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Under the Net Zero Industry Act (Regulation (EU) 2024/1735, referenced as "NZIA"), the EU has set a binding target of 50 million tonnes of operational CO₂ injection capacity by 2030. Recent delegated acts identify the EU-based oil and gas producers subject to NZIA obligations and specify their pro rata contributions. Romanian producers account for over 20% of these obligations, positioning Romania as a core player in Europe’s emerging CO₂ storage system.

Romania’s significant share of the target, combined with its favourable geology – particularly depleted fields suitable for conversion into permanent CO₂ storage sites - creates major opportunities for developing storage capacity and associated transport and midstream infrastructure.

1         Mandatory CO₂ injection capacity under NZIA

Although carbon capture technologies are increasingly viable in the EU, they cannot be deployed at scale without reliable access to permitted CO₂ geological storage sites. Through the NZIA, the EU aims to address a market coordination problem: industries ready to capture CO₂ risk having nowhere to store it, while investors in storage face high upfront costs before being able to apply for permits. By improving transparency on geological data, requiring EU member states to report progress on storage development and creating a predictable investment environment, the NZIA seeks to align capture, transport and storage investments into functioning value chains.

The regulation positions CO₂ injection and permanent geological storage as essential to achieving climate neutrality. To this end, the NZIA requires EU‑licensed oil and gas producers to develop 50 million tonnes of annual operational CO₂ injection capacity by 2030. To reach this objective, oil and gas licensees must contribute proportionately to developing storage capacity, calculated pro rata to their 2020–2023 crude oil and natural gas production.

Through the 2025 implementing measures (Commission Delegated Regulation (EU) 2025/1477 referenced as the "Delegated Regulation" and Commission Decision (EU) 2025/1479, referenced as the "Commission’s 2025 Decision"), the EU enacted the binding list of obligated entities and their exact CO₂ injection capacity obligations. The five largest contributors bound by the Commission’s 2025 Decision are:

• Netherlands‑based producers: ~ 13,960 kt/year (approx. 26.64%)
• Romania‑based producers: ~ 10,250 kt/year (approx. 20.50%)
• Italy‑based producers: ~ 6,950 kt/year (approx. 13.90%)
• Germany‑based producers: ~ 5,370 kt/year (approx. 10.74%)
• Poland‑based producers: ~ 4,260 kt/year (approx. 8.52%)

To meet their targeted volumes, producers: may invest in or develop CO₂ storage projects alone or through joint ventures, enter into agreements with other obligated producers or contract with third‑party storage developers.

As per the Delegated Regulation, if an obligated oil and gas producer ceases to legally exist by 31 December 2030 or if the relevant authorisation is transferred, the contribution obligation is assumed by the subsequent authorisation holder.  However, the Delegated Regulation does not address the scenario in which the obligated producer ceases to exist through winding‑up or insolvency procedure before 31 December 2030. In such a case, where the CO₂‑injection obligations are not commercially assigned within or as a consequence of those proceedings, it is arguable that the member state would ultimately need to ensure continuity – since the EU‑wide target of 50 Mt/year must still be met and the obligation cannot remain without a bearer. Given this regulatory gap, further national measures would be required to ensure uninterrupted assumption of the obligation and to prevent the CO₂ injection contribution requirement from becoming ownerless.

Key timelines under the NZIA include the reporting of producers and volumes by Member States by 30 September 2024, the Commission’s specification of contributions in 2025, submission of delivery plans by obligated entities by 30 June 2025, annual progress reports starting 30 June 2026 and national penalties set by 30 June 2026.

The 2030 injection‑capacity target is only the starting point for the much larger volumes expected by 2050. For this, the NZIA requires member states to actively facilitate capture and storage ("CCS") deployment, remove barriers, support CO₂ transport infrastructure and create conditions for a competitive and accessible market for CO₂ injection and transport services.

2         Romania’s >20% share: volumes and market implications

The Commission’s 2025 Decision lists individual obligations. For Romania‑based producers, the Commission’s 2025 Decision sets approximately: OMV Petrom SA 5,880 ktpa, S.N.G.N Romgaz SA 4,120 ktpa and Black Sea Oil & Gas SA 250 ktpa – totalling just over 10 Mt/year by 2030, slightly above 20% of the 50 Mt/year Union target.

Romanian policy documents also reference an obligation of approximately 9 Mt/year by 2030, the EU’s second‑largest national burden, illustrating the scale and urgency of investment needed in storage capacity and midstream infrastructure.

Given these volumes, Romania will require multiple permitted storage sites with market‑ready injection capacity by 2030, supported by CO₂ gathering, compression and transport systems (pipeline and potentially maritime, road or rail) to connect emitters to storage.

Storage options include saline aquifers and depleted hydrocarbon fields, both eligible under the NZIA and CCS Directive 2009/31/EC (the "CCS Directive") frameworks. The National Regulatory Authority for the Mining, Petroleum and Geological Storage of Carbon Dioxide ("ANRMPSG") is responsible for designating the areas within Romania where storage sites may be selected and for publishing these areas on its official website. ANRMPSG also evaluates the available storage capacity in the identified zones, including by authorising exploration activities in accordance with the applicable regulatory framework. In 2025, a Primary Assessment of Regions in Romania for Geological CO₂ Storage was uploaded on the ANRMPSG website, identifying eight morpho-structural regions of Romania where CO₂ storage sites may be selected based on geological suitability. 

The Delegated Regulation recognises non‑obligated (i.e. below threshold) producers operating storage sites as potential third‑party developers, enabling capacity‑as‑a‑service models.

For industrial emitters, the annual reports required from obligated producers will disclose essential information such as sites, capacities, timelines, CO₂ quality, transport modes, final investment decision ("FID") and operational dates – information needed to negotiate long‑term storage contracts.

3         Romania's legal steps for NZIA implementation

Romania has updated its national CCS framework to align with the NZIA and accelerate storage build‑out as follows:

• Through Emergency Governmental Ordinance No.139/2024 ("EGO 139/2024"), Romania amended Emergency Governmental Ordinance 64/2011 (CCS Directive transposing act) to allow storage authorisation to be issued directly to existing petroleum titleholders when the site is already characterised and the titleholder demonstrates technical and financial capacity.
• The act also terminates hydrocarbon agreements for areas converted to storage sites while preserving obligations for the remaining perimeter.
• EGO 139/2024 mandates transparent, non‑discriminatory access rules: the National Energy Regulatory Authority ("ANRE") approves access to CO₂ transport infrastructure, ANRMPSG sets storage‑site access rules and ANRE oversees tariff dispute resolution.
• ANRMPSG must establish procedures for access to the National Geological Fund to support site selection and capacity assessment.
• CO₂ transport licensing is integrated under ANRE, formalising midstream regulation.

In addition, as recently as June 2025, ANRMPSG issued new instructions for verifying, among other matters, the financial and technical capacity of CO₂ storage entities.

These legal measures clarify permitting pathways, open‑access principles, institutional roles and alignment with NZIA obligations.

4         What companies should do now

• Obligated oil and gas producers. Finalise bankable project portfolios and/or third‑party capacity contracts to deliver your allocated Mt/year by 2030 and to align FIDs and permitting with NZIA reporting duties and Romania’s new fast‑track conversion route for eligible hydrocarbon perimeters.
• Third‑party storage developers. Advance site screening in saline aquifers and depleted fields using National Geological Fund pathways design open‑access multi‑client storage services and position for offtake from obligated producers and EU Emissions Trading System emitters under the NZIA framework.
• Industrial emitters: Map capture timelines to announced storage injection dates and transport corridors and negotiate long‑term storage capacity and CO₂ quality specifications early, leveraging transparency and annual reporting to de‑risk FID.
• All market participants. Track ANRMPSG/ANRE rulemaking on access, tariffs and licensing and ensure that financial and technical capability documentation meets ANRMPSG standards to avoid permitting delays.

5         Conclusion

Romania now holds a significant competitive position: with one of the largest EU‑mandated storage obligations and a regulatory system adapting to enable rapid project deployment, it is positioned to become a key CO₂‑storage and transport hub for Central and Eastern Europe. For investors, storage developers, midstream operators and industrial emitters seeking long‑term scalable solutions, Romania could offer not only capacity but strategic positioning within the EU’s emerging CO₂ value chain.

Demand for industrial and logistics space increased by 51% in 2025, reaching 1.275 million square meters, the second-highest level in the modern history of the local market, according to data from the real estate consultancy company Cushman & Wakefield Echinox.

Most of the leased area – 60% (774,000 sqm) – represents new demand, showing the interest of companies in expanding their logistics and industrial facilities despite local and global macroeconomic fluctuations and uncertainties, as well as an overall consolidation of the market.

Demand was strongly polarized around Bucharest, which remained the preferred destination for tenants and accounted for 75% of the total leased area in 2025. Timisoara (77,100 sqm), the second-largest logistics hub in the country, ranked second. Retail, e‑commerce, and FMCG companies were the most active, contracting 430,000 sqm, followed by logistics operators with 217,000 sqm, and FMCG and courier companies with 80,000 sqm.

