In parallel, the office sector in the capital continues to show positive signs. Although the total volume of leases was lower than last year, net take-up increased by 38% compared to Q1 2024, exceeding the average of the last five years. CBRE notes an intensification of demand for quality assets, given that new supply is limited, thus the vacancy rate in Bucharest continues to decrease, reaching 11.9%. The effects of the 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 expected for the coming years create the premises for pressure on supply, which could continue the trend of increasing rents and an increase in investor interest in well-positioned existing buildings,” details 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 Q1 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, along 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.
In Q1 2025, 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.
ABOUT CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world's largest commercial real estate investment and services firm (based on 2022 revenues). The company has more than 115,000 employees serving clients in more than 100 countries. In Romania, CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; property valuation and appraisal; real estate leasing; strategic consulting; property sales; mortgage services and development services.
