In parallel, the Bucharest office sector continues to show positive signs. Although the total volume of leases was lower than last year, net take-up increased by 38% compared to the first quarter of 2024, exceeding the average of the last five years, say CBRE Romania specialists.
They note an intensification of demand for quality assets, given that new supply is limited, thus the vacancy rate at the Bucharest level continues to decrease, reaching 11.9%. The effects of consistent demand and limited supply are most noticeable in the Central area, where the vacancy rate reaches a record low of recent years, of only 2.9%.
“The lack of new deliveries in 2025 and the modest pipeline estimated for the coming years create the premises for pressure on supply, which could continue the upward trend in rents and an increase in investor interest in well-positioned existing buildings,” says Laura Dumea-Bencze, Head of Research & Director Investment Properties, CBRE Romania.
After a period of relative stagnation, the retail segment returned to the top of the investment ranking, attracting 66% of the total volume in the first quarter of 2025.
“This trend, consolidated in the last two years, reflects increased confidence in domestic consumption and solid economic fundamentals. The increase in the average net salary by 13% in 2024, together with a stable unemployment rate and increasing purchasing power, supported the appetite of customers for shopping and tenants for development, which attracted investors for commercial spaces,” shows the CBRE Romania analysis.
In the first three months of the year, international investors transacted 90% of the total investment volume, but Romanian capital continues to be present and active, confirming a gradual maturation of the national market.
CBRE estimates that the total investment volume could exceed 1 billion euros by the end of the year, up by approximately 35% compared to 2024. In a broader sense, the decrease in the European Central Bank's reference interest rate, combined with a solid volume of transactions in the pipeline, supports this growth outlook. In this context, CBRE experts believe that a compression of yields for premium assets is likely by the end of the year, especially in the office and retail sectors.