The sustained growth in demand led to a slight decrease in the nationwide vacancy to 5.3%, with 4.7% in Bucharest. Thus, 417,000 sqm of industrial and logistics spaces remain vacant nationwide, of which 180,000 sqm are located around Bucharest.

The industrial and logistics stock is expected to reach approximately 8.3 million sq m by the end of this year, with nearly half of the total area concentrated in the Bucharest-Ilfov region, which will also benefit from more than 70% of the new deliveries announced for this year.

For 2026, developers have announced the delivery of around 350,000 sqm of new logistics and industrial parks, a similar level to 2025. The largest volume will be built in Bucharest-Ilfov (260,000 sqm), the Centre region (49,000 sqm), and the North‑East (20,000 sqm).

In 2025, new projects totaling 332,000 sqm were delivered, marking a 42% decrease compared to 2024, a contraction driven primarily by the slowdown in speculative development.

As a result, the industrial and logistics stock reached 7.9 million sqm at the end of last year, with 48% located in Bucharest, 15% in the West region (Timișoara, Arad, Deva, Caransebeș), 12% in South‑Muntenia (Pitești, Ploiești), 9.4% in the Centre region (Brașov, Sibiu, Târgu Mureș, Alba Iulia) and 8.6% in the North‑West (Cluj, Oradea, Baia Mare).

In Moldova, although the regional stock increased by 29% over the past three years – the second‑strongest growth among the eight regions, supported by transport infrastructure development – it remains one of the least developed markets nationwide, with only 2.7% of Romania’s total industrial and logistics stock.

Romania is the third‑largest industrial and logistics market in Central and Eastern Europe, after Poland – the regional leader with 36.4 million sqm – and the Czech Republic, with 13,2 million sqm.

Ștefan Surcel, Head of Industrial Agency, Cushman & Wakefield Echinox: “The evolution of recent years confirms the maturity of the local logistics and industrial market, one of the most dynamic in the region. Infrastructure projects such as A0 and A8 are reshaping logistics flows and creating new regional hubs, with the most significant examples being Stefanești, the northern of Bucharest, and the cities of Iasi and Bacau in Moldova. At the same time, we see an increasing number of consolidation processes, through which companies seek to optimize supply chains, reduce costs, and accelerate delivery timelines. The balance between new demand and renegotiations reflects a mature market behavior in which logistics, distribution, retail, and e‑commerce operators continue to be the main drivers of activity. What also emerges from discussions with potential investors is that Romania is no longer perceived as a cheap and competitive market for labor‑intensive, low‑skilled production activities. Instead, it is seen as a market capable of supporting production facilities for more sophisticated, high value‑added goods - a shift that is repositioning the local market within regional production chains and boosting demand for modern, well‑connected, and sustainable industrial spaces.”

The prime headline rents in Bucharest and in the main industrial & logistics hubs across the country remained flat, generally ranging between €4.30 - 4.75/ sq. m/ month in Bucharest, Cluj - Napoca, Timisoara, Brasov, Ploiesti, Pitesti or Sibiu. These levels could see minor upward adjustments in the coming quarters, in a context where both construction costs and land acquisition prices are constantly increasing in all relevant locations in Romania.

Romania offers the most competitive occupancy costs in Central and Eastern Europe for companies seeking to lease industrial and logistics space. Countries with which Romania often competes for investments offer rents up to 60% higher – for example, the Czech Republic.
Prime rents in Hungary are of €5.7/sqm/month, in Czech Republic of €7.5/sqm/month and in Poland of €5.75/sqm/month.

Cushman & Wakefield Echinox is a leading real estate company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, owned and operated independently, with a team of over 60 professionals and collaborators offering a full range of services to investors, developers, owners and tenants. For additional information, visit www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and others. Built around the belief that Better never settles, the firm receives numerous industries and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com. 

Finance departments of global companies are adopting new technologies at a fast rate and already see clear benefits from using intelligent automation, artificial intelligence and AI agents in their function, according to the Deloitte study Finance Trends 2026, conducted globally among companies with annual revenues exceeding US$1 billion. More than six out of ten (63%) of the surveyed finance leaders have fully deployed and actively use AI in their departments and 21% already report clear, measurable return on investment.

As most finance leaders focus on multiple top priorities simultaneously in 2026, the study found that adopting new technological capabilities, including AI, ranks highest for nearly half of respondents (48%), on par with planning for external challenges (such as inflation, tariffs, regulations). In order to build stronger anticipation and prompt response, companies use AI to create advanced scenario-planning capabilities (30%) and to guide better financial decisions with the help of AI-driven insights (25%). When it comes to scenario planning, the study explains that companies are increasing the sophistication level and the frequency of their forecasts, in some cases even moving from monthly to daily cadences. In order to meet these needs, the surveyed CFOs use AI, which allows them to analyze a variety of data sources, including competitor information, pricing data, inventory levels, and customer preferences.

The expansion of the role of the CFO, which has become a strategy leader in the company, has created the necessity for technological and AI-driven solutions. Nearly half (48%) of CFOs whose roles have evolved into strategy leaders have fully integrated AI agents into the finance function. The areas within the finance function which could benefit the most from AI agents are financial planning and analysis (52%), sales and profitability management (48%), working capital optimization (46%) and expense management (44%).

AI is also among the preferred solutions for ensuring cost management. Almost half of CFOs (49%) use AI to identify cost reduction opportunities and 43%, to automate repetitive processes or eliminate manual verification in certain transactions. For example, some of the surveyed finance leaders use AI to scan their accounts receivables and proactively analyze transactions to identify potential errors and accounts with a higher potential for delinquency.

Companies which are in advanced implementation stage of AI solutions in the finance function cite as major barriers in adoption data security concerns (57%), followed by limited expertise (47%), regulatory complexity (44%) and legacy technology (31%). As a solution to the limited expertise, CFOs focus on developing their teams’ AI and automation skills (28%) and data analysis and integration capabilities (27%). Another solution to this new set of skills required in the finance team is expanding talent strategies, with 35% of surveyed CFOs considering candidates from non-traditional backgrounds for the finance function, like data analysis, AI specialists, etc., and 28%, insourcing talent from other departments. The new finance departments combine data scientists and engineers with accountants and finance professionals to match business expertise with technical capabilities.

“Finance leaders are increasingly considering or already using automation and AI to increase efficiency of their traditional tasks, to optimize cost, and, at the same time, to meet the growing expectations from their expanded role and scope and have a relevant contribution in strategy creation. Building the necessary set of skills and the required level of agility implies much more than finding the appropriate blend of technology infrastructure to enable it, it requires the right people with a sense of curiosity and problem solving, as well as technology background, corroborated with continuous learning for upskilling. The extent to which finance leaders will succeed to create a connected data infrastructure, expand their value as leaders beyond the finance function and foster agility by prioritizing efficient governance and scenario planning will have major implications on their increased role across the organization going forward,” said Zeno Caprariu, Audit Partner, Deloitte Romania, and Leader of the CFO Program in Romania.

The Deloitte Finance Trends 2026 study was conducted globally among over 1,300 finance leaders working in companies in various industries. Respondents are CFOs or next-in-line to be CFOs.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,300 professionals.

CMS has advised a syndicate of banks comprising Erste Group Bank AG, Banca Comercială Română S.A., Raiffeisen Bank International AG and Raiffeisen Bank S.A. on the refinancing of the Palas Iasi mixed-use portfolio. The refinancing has consolidated several Iulius Group companies that form part of the Palas complex's retail and office assets.

The CMS team has provided comprehensive legal assistance across all stages of the transaction, from conducting the due diligence process to structuring the transaction, drafting and negotiating the financing documentation and fulfilling the conditions precedent for drawdown. The project featured a complex financing structure, both in terms of the number of entities involved and the nature of the real rights held by these companies for the development of the real estate project, as well as efficient adaptation of the security package and corporate documentation for each entity.

Alina Tihan, Finance Partner at CMS Romania, said: “It was a privilege to have advised the financing banks and to work together with Palas’ team on this landmark financing in the Romanian market. The successful completion of this complex and time-sensitive transaction once again highlights the legal expertise and the efficiency of the CMS team.”

Roxana Frățilă, Partner and Head of Real Estate & Construction at CMS Romania, added: “The Palas Iași portfolio is a flagship real estate project, bringing together both retail and office spaces within a cohesive structure, built on a highly complex legal framework. We are pleased to have played an important role in completing this financing for Palas Iasi that supports Iulius’ process of refurbishment and modernisation of their project.”

The CMS team advising the banking syndicate was led by partner Alina Tihan (Finance) with support from partner Roxana Frățilă (Real Estate), and included senior associate Diana Dona, and associates Dan Pătrașcu and Radu Drăgan (Finance) and Alexandru Trandafir and Aura Georgiana Marina (Real Estate).

This mandate further demonstrates CMS’s ability to execute complex, multi-asset real estate financings and refinancings for leading financial institutions in Romania and the CEE region. CMS’s Banking & Finance practice in Bucharest is one of the largest in the market, combining Romanian and English law capability and offering seamless coordination across jurisdictions.

Cushman & Wakefield Echinox has been exclusively appointed to market and sell the agricultural portfolio owned by HempFlax Netherlands, a leading cultivator and processor of hemp marking a significant opportunity for investors seeking entry into Romania’s competitive agribusiness sector. This mandate underscores the growing interest in Romanian farmland and its favorable position in the European market.

