasingly selective, prioritising asset quality, ESG compliance, and income security. To further strengthen its regional standing, the market must continue to improve overall predictability and international visibility, as these factors remain critical to investor perception and the pace of decision-making.
A clear distinction exists between established investors seeking to expand their local portfolios and new entrants who remain more cautious and deliberate in their commitments. While Romania offers superior returns compared to mature CEE markets, navigating its unique local dynamics requires the deep expertise of a strong advisory partner to properly structure and position investments. Continued interest from regional players suggests that as the market gains consistency and visibility, Romania has the potential to attract significantly broader capital flows.
Which professional service lines do you anticipate will experience the most significant expansion in 2026 for Cushman & Wakefield Echinox?
We anticipate continued growth in integrated, multidisciplinary services such as strategic advisory, valuation, and project development, as clients shift their focus from individual transactions to complex, portfolio-level decision-making.
In this evolving environment, services related to ESG alignment, asset repositioning, and workplace strategy are gaining significant traction, alongside a growing requirement for scenario analysis and long-term planning. As market visibility fluctuates, clients increasingly seek partners capable of delivering the structure, clarity, and consistency necessary to navigate today’s intricate real estate landscape.
