CBRE has released its Q2 and H1 2026 overview of Romania’s retail and investment markets, highlighting their continued resilience. The market was supported by the expansion of modern retail stock, the entry of leading international brands, and strong investment activity, reinforcing confidence in the country’s commercial real estate sector.
Stock expansion and new projects under development
Romania’s modern retail stock reached a total of 4,859,000 sqm by the end of Q2 2026, with retail parks accounting for approximately 23% of this area.
- Deliveries in H1 2026: The total delivery volume for the first half of the year reached 84,000 sqm. These include the expansion of Arena Mall Bacău, Phase 1 of Urbano Shopping & Living in Cluj-Napoca, and new regional retail parks in Oradea, Breaza, Bran, and Brașov.
- Forecast for the second half of the year (H2 2026): Currently, 68,000 sqm are under construction with delivery scheduled for H2 2026 (including ARIA Shopping Centre, One Gallery, and Cometex retail parks). Consequently, the total estimated delivery volume for the full year 2026 reaches 152,000 sqm.
- Medium-term projects (2027–2028): Nearly 300,000 sqm of new space is in the planning and construction phase. Major projects include the 120,000 sqm mixed-use Rivus project in Cluj-Napoca, the expansions of Promenada Mall Bucharest and Palas Iași, as well as M Park Galați.
New international brands and rental stability
Romania continues to be a highly attractive destination for global retailers. In Q2 2026, the premium sportswear brand lululemon opened its first store in the country. Additionally, the brand Dansk entered the market, and the restaurant chain wagamama announced plans for local expansion. Existing retailers such as Primark, Action, Rituals, and Elisabetta Franchi continued to expand their networks. The landmark transaction between Dedeman and Carrefour was successfully concluded, marking a new strategic milestone in the development of Romania’s retail market.
Prime rent levels remained stable this quarter:
- Shopping centres: €87.00/sqm/month (a 2.35% annual increase).
- Prime high street locations: €65.00/sqm/month (a substantial annual increase of 18.18%, with upward pressure in premium Bucharest locations such as Calea Victoriei, driven by demand from the F&B sector).
Real Estate Investment Market: Retail Dominates the Second Quarter
The Romanian real estate investment market reached €253 million in the first half (H1) of 2026. Although the total volume recorded a 35% decline compared to the same period last year, transaction activity remains robust, with the number of transactions holding steady (16 in H1 2026 versus 17 in H1 2025).
In the second quarter (Q2 2026), total investment volume amounted to €102 million (a 54% year-on-year contraction). This period was decisively dominated by the retail sector, which attracted approximately 80% of the total invested capital (around €81 million).
Two major retail transactions brokered by CBRE marked the second quarter:
NEST Portfolio: The retail parks in Moinești and Miercurea Ciuc were acquired by the Czech investor Star Capital Finance from RC Europe.
Winmarkt Ploiești Portfolio: Divested by the Italian group IGD and secured by Dolphin Invest.
Other market transactions involved projects such as GP Plaza—acquired by Square 7 / M Core—or projects purchased by end-users (such as Jumbo Militari or Brico Depot stores).
Yield Trends:
Driven by heightened interest in assets generating stable income, the retail segment saw yield compression in June 2026:
- Prime Shopping Centres: A 10 bps decrease, reaching 7.65%.
- Retail Parks / Regional Centres: A 15 bps decrease, reaching 8.10% (with a 7.75% yield for prime retail parks).
- Secondary Retail Parks: A 25 bps decrease, reaching 8.00%.
Key macroeconomic indicators highlighted in the report:
- GDP Growth: Estimated at 0.6% for 2026 and forecast at 2.2% for 2027.
- Inflation Rate (CPI):8% in 2026, with a projected drop to 5.5% in 2027.
- Unemployment Rate: Stood at 5.9% in 2026, with a forecast decline to 5.4% in 2027.
“Despite a complex macroeconomic and political landscape, the fundamentals of the Romanian retail market remain solid. This is reaffirmed by sustained developer appetite, the continued expansion of international brands, and the resilience of domestic consumption,” says the CBRE Romania research team.
Strong Outlook for the Second Half of the Year (H2 2026)
The forward transaction pipeline points to a significant recovery for the second half of the year. Transactions in advanced stages, with pricing already established, exceed a total value of €800 million. This pipeline is driven by two large-ticket transactions in the retail and logistics sectors. Added to these are ongoing negotiations for office buildings and other retail assets in Bucharest, as well as hotel transactions in the capital. Their completion will push the total volume for 2026 significantly above the level recorded in 2025.