The HempFlax portfolio comprises versatile agricultural property, featuring a substantial area of contiguous, compact land of almost 800 ha located near a modern processing facility. The site’s adaptability allows for the development of diverse production lines, making it suitable for a wide range of agricultural operations.

In addition to the land, the sale includes all supporting equipment and machinery. The property is situated in the Sebeș-Alba Iulia region, a recognized industrial hub attracting key players from automotive, wood processing, and food industries.

Romania continues to offer highly competitive agricultural land prices, with local values currently below €9,000 per hectare—substantially lower than the European average. For comparison, land prices in the Netherlands can exceed €85,000 per hectare, highlighting Romania’s accessibility and growth potential for agricultural investment.

HempFlax’s decision to exit the Romanian market follows a reassessment of its strategic focus, where vertical supply chain integration in value adding activities is preferred over bulk production. The company will concentrate its investments closer to its primary Western European clientele, reflecting a strategic business decision to optimize resources and align future growth with client demand.

Despite this strategic shift, the portfolio’s potential remains significant. The region’s established reputation as a production hub, combined with the property’s scale and infrastructure, offers considerable opportunities for investors seeking to expand or diversify their agricultural operations in Eastern Europe.

Stefan Surcel, head of Industrial Agency Cushman & Wakefield Echinox: “This portfolio presents a rare opportunity for investors to acquire large-scale, high-quality agricultural land in one of Romania’s most dynamic industrial regions. With competitive pricing compared to Western European markets and the inclusion of essential equipment and infrastructure, we expect strong interest from both local and international buyers.”

HempFlax was founded in 1993 by Ben Dronkers with the aim of restoring the age-old crop to its former glory. The synergy between the various branches creates a sustainable and innovative business environment in which HempFlax can become the market leader in the field of industrial hemp production.

The HempFlax cultivation takes place in the Netherlands, Germany and Romania with factories located in Oude Pekela, Netherlands and Alba Iulia, Romania.

Cushman & Wakefield Echinox is a leading real estate company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, owned and operated independently, with a team of over 60 professionals and collaborators offering a full range of services to investors, developers, owners and tenants. For additional information, visit www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and others. Built around the belief that Better never settles, the firm receives numerous industries and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com. 

Wolf Theiss announces the appointment of Irina Roxana Petre as Partner in the firm’s Energy Industry Group, effective February 2026. Based in Bucharest, she will further develop the firm's Projects & Energy practice in Romania and contribute to cross-border work across the Wolf Theiss network.

Irina is a highly regarded energy law specialist with more than 25 years of experience advising on complex projects and transactions. Her expertise covers energy and oil & gas, M&A, asset and project finance, EPC projects including railways, motorways, port rehabilitation and waste management, as well as corporate restructuring, regulatory matters and real estate.

Throughout her career, she has advised leading energy market participants on strategic transactions, regulatory challenges and sustainability-driven initiatives in a sector undergoing rapid transformation.

Prior to joining Wolf Theiss, Irina spent more than 15 years as legal director for three leading energy suppliers and producers in Romania. Earlier in her career, she was a partner specialising in energy, projects and construction in a London-based international law firm.

Irina holds a law degree from the University of Bucharest and a degree in psychology from “Titu Maiorescu” University. She completed further legal studies at the University of Trier in Germany and is certified in German law by the Federal Bar Association, the German Foundation for International Legal Cooperation and the German Bar Association. She is a member of the Bucharest Bar Association.

“We are delighted to welcome Irina to our Bucharest team. Her appointment further strengthens our Projects & Energy practice in Romania, which is a key growth area for the firm. Her deep sector expertise will enhance our capabilities both locally and across the wider CEE/SEE region”. – Bryan W. Jardine, Managing Partner, Wolf Theiss Romania and Co-Head of the firm’s regional Energy Industry Group.

“Joining Wolf Theiss represents an important step in my career. I look forward to contributing to the firm's continued growth in an increasingly sophisticated and competitive energy market and to working with a highly experienced, ambitious team on innovative and large projects across the region”. – Irina Roxana Petre, Partner, Wolf Theiss Romania.

About Wolf Theiss

Wolf Theiss is one of the leading European law firms in Central, Eastern and South-Eastern Europe with a focus on international business law. With 390 lawyers in 13 countries and a central European hub in Brussels, over 80% of the firm's work involves cross-border representation of international clients. Combining expertise in law and business, Wolf Theiss develops innovative solutions that integrate legal, financial and business know-how.

European companies expressed the highest optimism regarding evolving market conditions – about 70% expect improvements in leasing, lending and raising funding through the capital market

The share of commercial real estate companies (retail spaces, business centers and office, logistics premises) expecting revenue growth in the coming year remains high (83%), although slightly down compared to last year (88%), while 68% plan to increase their expenses in 2026, according to Deloitte 2026 Commercial Real Estate Outlook. At the same time, 65% of participants (compared to 68% last year) expect the market fundamentals to improve across areas such as cost and availability of capital, rental levels, value of rents and vacancies.

Under these conditions, almost 75% of participants intend to increase their investment levels in real estate assets over the coming year, mainly to protect themselves against inflation (34%), to diversify their portfolio with other financial assets (26%) or for potential tax benefits (14%).

European companies expressed the highest optimism regarding the evolution of  market fundamentals, with about 70% expecting improvements in leasing, lending and raising funding through the capital market. Asia-Pacific respondents are more cautious – 63% expect market conditions to improve in 2026, but nearly 20% foresee worsening in terms of cost and availability of capital. In contrast, companies in North America manifest a neutral approach – 25% expect stable conditions in terms of rent, vacancies, and cost of capital.

Overall, the sentiment index of companies in the sector, which measures their optimism regarding the evolution of revenue, expenses and market fundamentals , is high (65 points out of 100), well above the 2023 level (44 points) and very close to the last year’s high (68 points).

Regarding the macroeconomic trends that could have the greatest impact on the real estate companies’ financial performance in 2026, the participants to the study ranked first the capital availability (up from sixth place last year), followed by elevated interest rates, cost of capital, currency volatility, and changes in tax policy. Interestingly, cyber risk declined significantly among participants’ concerns, from second place last year to sixth place this year, while  worries regarding employee retention soared from twelfth place last year to eight this year. At the same time, a new risk was identified this year – international trade policies – which ranked ninth globally but was the fifth-biggest concern for Asia-Pacific participants.  

"Developments in the real estate market are closely linked to the economic conditions in the respective market, so the optimism of the participants to the study indicates that they are adapting on the go to the volatility of the business environment they have faced over the recent years and are increasingly relying on the speed of reaction, while also quickly identifying long-term development opportunities. In Romania, real estate companies are counting on a gradual decrease in inflation and, implicitly, in financing costs this year, but also on the continuation of public investment, especially in infrastructure, which can generate increased demand in the real estate market (industrial, logistics, retail, offices, etc.)," said Irina Dimitriu, Partner at Reff & Associates | Deloitte Legal, and Real Estate Industry Leader at Deloitte Romania.

The ranking of the most attractive assets remains relatively stable this year – properties associated with the digital economy (data centers, mobile towers, etc.) returned to first place, from second place last year, while logistics and warehousing climbed to second place (from fourth), and the industrial and manufacturing sector fell to third place (from first). Offices, both in suburban and downtown areas, regained two positions each compared to last year, climbing to fifth and seventh place, respectively.

On the other hand, enthusiasm regarding artificial intelligence (AI) implementation across commercial real estate companies is cooling compared to last year. Nearly 20% of respondents believe their organizations are still in the early stage of their AI journey, while 27% are experiencing challenges with AI implementation, including technical issues, lack of expertise, or resistance to change.

The Deloitte 2026 Commercial Real Estate Outlook study was conducted among more than 850 commercial real estate companies with assets of over $250 million each, across three regions: Europe (France, Germany, the Netherlands, Spain and the UK), North America (Canada, Mexico and the US) and Asia-Pacific (Australia, China, India, Japan and Singapore).

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,300 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

Effective 1 February 2026, Emergency Ordinance No. 91/2025 introduces a material change to the medical leave indemnity regime in Romania: the first day of medical leave will not be compensated. Under the previous framework, employers covered the first five days of medical leave indemnity. Going forward, only days 2–6 will be paid by the employer. This temporary measure is in effect until 31 December 2027 and warrants careful consideration from both an employment law and payroll reporting perspective.

Does this affect all medical certificates starting 1 February 2026?

It affects all medical certificates issued during the 1 February 2026 - 31 December 2027 window, except for certificates issued to insured individuals who are placed under an official isolation measure, where day 1 remains paid.

Is day 1 still considered medical leave if unpaid?

In our view, yes. It is important to distinguish between medical leave as a protected legal status and the medical leave indemnity as a form of compensation. These are two distinct rights, aimed at ultimately ensuring the recovery of the employee’s work capacity. This distinction also supports the idea that the suspension of the individual employment contract is triggered by the employee’s certified incapacity to work, not by whether the period is remunerated.

