Romania's Industrial Real Estate Market: 2025 Review and 2026 Outlook

Romania's industrial real estate sector closed 2025 as one of the strongest performers in Central and Eastern Europe — a position that would have seemed optimistic even three years ago. The combination of near-shoring momentum, EU infrastructure investment and a structurally undersupplied logistics market produced a year of sustained demand growth across all major Romanian industrial corridors.

This review summarises the key market developments of 2025 and outlines the investment thesis for 2026 — with particular focus on the off-market opportunities that characterise the Romanian market at this stage of its development.

2025 Market Performance: The Key Numbers

Romania's industrial and logistics market recorded approximately 850,000 sqm of new take-up in 2025 — a figure that places it firmly in the second tier of CEE logistics markets, behind Poland but ahead of the Czech Republic and Hungary on a per-capita basis.

The most significant dynamic of 2025 was the widening gap between demand and new supply. Developer caution — driven by higher construction costs and financing constraints — kept completions well below demand, compressing vacancy to multi-year lows in Bucharest, Cluj-Napoca and Timișoara.

Geographic Breakdown: Where the Activity Was

Bucharest Corridor

The capital region remained Romania's dominant industrial market, accounting for approximately 55% of total take-up. The A1 motorway corridor toward Pitești and the ring road industrial zones absorbed the bulk of new demand from e-commerce, FMCG and third-party logistics operators. Prime rents in Bucharest's established logistics parks reached €4.50–4.80/sqm/month by year-end.

Western Romania: Timișoara and Cluj

Western Romania continued to attract the highest concentration of manufacturing and automotive supply chain occupiers. Continental AG, Aptiv and Leoni all expanded their Romanian footprints in 2025. Timișoara's industrial corridor — already one of the most densely occupied in the country — saw vacancy drop below 3% in Class A space by Q4 2025.

Moldova Corridor: The Emerging Opportunity

The most significant structural shift of 2025 was the acceleration of interest in Romania's Moldova corridor — the A7 motorway axis connecting Bucharest to the Ukrainian border through Bacău, Roman and Suceava. With the northern sections of A7 approaching completion and the Roman-Nord interchange scheduled for 2026, land values along the corridor began to reflect the infrastructure premium for the first time. Industrial land that traded at €3–5/sqm in 2023 reached €6–10/sqm in established locations by late 2025, with further appreciation expected as the motorway opens.

Near-Shoring: The Structural Driver

The near-shoring thesis — the restructuring of European supply chains to reduce Asia dependency — continued to deliver measurable results in Romania in 2025. Key observations:

• Manufacturing relocation: At least 12 significant manufacturing operations relocated or expanded to Romania from Asia or Turkey in 2025, across automotive components, electronics assembly and consumer goods
• Labour cost advantage: Romanian manufacturing wages remained 35–45% below Polish equivalents, maintaining Romania's competitive position even as wages grew at 8–10% annually
• EU compliance: Full EU regulatory alignment continued to be cited by occupiers as a primary factor in choosing Romania over non-EU near-shoring destinations
• Energy costs: Romania's nuclear and hydro-heavy energy mix kept industrial electricity costs among the lowest in the EU, a growing consideration for energy-intensive manufacturing operations

Investment Market: Capital Flows in 2025

The Romanian industrial investment market recorded approximately €410 million in transaction volume in 2025 — a 28% increase on 2024 and a new record for the sector. Prime yields compressed to 7.25–7.50% for stabilised Bucharest logistics assets, reflecting both strong occupier demand and growing institutional appetite for Romanian industrial exposure.

This off-market dynamic — which TOPS Investments has consistently observed across its transaction advisory work — reflects the structural characteristics of the Romanian industrial market at this stage: motivated sellers, limited price discovery, and buyers who are willing to move quickly when presented with properly documented assets.

2026 Outlook: What to Watch

The Romanian industrial market enters 2026 with several converging catalysts that we believe will produce significant pricing movements over the next 12–18 months:

• A7 motorway openings: The Roman-Nord interchange and additional sections of the Moldova motorway are scheduled to open in 2026. Based on precedents from Poland's A2 corridor, land within 5km of new interchanges typically reprices 40–65% within 36 months of opening
• EU cohesion fund deployment: Romania's €30B+ EU infrastructure programme is entering its peak deployment phase. Industrial zones adjacent to upgraded infrastructure are the primary beneficiaries
• Institutional capital entry: International institutional investors — who have been systematically acquiring assets in Poland and Czech Republic — are beginning to establish Romanian platforms. Their entry will compress yields and reprice the broader market
• Vacancy tightening: With new completions running below demand, vacancy in prime locations will likely approach 3% nationally by end-2026, creating conditions for rental growth acceleration

The Off-Market Opportunity in 2026

TOPS Investments currently intermediates 10 off-market industrial and agricultural assets across Romania, ranging from €7M to €50M. All assets are available exclusively off-market — not listed on any platform — and documentation is provided within 48 hours of executed NDA. The current portfolio includes industrial platforms in Timișoara, Bacău, Roman and Făgăraș, as well as logistics and mixed-use development assets in Craiova.

For qualified investors seeking Romanian industrial exposure ahead of the infrastructure-driven repricing cycle, 2026 represents a narrowing window at pre-appreciation pricing.