”It is important to put these figures in the context of 2025, which was a record year for Romania, with almost one million sqm of reported leasing transactions. It was natural for the pace to be more moderate in 2026. Interest in Romania remains strong, both for manufacturing and logistics, but companies are more cautious given the current international context, and decision-making is taking longer. We continue to see projects and expansion plans, but some of them need more time to move forward”, explains Victor Coșconel, Partner | Head of Leasing | Office & Industrial Agencies at Colliers.
Infrastructure is reshaping the logistics demand map
Bucharest - Ilfov generated approximately 265,000 sqm of transactions in the first nine months, accounting for nearly 60% of the national volume. Compared with the same period in 2025, when approximately 448,000 sqm were transacted in the capital region, the volume was down by around 41%. Outside Bucharest, the evolution was much more stable, from approximately 204,000 sqm in the first nine months of 2025 to around 186,000 sqm this year, with volumes down by less than 10%. The market outside the capital has therefore proved more resilient, even though a significant share of the large projects delivered or currently under construction is concentrated around Bucharest.
Infrastructure is also having an increasingly clear impact on the demand map. Three of the five largest transactions in Bucharest - Ilfov were concluded in areas that until recently had a more limited presence on the logistics market: one at VGP Park Bucharest A2, east of the capital, and two at CTPark Bucharest South. The completion of the southern sections of the A0 motorway and improved access to labour have increased interest in these areas, following a period when the western and, more recently, northern parts of Bucharest attracted most of the development activity. Colliers consultants estimate that new infrastructure will have a similar effect in other parts of the country. Moldova is among the areas with growth potential in the coming years, as major infrastructure projects progress.
Romania’s evolution is part of a broader European rebalancing of the industrial and logistics market, following the strong growth seen in the post-pandemic years. At regional level, leasing volumes have recovered from their 2024 levels, but remain below the five-year average. At the same time, the negotiation process is taking longer, amid higher construction and refurbishment costs, increased demand for flexibility and sustainability requirements. Nevertheless, as of mid-year, 54% of the markets analysed by Colliers in its recently published “EMEA Industrial & Logistics Hubs Snapshot H1 2026” recorded an increase in leasing volumes measured over the previous 12 months, showing that market developments vary significantly from one location to another.
Modern stock exceeds 8.3 million sqm, while rents remain stable
On the supply side, nearly 80,000 sqm of modern industrial and logistics space was delivered in the third quarter. This brought deliveries in the first nine months to more than 300,000 sqm, while total leasable stock exceeded 8.3 million sqm. Among the largest projects delivered this year are the 56,000 sqm warehouse developed by CTP in western Bucharest for LPP and the approximately 46,000 sqm project developed by VGP north of the capital. Other projects of a similar size are due to be delivered over the next two to three quarters.
A significant share of the new supply expected to enter the market in 2026 and early 2027 is concentrated around Bucharest, particularly as a result of several large-scale projects. Colliers consultants believe, however, that this concentration is temporary, and that over the longer term, markets outside the capital are well positioned to grow faster, supported by infrastructure and access to labour.
Rents have remained largely stable for a well-located project tailored to a tenant’s specific requirements, prime rents for approximately 5,000 sqm remain in the €4.5 - 5 per sqm per month range. Transactions, however, are currently more likely to close towards the lower end of this range. Greater competition among landlords, the international economic environment and the availability of sublease space are giving tenants greater negotiating power.
Some of this space was previously leased by logistics operators or retailers to secure additional capacity in anticipation of a stronger recovery in consumption. As this recovery has not materialised at the expected pace, some companies are now looking to sublease their unused space, in some cases at rents below those of new projects. At the same time, construction costs, which have increased by more than 10% over the past year, leave limited room for further rental reductions. Vacancy rates remain below 10% in most areas, while companies looking for more than approximately 10,000 sqm in a particular location will generally require a built-to-suit solution.
Romania’s market is evolving within a relatively balanced European context. At EMEA level, the vacancy rate stood at 5.8% in the second quarter, after remaining slightly below 6% for more than a year. At the same time, development activity has slowed, reducing the risk of oversupply. Regional data confirms this trend. At mid-year, the Colliers index for industrial and logistics space under construction was 16.5% below last year’s level, while the index for deliveries was down 15.1%.
Prime rental growth has also moderated, with the regional index 3.6% above last year’s level at the end of the second quarter, compared with annual growth of 6.1% a year earlier. Over the next 12 months, 70% of the markets analysed by Colliers expect rents to remain largely stable. There are also initial signs that the vacancy rate may be nearing a turning point. Some 36% of markets expect available space to decline over the next 12 months, while only 12% anticipate an increase, compared with 21% six months ago.
Consumption stabilises, while manufacturing investment supports the outlook for 2027
In the short term, domestic consumption remains an important driver of logistics space demand. The decline in household spending in 2025 and early this year made retailers and logistics operators more cautious about expansion plans. Recent data, however, point to stabilisation, with non-food retail sales returning to year-on-year growth in August for the first time in more than a year. In manufacturing, Romania continues to benefit from the relocation of production activities to more cost-competitive markets, even though challenges in the automotive sector are weighing on the overall picture. Manufacturing has become an increasingly important part of industrial and logistics demand, accounting for approximately 28% of total demand in the first half of the year and confirming its role as one of the market’s main drivers.Over the same period, investment in machinery and equipment increased by more than 18% in volume terms, signalling that new investments in production capacity are underway.
”As long as external uncertainties persist, we may see several more quarters with a pace similar to that of 2026. So far, the market’s evolution points to a normalisation following the record year of 2025, with greater selectivity and a more measured pace of decision-making, rather than a structural shift. There are, however, more positive signals in the Romanian market. Consumption is beginning to stabilise, while manufacturing investment continues. Romania remains on the radar of companies considering relocating or bringing production activities closer to European markets, while new infrastructure is gradually opening up additional areas for industrial and logistics investment. Under these circumstances, the long-term outlook remains positive, and 2027 could be a more active year”, adds Victor Coșconel.
At European level, Colliers also expects a positive medium-term outlook. The lower number of new projects under development, still moderate vacancy rates and demand for modern space are supporting the market. In some countries, advanced manufacturing, the need for more resilient supply chains and investment in the defence industry are already generating additional demand, while investors are becoming more selective in their choice of locations and assets.