Treating day 1 as anything other than medical leave can distort contribution records and employee historical data, particularly since, while unpaid, day 1 still counts as a contributory period for social security purposes. Accordingly, although day 1 is now unpaid, it should still be recorded and treated as medical leave for the purposes of contract suspension, labour law protections and related processes.

Voluntary payment of day 1: Key considerations

Some employers have internal regulations or handbooks that commit to full compensation of medical leave, including day 1. The question arises whether employers may continue to pay for day 1 voluntarily.

In principle, they may continue paying, but the legal characterisation of that payment is relevant:

• The amount paid for day 1 would likely no longer qualify as “medical leave indemnity” under the amended framework.
• The amount paid may be treated as regular salary income, subject to income tax and social security contributions, following general tax deductibility rules (as a personnel expense for the employer).
• If employers maintain a reference to “medical leave indemnity” in internal regulations for day 1, this may create inconsistencies in tax treatment and may trigger potential deductibility challenges in case of tax audits.

Employers wishing to discontinue payment for day 1 should review and, if necessary, amend internal regulations/handbooks and formally communicate the change to employees to ensure clarity and compliance from both a legal and tax perspective.

Payroll and REGES reporting

How the unpaid day 1 is recorded is operationally significant. Incorrectly classifying day 1 as unpaid leave (as opposed to medical leave (unpaid)) may distort:

• the calculation of contributory periods;
• social insurance records; and
• historical data relevant to employees' insurance and contributions.

Our view is that day 1 should continue to be reported as medical leave (unpaid), consistent with its legal nature as a period of contract suspension due to medical incapacity. Employers should coordinate with payroll providers and legal advisors to align systems and ensure consistent classification. Tax reporting follows legal provisions and distortion of proper reporting may trigger negative impact at both employee and employer level.

Recommended next steps for employers

Ø  Policy review: Examine internal regulations, employee handbooks, collective agreements (if in place) and employment contracts to identify any commitments regarding medical leave compensation for day 1.

Ø  Internal alignment: Align HR, payroll, tax and legal teams on the classification and reporting of day 1.

Ø  System updates: Ensure payroll and HRIS/REGES settings accurately reflect day 1 as medical leave (unpaid).

Ø  Employee communication: Prepare a clear, documented communication for employees explaining the change, its timing and the implications. Employees assigned abroad under active Romanian employment contracts should not be overlooked.

Ø  Tax treatment: If maintaining payment for day 1, validate the applicable tax treatment (income tax and social contributions) and deductibility with your tax advisors.

Disclaimer: This post reflects our professional view and is provided for informational purposes only. It does not constitute legal or tax advice. Employers should obtain tailored advice based on their specific circumstances

CMS has advised AFI in securing a refinancing package worth EUR 537m for three major assets in its portfolio –AFI Cotroceni, AFI Ploiesti, and AFI Brasov.

CMS provided comprehensive legal assistance on all aspects of the transaction, negotiation of the financing documentation and support through to closing. The refinancing involved complex structures and the simultaneous coordination of all three projects, with an ambitious timeline, demonstrating the CMS team’s ability to manage mandates with a high degree of complexity.

Through this refinancing, AFI optimised the financing structure for its main shopping centres in Romania, strengthening its position on the local market and securing resources for future developments. The transaction reflects the continued confidence of investors and financial institutions in the potential of the Romanian real estate market.

Bianca Stamatoiu, Head of Legal, AFI, says: “The successful refinancing of AFI’s main shopping centers in Romania represents an important milestone for the company’s portfolio. I would like to thank the CMS team for their outstanding legal advice, dedicated support, and the efficient completion of the transaction.”

Horea Popescu, Managing Partner, Head of CEE Corporate M&A, CMS Romania, comments: “We are pleased to have supported AFI in this landmark refinancing, which strengthens their position in the Romanian real estate market and reinforces investor confidence. Our experience in complex transactions helped ensure a clear and efficient process, focused on AFI s objectives.”

Alina Tihan, Partner, Finance, CMS Romania, adds: “We are proud of our team and our partnership with AFI, which ensured a smooth execution of a project extremely important for our client and with tight timeline. This transaction reflects the financing appetite for performing real estate assets and supports AFI’s development plans.”

The CMS team was led by Horea Popescu (Corporate/M&A) and Alina Tihan (Finance), with support from Diana Dona and Bianca Radu (Finance).

The office operational costs in Bucharest have increased by approximately 17% over 2025, according to an analysis of the Cushman & Wakefield Echinox real estate consultancy company. The upward trend was driven by a combination of macroeconomic and operational factors, including high inflation, increased personnel costs, and changes in fiscal policy.

Operational costs are expenses incurred by tenants which are added to the rent and together compose the occupancy costs. The costs in question include property tax, technical maintenance, insurance, cleaning services, physical and fire security, internet services and property management.

Property taxes, which can represent up to 50% of the total operating expenses, account for the largest share of the operational costs.

Maria - Raluca Mihai, Director Property Management, Cushman & Wakefield Echinox: “Operational costs have remained the main challenge in office building management. In 2025, the rise in service and material prices, together with the increasing number of employees returning to office, put pressure on budgets. A proactive approach from property management teams continues to be essential for maintaining the competitiveness of buildings.

When managing costs, it is crucial to have tools that can process financial information quickly and accurately, so that optimisation decisions can be made without delay. The global economy is currently affected by unpredictable factors, and digitalisation remains the solution for organisations to keep pace and adapt efficiently.”

High inflation has been one of the main factors behind significant price increases across almost all categories of operational costs, from utilities to materials and specialised services.

Additionally, the 9.46% increase in the minimum wage has had a direct impact on personnel costs for service providers, particularly in cleaning and security areas. At the same time, maintenance and repair costs for HVAC systems have risen, building insurance premiums have become more expensive, and the increased presence in the office—exceeding 50%, and in some cases even reaching 100%—has intensified the consumption of materials and the need for operational staff.

The VAT increase to 21% and the possible tax hikes anticipated for 2026 have resulted in additional pressure on operational costs, impacting both tenants and property owners.

In this context, optimal management of operating costs is seen as the main challenge in asset management by the leading developers in Romania, according to the fourth edition of the Real Estate Investors Sentiment Barometer conducted by the Cushman & Wakefield Echinox, the real estate consultancy company.

In this edition, we surveyed investors regarding their perception of the importance of property asset management services across their portfolios. 51% of investors (vs. 39% in 2024) view optimal management of operating costs as the main challenge faced in managing their assets. For 28%, navigating the complexity of legislative regulations is one of the challenges.

When the respondents were questioned about the trends which will have the greatest influence on commercial property management services, they indicate tenant experience & behaviour as the main factor (48%), a consistent increase compared with 2024 (36%), followed by Technology and Digitalization (30%).

In a volatile economic environment, the role of the Property Manager becomes essential in keeping expenses under control and ensuring efficient operations for an office building.

A healthy market practice is to organise regular tenders for services, roughly every 1.5 years, to secure competitive pricing. Selecting a single provider capable of delivering integrated services (security, cleaning, maintenance) and signing unified contracts for multiple properties, which allows the negotiation of volume discounts, are effective measures to mitigate cost increases.

Similarly, implementing energy‑efficiency measures, such as replacing all lighting with LED systems, installing motion sensors, optimising HVAC schedules by zone and occupancy patterns, introducing or upgrading BMS systems, and assessing and improving thermal insulation, can have a positive impact on operating budgets.

Moreover, a rigorous maintenance plan reduces the risk of costly repairs and limits the effect of rising prices for imported parts, while reconciliations should be presented in clear cost categories and supported by appropriate documentation, enabling tenants to track spending allocations in detail.

Providing explanations for each cost increase — whether related to inflation, legislative changes, or additional consumption — also contributes to maintaining a balanced and transparent relationship.

The Cushman & Wakefield Echinox Asset Services team manages 13 real estate projects with a total area of over 400,000 sq. m and a market value nearing €400 million nationwide. These projects serve 123 tenants from various industries. In Bucharest, the company oversees several iconic office buildings such as Floreasca Park, Tiriac Tower, with operational budgets exceeding €7.5 million.

Cushman & Wakefield Echinox is a leading real estate company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, owned and operated independently, with a team of over 60 professionals and collaborators offering a full range of services to investors, developers, owners and tenants. For additional information, visit www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and others. Built around the belief that Better never settles, the firm receives numerous industries and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com. 

mindit.io is hosting a live webinar titled The State of Modern AI in Banking, taking place on February 5th, 2026, at 2:00 PM CEST. 

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 Findings from the CMS Emerging Europe M&A 2025/26 report, published in cooperation with EMIS, demonstrate the resilience of the Emerging Europe deal market.  The report shows that deal flow in Emerging Europe increased by 22.4%, with 1,568 deals announced in 2025. Aggregate value also increased by  42.5% (EUR 36.64bn). This change was shaped by more "megadeals" (≥ EUR 1bn) and a resurgence in large-cap transactions across Banking, Retail and Mining. 

Horea Popescu, Partner at CMS Romania, comments: “CEE dealmaking didn’t just hold up, it accelerated at pace. Megadeals across multiple sectors show investors are putting serious capital to work in the region. We’re seeing depth as well as breadth: cross border buyers are active, private equity remains highly engaged and strategic acquirers are leaning into core growth. The pipeline reflects consistent appetite for resilient assets and platforms with scale potential.”

