Romania’s real estate investment market recorded a total volume of approximately EUR 152 million in the first quarter of 2026, in a context marked by investor caution and selective activity, according to a report prepared by Fortim Trusted Advisors, a member of the BNP Paribas Real Estate Alliance. The office sector clearly dominated the market, accounting for 89% of the total transacted volume.
A distant second place was taken by the retail sector, with 8% of the total, followed by hotels (2%) and the industrial segment, with just 1%.
The investment volume in the first three months of 2026 is approximately 7% above the quarterly average of 2025 but remains 2.5% below the level recorded in the first quarter of last year.
“Activity in the first quarter reflects a market where transactions are mainly concluded when there is a clear alignment between sellers’ price expectations and investors’ strategies. Interest in office assets remains solid but is primarily directed toward high-performing properties or opportunities where price adjustments allow entry at sustainable levels in the current market context, creating premises for repositioning and value growth,” estimates Nicolae Ciobanu, Managing Partner – Head of Advisory at Fortim Trusted Advisors, an alliance member of the BNP Paribas Real Estate.
Top transactions nationwide
The office building segment generated the largest share of the investment volume through four transactions totalling approximately EUR 135 million. Investor interest focused both on fully leased properties with strong operational performance and on opportunities with repositioning potential.
TOP TRANSACTIONS IN Q1 2026
| PROJECT | SELLER – BUYER | CITY |
| @Expo | Atenor – Equora Capital | Bucharest |
| Record Park | AYA Properties – BT Property | Cluj-Napoca |
| Equilibrium 2 | Skanska – Granit Asset Management | Bucharest |
These transactions highlight investor interest in assets located both in Bucharest and in major regional hubs such as Cluj-Napoca, despite the more cautious market environment.
Retail remains the second most active segment
The retail segment, particularly retail parks, continues to be the second most active asset class, supported by interest from both local and international investors. Activity in this sector remains stable, although volumes are significantly below those recorded during p
Market context and outlook
Data from recent years show high volatility in investment volumes, with a peak in 2022, followed by a significant decline in 2023 and a partial recovery in 2024–2025. In this context, the beginning of 2026 does not yet indicate a sustained recovery, and short-term evolution remains dependent on the stabilization of macroeconomic conditions.
“We are seeing, from last year’s transactions and early 2026—particularly in the office asset class—the entry of new investors and the consolidation of those who have recently entered the Romanian market. This reconfirms the potential of Romania’s market, while also marking a period of opportunities for well-prepared investors who are betting on a recovery and on the convergence of Romania’s market toward the yield and liquidity levels typical of its CEE peers. How quickly we will begin to see this shift depends largely on local political and economic stability and on how we adapt to rapid changes in the global economy“, said Ștefan Oană, Head of Capital Market at Fortim Trusted Advisors, an alliance member of the BNP Paribas Real Estate.