Cross border investment
In 2025, Emerging Europe saw strong growth in cross-border M&A with activity up  22.8% comprising a total of 953 deals. This was primarily driven by strong transaction flow from leading investors in the US (126 deals), UK (87), and Germany (71). Total cross-border deal value increased from EUR 23.3bn in 2024 to EUR 32.2bn, with Austria ranking in first place by deal value (EUR 7.09bn). Pharmaceuticals and Healthcare remained among the most active industries, underpinned by long-term structural demand and investor appetite for resilient assets.

Private equity

Private equity remains a major force in Emerging Europe and deal volumes rose to an all-time high of 330 deals (up 18.7%), with aggregate PE deal value of EUR  17.24bn (up 24.2%). CEE’s largest private equity deal of the year was Advent International’s EUR 4.1bn sale of Zentiva to GTCR.

Sector highlights

Across Emerging Europe, the largest sectors by recorded deal value were Finance & Insurance (EUR 8.76bn), Manufacturing (EUR 7.06bn), and Real Estate & Construction (EUR 5.65bn). By deal volume, the largest sectors were Telecoms & IT (285 deals), Real Estate & Construction (249 deals), and Manufacturing (240 deals). All major sectors registered a year-on-year increase in deal count.

Country hotspots

Poland remains the dominant M&A player in the region, with 331 deals (up 23%) and deal value soaring to EUR 13.76bn (up 138.3%). This was largely due to one megadeal, the region’s largest deal of the year, Erste Bank’s acquisition of a 49% stake in Santander Banka Polska for EUR 7bn. Meanwhile, Romania was the second most active country by deal volume (up 45.5%), at its highest level ever recorded. Other countries which saw an increase in both deal volume and value included Albania, Bosnia and Herzegovina, the Czech Republic, Serbia and Slovenia.

Rodica Manea, a Partner at CMS Romania, comments: “Romania reached a record number of transactions in 2025, representing a 45,5% increase compared to the previous year. Although the total transaction value saw only an increase of 4.3%, reaching EUR 2.7 billion, the significant rise in deal volume confirms investors’ continued interest in the local market. Activity was particularly strong in Education & Healthcare Services, Energy & Utilities, and Real Estate & Construction — sectors that continue to attract both strategic and financial investors seeking solid growth opportunities in Romania.”

Outlook

Commenting on the outlook for 2026, Horea Popescu said: “CEE remains attractive for international investors and the 2025 data indicates dynamic volumes and higher aggregate values, supported by large-cap transactions across key sectors. With financing stabilising and confidence increasing, 2026 should bring continued consolidation, more cross border acquisitions and selective PE deployment across the region.”

The CMS Emerging Europe M&A 2025/26 report can be found here.

Key takeaways

By means of Judgment no. 178/2024 (hereinafter referred to as the “Judgment”), the Brașov Court of Appeal annulled Article 98 paragraph (2) of ANCPI (National Agency for Cadastre and Real Estate Publicity) Order no. 600/2023, which limited to 2% the modification of the surface area of properties resulting from merger or de-merger operations. The court held that this restriction is not provided by the Law no. 7/1996 on cadastre and real estate publicity (hereinafter referred to as “Law no. 7/1996”) and constitutes an addition to the law, which is not permitted through a lower-ranking normative administrative act.

What’s new

The Brașov Court of Appeal’s decision reaffirms the prerogative of the principle of hierarchy of normative acts, namely that lower-ranking normative administrative acts issued by public authorities (i.e., Order no. 600/2023 of the General Manager of the National Agency for Cadastre and Real Estate Publicity – “ANCPI” – approving the Regulation on Reception and Registration in the Cadastre and Land Book Records) shall be adopted solely on the basis of and for the enforcement of the law under which they were issued, and within the limits set by such law.

Until the publication of the Judgment in the Official Gazette (i.e., 18 November 2025), the Regulation on Reception and Registration in the Cadastre and Land Book Records approved by Order no. 600/2023 imposed an additional 2% limit in case of modifications to the surface area of properties resulting from merger or de-merger operations. This requirement created difficulties for owners and practitioners in their dealings with the cadastre and real estate publicity offices, particularly in situations where the modifications exceeded this threshold but fell within the limits set by Law no. 7/1996 (i.e., 15% for plots located within built-up areas and 5% for plots located outside built-up areas). These limits apply in cases where works for registration in the cadastre and land book reveal that the measured surface differs from:

•  the surface recorded in a land book based on a cadastral documentation received by the territorial office; or
• the surface in the cadastral documentation received by the territorial office for which no land book has been opened; or
• the surface indicated in the ownership documents for which no land book has been opened.
•  

By means of the Judgment, the court held that this additional restriction is unlawful, as the text of Law no. 7/1996 makes no distinction based on the type of operation and does not provide for the 2% threshold, but only for the general limits mentioned above (i.e., 15% for plots located within built-up areas and 5% for plots located outside built-up areas, as indicated above).

By means of Decision no. 4044 of 19 September 2025, the High Court of Cassation and Justice dismissed the appeal lodged by ANCPI against the Judgment as ungrounded, thereby rendering the solution pronounced by the Brașov Court of Appeal final.

Thus, the Judgment confirms that additional conditions cannot be introduced by an order of the general manager of ANCPI as compared to the text of a law contained in a normative act with superior legal force. The arguments raised by ANCPI in its defence, according to which the 2% threshold would have applied in cases of technical errors or repositioning, were dismissed, as the wording of Article 98 paragraph (2) made no such clarification and was not correlated with the articles concerning the correction of errors (i.e., Articles 104 and 109 of Order no. 600/2023). The court emphasised that Article 98 paragraph (2) is located in the section regarding cadastral documentation for modification of the property’s surface area and not in the section concerning the correction of positioning errors, while the law makes no distinction based on the operation from which the additional surface results. Consequently, the additional 2% limit contravenes the clear provisions of Article 41 paragraph (3) letter (b) of Law no. 7/1996, which allows modifications of up to 15% for plots located within built-up areas and 5% for plots located outside built-up areas, without any other limitations or conditions related to cadastral operations of de-merger or merger.

Implications

For property owners and practitioners, surface modifications resulting from merger or de-merger operations shall be assessed against the limits set by Article 41 of Law no. 7/1996, namely up to 15% for plots located within built-up areas and up to 5% for plots located outside built-up areas, without the 2% restriction in the case of mergers or de-mergers. This decision removes a practice of the cadastre and real estate publicity offices that created difficulties in preparing cadastral documentation and carrying out real estate transactions. The ruling constitutes an important precedent regarding compliance with the hierarchy of normative acts and the limits of the regulatory powers of public authorities, reiterating that acts falling within tertiary legislation (i.e., orders of the director general of the National Agency for Cadastre and Real Estate Publicity) cannot introduce additional conditions beyond those provided by primary legislation (i.e., Law no. 7/1996).

FEPRA, a Romanian group of companies specialized in the circular economy, announces the strengthening of its executive team through the appointment of Nineta Ceauș as Chief People Officer and Ionuț Eriksen as Chief Corporate Affairs & Communications Officer, at a key moment in the company’s consolidation. Both roles carry board-level responsibilities.

These appointments come as part of an accelerated phase of maturity for FEPRA, supported by investments, diversification of business lines, and the consolidation of the group’s position as a one-stop shop for circular economy solutions — from consultancy and services for meeting environmental compliance obligations, to collection, digital traceability, recycling, and the generation of secondary raw materials.

“FEPRA’s growth is no longer just about infrastructure, technology, or industrial capacity. We are entering a stage where healthy scaling requires solid structures, mature leadership, and clear corporate governance capable of supporting a highly regulated and constantly evolving sector. Noni and Ionuț bring essential, complementary expertise: one focused on people, culture, and leadership, the other on institutional partnerships and regional development,” said Ionuț Georgescu, CEO and Founder of FEPRA.

In his new role, Ionuț Eriksen will lead the Corporate Affairs & Communications department, playing a strategic role in the development of FEPRA’s operations at both local and European levels, attracting funding and grants, strengthening institutional relationships, and supporting growth initiatives. With over 22 years of experience in executive leadership and strategic management, he has led organizations across industries such as healthcare, financial services, publishing, real estate, and telecommunications.

At the same time, Ionuț Eriksen will also become a partner in Flat White Economy Investment, alongside Ionuț and Dana Georgescu — the investment company that owns the FEPRA Group and is active in business development and entrepreneurial education. This involvement reflects Ionuț’s entrepreneurial mindset and his orientation toward projects with a positive societal impact.

“FEPRA is in a phase of accelerated maturity, and my objective is to support this evolution through strategic communication, strong partnerships, and initiatives that strengthen the group’s position as a relevant regional player in the circular economy,” said Ionuț Eriksen, Chief Corporate Affairs & Communications Officer, FEPRA.

Nineta Ceauș, the newly appointed Chief People Officer, will oversee people development, leadership team consolidation, and the building of an organizational culture that supports performance, adaptability, and sustainable growth. With over 25 years of experience in team and organizational development and a background in sociology, psychology, and pedagogy, Noni is recognized for her pragmatic and balanced approach to change management.

“I strongly believe that a company’s competitive advantage is built through people, conscious leadership, and a coherent organizational culture that supports continuous learning. My role is to help the organization scale in a healthy, balanced way, anchored in clear values,” said Nineta Ceauș, Chief People Officer, FEPRA.

Through these appointments, FEPRA reaffirms its commitment to building not only circular economy infrastructure, but also a solid, well-governed organization, prepared to support the long-term transformation of the industry and the sustainability objectives of Romania and the European Union.

***

About FEPRA Group

With over 13 years of experience on the Romanian market, FEPRA Group is an integrated circular economy ecosystem that provides end-to-end solutions for achieving companies’ sustainability objectives — from extended producer responsibility and environmental consultancy, to collection, digital traceability, and recycling. The group employs over 160 people.

FEPRA EPR is EcoVadis certified and aligns its activities with the United Nations Sustainable Development Goals.

Insurers are going through an era of considerable uncertainty arising from economic pressures, geopolitical volatility and increasing frequency and severity of catastrophic events, doubled by higher customer expectations, according to the Deloitte 2026 global insurance outlook. In order to effectively manage costs while adapting their operating models, insurers are accelerating digitalization, which requires investments in technological modernization, organizational flexibility and the skillful combination of technology with human capital, the study shows.

After years of stable market and high premiums, many segments are entering a slowdown amidst growing cost pressures. For instance, the non-life insurance segment, which reported 4% global premiums increase in 2024, is forecasted to reach only 2.3% growth in 2026. In the life insurance segment, premiums growth is also expected to fall from 6.1% in 2024 to 2.4% in 2026 on a global level. In Europe, the life premiums growth rate was 4.9% in 2024 and is forecasted to decrease to 1.7% in 2026.

After peaking in 2024, group insurance segment growth is expected to slow over the next few years, but demand for products that address new employee needs is growing, such as health insurance (including mental health) and pet insurance. As the workforce now comprises five generations, insurers need to offer additional benefits and products better tailored to employees' professional and demographic profiles, the study explains. Portfolios could include new types of benefits such as elder care, in-office daycare options, and even support for adoptions.

With such high global uncertainty and external pressures, insurers’ competitiveness will increasingly rely on more agile capital models that ensure diversification of risks to manage volatility - for instance, retained risk combined with third-party reinsurance -, according to the study, and collaborative financing structures that enable them to transfer a portion of risk to capital markets, and, thus, improve capital flexibility, broaden capital base, and strengthen resilience against large-scale losses.

This type of financial and investment cooperation is just one pillar of the sector's transformation, the study highlights. At the same time, insurers are intensifying their digitalization efforts, recognizing that competitive advantage increasingly depends also on the quality of customer relationships, improved risk management and more efficient internal processes. Cloud infrastructure, API connectivity, IoT devices, and AI are among the most frequent innovation and technology uses. Drones for roof inspections, satellite imagery for catastrophe triage, and Internet of Things sensors for real-time monitoring are already enabling insurers to predict and minimize losses across business lines.

When it comes to AI, despite a varied pace of adoption and implementation, most insurance leaders now focus on practical AI use cases in various areas. For fraud detection, insurance providers deploy AI technologies to spot claims fraud, including the use of machine learning to detect anomalies in filed claims. The Deloitte study estimates that by deploying AI-driven, real-time fraud analytics, non-life insurers could save up to US$160 billion by 2032. Underwriting is another area that can benefit from artificial intelligence, as AI-assistants can ingest and prioritize excess submissions, allowing review of additional policies without adding new staff. Customer engagement is one of the areas in which numerous insurers have been using AI, through virtual assistants. Main obstacles in realizing AI value are fragmented data and outdated systems, according to the study.

“Financial reporting is another area which could be significantly optimized through digitalization. After the 2023 milestone, when insurers had to adopt international financial reporting standards IFRS 17, which changed the way assets and liabilities are assessed and presented in the financial statements, they now have the chance to leverage advanced digital tools and data analytics in order to streamline reporting workflows and produce high-quality reporting outputs. Technological advancements not only support compliance with evolving financial standards but also empower insurers to deliver greater insights and value to their stakeholders,” stated Claudiu Ghiurluc, Audit and Assurance Partner, Deloitte Romania.

As far as technology is concerned, the real challenge is combining technological modernization with creating an environment where employees can use data and digital tools in their daily work, the study highlights. Insurers need to build an environment where employees understand the capabilities and limitations of technology, and the organization can wisely combine automation with human intuition and perspective in decision-making, customer service and risk assessment.

Insurers also face structural pressures, such as broker consolidation, which increases the latter’s negotiating power, and alternative risk players which are entering the market.

“Globally, independent brokers account for more than half of retail life insurance sales and generate 83% of business in the workplace benefits industry, the study shows. But the distribution transformation is in progress and insurers are looking for innovative ways to stand out. Strategic partnerships and alliances are a solution that can strengthen insurance providers’ financial stability and provide revenue-generating opportunities through the development of services complementary to traditional insurance products,” stated Ana Serban, Actuarial and Insurance Solutions Director, Deloitte Romania.

Insurers are increasingly establishing collaborative networks encompassing entities from various industries, allowing them to expand their offerings, increase operational flexibility, and respond more quickly to customer needs. For instance, insurance companies can develop partnerships with home care and other wellness providers to provide fee-based services that complement their traditional product and service portfolios. Or life insurance companies can partner with telecommunication operators to offer micro-life insurance products, the study indicates.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,300 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

Cushman & Wakefield Echinox announces the successful completion of the sale process for Terranova Logistic Park, located on Șoseaua București -Târgoviște in the northern part of Bucharest, at the intersection with the city’s ring road. The property was acquired by a group of investors already active on the local market through various real estate investments.

Terranova Logistic Park comprises two office buildings with areas of 2,000 and 1,000 sq m, respectively, as well as two warehouse halls of 7,000 and 5,000 sq m, all situated on a 25,000 sq m plot of land.

The park was previously owned by a private group of investors, including the owners of Agora Plast, a plastics manufacturing company. Several companies operate within the project, and the occupancy rate exceeds 95%. The only available spaces are office units, totalling 700 sq m.

The park benefits from direct access to Bucharest’s ring road, as well as excellent public transport facilities, with a RATB bus stop at the entrance and Străulești metro station just 1 km away.

Cushman & Wakefield Echinox structured and brokered the transaction, providing strategic advisory services to identify the optimal solutions for both parties.

Ștefan Oprea, Consultant Land & Industrial Agency, Cushman & Wakefield Echinox: “The main advantage of this project’s location lies in its strategic positioning, offering easy access to Bucharest’s ring road. This area provides excellent connectivity to the main road transport network around the capital, as well as to motorways, which is essential for logistics and distribution activities. Moreover, the proximity to public transport (bus stop at the entrance, the Străulești metro station 1 km away, Mogoșoaia train station at 300 m from the park) along with a diverse commercial area, ensures convenient access for employees, partners, and clients alike.”

The industrial and logistics market in Bucharest continues to register strong growth. By the end of 2025, the total stock of industrial and logistics spaces in the Bucharest-Ilfov area exceeded 3.6 million sq m, with an occupancy rate above 94%. Increased domestic consumption and the expansion of e-commerce have driven demand for modern logistics spaces, making Bucharest an attractive destination for companies seeking efficient distribution solutions.

Cushman & Wakefield Echinox, the exclusive affiliate of Cushman & Wakefield in Romania, is independently owned and operated and comprises a team of over 80 professionals and collaborators, offering a full range of services to investors, developers, owners, and tenants. For more information, please visit www.cwechinox.com.

Cushman & Wakefield is one of the world’s leading providers of commercial real estate services, with 52,000 employees in nearly 400 offices across more than 60 countries and revenues of USD 9.5 billion. The company’s core services include asset and investment management consultancy, capital markets, leasing, property management, tenant representation, project services, and valuation. For further details, please visit www.cushmanwakefield.com.

STOICA & ASOCIAȚII succeeds in overturning the first instance ruling on appeal and obtaining a final injunction, whereby one of the largest private healthcare providers is required to cease using public messages containing superlatives such as "the best doctor," as well as any other similarly constructed expressions.

More than a year after filing the request for a preliminary injunction, the STOICA & ASOCIAȚII team, consisting of Dragoș Bogdan (Managing Partner), Mihai Stănescu (Managing Associate), Ana-Maria Teodorescu (Senior Associate), and Cătălina Mihaela Coman (Junior Lawyer), puts an end to an illegal practice carried out by one of the largest private healthcare providers for more than 10 years, namely, the use of the superlative "best doctor" and similar phrases in its promotional materials.

"The private healthcare market in Romania is extremely competitive, which is primarily beneficial to patients, as it stimulates the improvement of service quality and the diversification of offers. Fierce competition also leads to the most unusual marketing mechanisms, which are often on the edge of what is permitted by law. Although it is natural for every provider to want a leading position and as much visibility as possible, the use of superlatives such as 'best doctor' is not accepted by Romanian law, a fact recognised both by the administrative authorities with jurisdiction in this area and, now, by the courts. For this reason, ongoing collaboration between marketing and PR teams and the legal department is essential to ensure accurate, responsible communication that complies with the legal framework and does not expose the provider to sanctions that could backfire," said Mihai Stănescu (Managing Associate).

With a history of over 30 years in the business law market, STOICA & ASOCIAȚII has gained national and international recognition in the legal and business world through its legal assistance and representation of a vast portfolio of clients. Since its establishment in 1995, the lawyers at STOICA & ASOCIAȚII have proven themselves to be a strong team, based on respect for its principles: Fidelitas, Integritas, Fortitudo. STOICA & ASOCIAȚII has earned an excellent national and international reputation. Its professional achievements are recognized in the most important legal guides: Chambers Europe, Legal 500, WTR 1000, IAM Patent 1000.

CMS has advised CCE on the sale of Horia Solar Invest Two S.R.L., a special purpose vehicle developing a landmark 269.227 MW (AC)/ 293.260 MWp solar project spanning more than 349 hectares in Arad County (Horia 2), to Renalfa Solarpro Group.

CCE is an integrated developer and operator of Solar PV and Storage projects across Europe and Chile, with a pipeline of over 7.2 GW under development and a proven track record in delivering large-scale renewable projects.

Renalfa Solarpro Group is a major player in the renewable energy sector, with a strong presence in Central and Eastern Europe.

The CMS team provided comprehensive legal assistance with respect to the transaction, including structuring, negotiating, and executing a complex SPA. The transaction is due to complete in Q1 2026 subject to fulfillment of the necessary conditions precedent, and the parties undertook to continue collaborating until the project reaches the commercial operation stage, subject to fulfilling the agreed milestones.

Rodica Manea, CMS Corporate and M&A Partner at CMS Romania, commented: “We are delighted to have supported CCE in this landmark transaction, which highlights the ongoing investor interest for the sector, including for several hundred megawatts projects. At CMS, we routinely advise on strategic M&A transactions in the renewable energy sector, and we are well-positioned to advise clients on energy deals of this nature. The Horia 2 project is a testament to the vision and expertise of those involved, and we are proud to have contributed our legal and sector knowledge to its successful execution. 

Varinia Radu, Head of Energy and Projects at CMS Romania, added: “This transaction shows that the trend in the M&A RES energy market is still strong, with consolidations of portfolios from some of the players; we are delighted to have been instrumental in bringing this deal to fruition, as Horia 2 is shaping to be one of the largest solar projects in the country. This transaction is a perfect example of investors’ persistent confidence in the Romanian market.”

The CMS multidisciplinary team advising CCE on the transaction was coordinated by Rodica Manea (Corporate M&A), with support from Varinia Radu (Head of Energy) responsible for client relationship, Rares Crismaru and Octavian Teletin (Corporate M&A), Elena Vlasceanu and Ramona Dulamea (Energy), Alexandru Trandafir (Real Estate) and Andrei Tercu (Tax).

- End -

 Notes to editors:

CMS

Founded in 1999, CMS is an international organisation of independent law firms that offers full-service legal and tax advice. With 92 offices in over 50 countries across the world and more than 7,200 lawyers, CMS has longstanding expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets.

The CMS member firms provide a wide range of expertise across 19 practice areas and sectors, including Corporate/M&A, Energy & Climate Change, Funds, Life Sciences & Healthcare, TMC, Tax, Banking & Finance, Commercial, Antitrust, Competition & Trade, Dispute Resolution, Employment, Labour & Pensions, Intellectual Property and Real Estate.

For more information, please visit cms.law

Bucharest, January 19, 2026 – Despite uncertainty and dynamic regulatory changes, sustainability continued to attract investments in 2025, especially technology-related, and remains a priority for 45% of business leaders globally in 2026, next to technology adoption and artificial intelligence (44%), according to Deloitte 2025 C-suite Sustainability Global Report. Respondents indicate that they feel less pressure to act on sustainability across nearly every major stakeholder group. That includes regulators, which topped the list in 2022, with 77%, and decreased to 58% in 2025, board members (from 75% in 2022 to 60% in 2025), customers (from 75% to 57%), civil society and NGOs (from 72% to 57%), shareholders (from 71% to 58%), and employees (from 65% to 54%). Also, leaders report climate change as less disruptive to their business strategy and operations in the near term than they have in past years.

Nevertheless, participants to the study say that market conditions like economic uncertainty or competing priorities such as the need to invest more heavily in technology have not caused companies to halt sustainability investments. No less than 83% of the executives surveyed stated that their organizations have increased investments in sustainability technologies, and a large majority (79%) are either transforming their business model or embedding sustainability considerations throughout the organization. Also, more than 80% of companies already use AI, and 16% of them plan to use AI next year to find efficiencies and reduce emissions (65%), monitor data and metrics for reporting (58%), mitigate risks (53%) and develop new, sustainable products and services (52%).

Similarly to 2024, implementing technology solutions to help achieve ESG goals was one of the most-frequently cited (46%) sustainable actions taken by companies, followed by using more sustainable materials (45%), tracking and analyzing environmental metrics (44%), and developing sustainability talent (44%). Other actions include developing new sustainable products or services (44%), purchasing renewable energy (42%) and tying senior leaders’ compensation to sustainability performance (36%).

“Although regulatory pressure has eased, companies still feel the need to act on sustainability, as it remains relevant for customers, investors, employees and it represents a competitive advantage on the market. This is where the study proves its usefulness, as it provides a practical roadmap around a set of sustainability actions, which offers companies a potential path to embed sustainability considerations into strategy, operations, and innovation and showcases the wide variety of measurable benefits,” said Alexandru Reff, Country Managing Partner, Deloitte Romania and Moldova.

When assessing the impact of sustainability efforts, revenue generation (66%) was the most frequently cited business benefit across a range of sustainability actions, followed by compliance-related outcomes (61%), brand and reputation (60%), risk and resiliency (55%) and cost reduction (55%). Technology solutions have emerged as a key enabler of corporate sustainability efforts for process or operational efficiency (55%), internal monitoring of sustainability data and performance (54%), monitoring supply chain environmental performance (53%), developing new sustainable products or services (52%), and external reporting of sustainability data (e.g., ESG reports and disclosures, 49%).

“The Deloitte study shows that business leaders worldwide continue to place climate change and sustainability among their strategic priorities. With the recent regulatory easing across Europe, including in Romania, executives now have more room to channel resources and vision into turning sustainability from a compliance exercise into a true transformation tool for medium and long-term value creation. Companies are prioritizing in-depth analysis of their processes and operations, supply-chain reviews, and risk mapping as critical steps for unlocking financial efficiencies and enhancing resilience, and emerging technologies, including artificial intelligence, play a key role in enabling what is an increasingly data-driven corporate sustainability agenda. In fact, most leaders see investing in new technologies as a complement, not a competitor, to sustainability investments, and 70% of them said the need for AI and other technology investments had prompted them to also increase sustainability action,” stated Ovidiu Popescu, Partner, Deloitte Romania, Leader of the energy and sustainability practices.

In terms of the obstacles encountered in their sustainability efforts, relatively few executives mentioned costs (11%) or lack of policy support (13%), instead pointing to challenges in measuring environmental impact (22%) and on the focus on near-term business demands (21%).

In its fourth year, Deloitte 2025 C-suite Sustainability Global Report surveyed more than 2,100 top executives from 27 countries on all continents, on the current state of corporate sustainability transformation and how companies are evolving their approach to climate change.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,300 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

Seit der offiziellen Integration in die Nippon Express Group (NX Group) im Januar 2024 hat cargo‑partner bedeutende Meilensteine erreicht und seine Position innerhalb eines umfassenden globalen Netzwerks erheblich gestärkt, um seinen Kund:innen weltweit einen noch besseren Service zu bieten. Im Bereich Luftfracht belegen cargo‑partner und Nippon Express nun gemeinsam weltweit Platz 5, in der Seefracht Platz 6.

Zwei Jahre nach Beginn des Integrationsprozesses in die NX Group berichtet cargo‑partner über kontinuierliche Fortschritte in der Post‑Merger‑Integration (PMI). CEO Luca Ferrara erklärte: „Seit unserem ersten Tag mit der NX Group verbindet uns eine klare Idee: die Stärken zweier solider Netzwerke zu einer globalen Einheit zusammenzuführen. In den vergangenen zwei Jahren haben wir nicht nur unsere Systeme und Abläufe integriert, sondern vor allem unsere Teams unter diesem gemeinsamen Ziel vereint. Diese Partnerschaft eröffnet uns Möglichkeiten, die man allein nur schwer erreichen könnte – und genau das motiviert uns, den Mehrwert dieser Zusammenarbeit für unsere Kund:innen noch weiter zu stärken.“

Aufbau einer soliden Grundlage

Im ersten Jahr der Integration wurde die Konzernorganisation neu aufgestellt und zentrale Geschäftsbereiche aufeinander abgestimmt, um einen reibungslosen Übergang in die NX Group zu ermöglichen. In Schweden, Italien und Spanien wurden erfolgreiche Integrationen in die jeweiligen NX-Organisationen abgeschlossen. Gleichzeitig wurde durch Lager- und Büroverlagerungen in den USA und Singapur die operative Effizienz gesteigert. 2025 wurde dieser Weg konsequent fortgesetzt: In Australien, Indonesien, Malaysia und den USA wurden Geschäftsübertragungen abgeschlossen oder weiter vorangetrieben, während sich die Integration in Korea und den Niederlanden aktuell weiterhin in Umsetzung befindet.

Deutschland, UK und Irland – Gemeinsamer Auftritt für bessere Zusammenarbeit

In Deutschland wird das Unternehmen mit Nippon Express Deutschland (NED) zusammenarbeiten, um unter der etablierten Marke Nippon Express einen hohen Mehrwert für Kund:innen zu bieten. cargo‑partner Deutschland wird seine Aktivitäten somit am Standort Düsseldorf bündeln und seine Expertise auf die Betreuung des globalen Agenten- und Partnernetzwerks konzentrieren, während operative Funktionen wie Seefrachtabwicklung und Vertrieb zu NED verlagert werden. Diese strategische Neuausrichtung soll bis Ende Februar 2026 abgeschlossen sein. Im Vereinigten Königreich und Irland wurde die Führungsstruktur vereinheitlicht, indem Steve Williams als Managing Director für die Region ernannt wurde. Dieser Schritt fördert eine engere Zusammenarbeit und stärkt die Marktpräsenz des Unternehmens in beiden Ländern unter einer koordinierten Strategie.

Ungarn und Rumänien – Nippon Express integriert in cargo‑partner

In Ungarn und Rumänien erreichte der Integrationsprozess einen besonderen Meilenstein, der innerhalb der NX Group in dieser Form bislang einzigartig ist: Aufgrund des starken Markenauftritts vor Ort, der langjährigen Expertise und der breiten Kundenbasis wurden die lokalen Aktivitäten der NX Group vollständig in cargo-partner integriert. Diese Entscheidung unterstreicht das Vertrauen in die bedeutende Marktposition von cargo-partner als ideale Grundlage für weiteres Wachstum in diesen Ländern.

In Ungarn firmieren die kombinierten Aktivitäten seit Januar 2026 unter dem neuen Namen NX Cargo‑Partner Hungary Kft. Auf diese Weise vereint man nun 201 Mitarbeiter:innen von cargo‑partner und 40 Kolleg:innen von Nippon Express zu einem einheitlichen Team von 241 Fachkräften. In Rumänien hat die neue Einheit NX Cargo‑Partner Romania s.r.l. 209 Kolleg:innen von cargo-partner und drei Personen von Nippon Express zu einem Team von 212 zusammengeführt. Diese Integrationen bewahren nicht nur die Identität von cargo‑partner in beiden Ländern, sondern stärken auch das weltweite Netzwerk der NX Group durch die Nutzung lokaler Expertise und das über Jahrzehnte aufgebaute Kundenvertrauen.

Schweden – reibungslose Integration mit APC

Ein weiteres Erfolgsbeispiel ist Schweden, wo das lokale cargo‑partner‑Team in APC Sweden, eine Tochtergesellschaft der NX Group, integriert wurde. Der Prozess sicherte nicht nur eine hohe Teamstabilität und Mitarbeiterbindung, sondern eröffnete auch neue Geschäftsmöglichkeiten, verbesserte die Kosteneffizienz und erzielte profitable Ergebnisse – alles Faktoren, die zum Erfolg des globalen NX‑Netzwerks beitrugen.

Ausblick auf 2026

cargo-partner und die NX Group werden ihre Geschäftsgrundlagen und Infrastruktur weiter verbinden und das NX-Netzwerk optimal nutzen, um die Zusammenarbeit und Servicequalität zu verbessern – ohne die Kernstärken beider Organisationen aus den Augen zu verlieren. So werden die Kundenzufriedenheit und operative Leistung weiterhin auf Höchststandard erhalten bleiben.

Über cargo-partner

cargo-partner, ein Unternehmen der NIPPON EXPRESS HOLDINGS, INC., ist ein Info-Logistik-Komplettanbieter mit einem breiten Portfolio an Luft-, See-, Landtransport- und Logistik-Services. Mit über 40 Jahren an Expertise in Informationstechnologie und Supply Chain Optimierung entwickelt das Unternehmen maßgeschneiderte Services für eine Vielzahl an Branchen, um Wettbewerbsvorteile für seine Kund:innen auf der ganzen Welt zu schaffen. cargo-partner wurde 1983 gegründet und erwirtschaftete im Jahr 2024 einen Umsatz von 1,7 Milliarden Euro. Das Unternehmen beschäftigt derzeit weltweit über 3.800 Mitarbeiter:innen.

Für weitere Informationen kontaktieren Sie bitte:

Karin Schwarz | Corporate Director Communications & Marketing

Cargo-Partner Holdings GmbH

Airportstraße 9

2401 Fischamend, Austria

Tel.: +43 5 9888-11322

E-Mail: karin.schwarz@cargo-partner.com

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The leading investors and property developers in Romania anticipate rental growth throughout 2026, particularly in the office segment, while occupier demand shows signs of consolidation rather than expansion, according to the 4th edition of the Cushman & Wakefield Echinox “Real Estate Investors Sentiment Barometer”.

Cushman & Wakefield Echinox surveyed the top management of local, regional and global investors and developers, with a combined Romanian real estate portfolio valued at more than €15 billion, thus having a share of approximately 50% of the local modern real estate market.

Vlad Săftoiu, Head of Research Cushman & Wakefield Echinox: “Investors generally anticipate a period of market stabilization, with limited forecast of sharp rental, demand and value growth, factors which suggest that Romania remains an attractive destination, with conditions that support growth and investment on all market segments, even if a number of challenges persist.”

Most respondents foresee a positive office rental evolution in the next 12 months, with 56% effectively expecting growth, 39% forecasting stability, and only 5% predicting a decline. The consistently high percentage of respondents forecasting rental growth over recent years suggests sustained confidence in the long-term upward trajectory of this market segment.

After a period of strong optimism between 2022 and 2023, when most of respondents anticipated rental growth in Romania’s industrial & logistics market (peaking at 75% in 2023), expectations have moderated in the subsequent years. In the latest edition of the barometer, 52% of respondents expect rents to remain stable, 36% foresee further growth, and 12% predict decreases. This shift suggests a growing perception related to market stabilization and a potential rental growth slowdown.

The results indicate a cautiously optimistic outlook for retail rents. While 41% of respondents expect increases, nearly half (49%) anticipate stability, and only 10% foresee decreases. The consistent share of stable expectations implies that the retail market enters a period of post-pandemic normalization, supported by steady demand and a broader economic stability.

Fiscal changes are perceived as the main factor influencing occupancy costs across the real estate market, cited by 20% of respondents. Geopolitical developments and macroeconomic uncertainty follow closely (18% each), while inflation (17%) and interest rates (13%) are also considered significant factors impacting rental levels and overall demand.

In terms of demand for new spaces, the office outlook is still stable, with the market showing signs of consolidation as many tenants chose to adapt to new work models rather than pursuing expansion. The industrial & logistics segment also appears to be stabilizing, reflecting a mature and balanced demand environment, while there appears to be a cautiously positive outlook when it comes to retail spaces, with steady confidence but limited expectations for major changes ahead.

Investors are still optimistic about the Romanian commercial real estate market, even though their focus is diversifying.

Industrial & logistics assets lead in potential, while alternative segments such as hotels and residential (including PRS or PBSA) are gaining momentum. Offices show gradual recovery, retail remains moderate. Most investors aim to expand or maintain their portfolios, thus signaling continuous confidence despite caution.

Bucharest and the secondary markets consolidated their positions as the preferred investment destinations. 72% (compared with 77% in 2024 and 66% in 2023) of respondents indicate Bucharest as their main location for new investments, while 34% (31% in 2024 and 24% in 2023) are actively targeting tertiary locations (cities with less than 200,000 inhabitants). Secondary cities are also a very attractive destination for 68% of respondents.

A strong majority of investors (56%) plan to expand their portfolios in 2026, while 35% intend to maintain their current position and 9% anticipate reducing their activity. Although the share of investors pursuing expansion decreased compared with previous years, the overall sentiment remains optimistic, reflecting continued confidence in market opportunities.

Banks are the main source of financing for 34% of respondents, while 21% each claim that the capital required for further investments comes from shareholder loans and own funds.

Investor perceptions remain relatively consistent in 2025, with bureaucracy (58%) and the quality of transport infrastructure (42%) seen as the main challenges. The quality of IT infrastructure is still highly appreciated, with 80% of respondents rating it as “very good” or “excellent”. Declines are observed in perceptions towards taxation, the labor market and overall economic stability, suggesting a more cautious investor outlook compared with 2024.

Investors have a relatively mixed perception regarding the Romanian economy, as over half of respondents (52%) expect GDP to register moderate growth on the short term, while 15% anticipate a more solid growth and 33% foresee a decline. The results thus indicate moderate optimism, reflecting expectations of slower economic momentum amid ongoing market adjustments.

Despite a more selective investment environment, the market sentiment remains steady as most investors expect their portfolio values to stabilize over the next 12 months, reflecting confidence in long-term market fundamentals.

The Romanian real estate investment market has been very consistent during the last decade, with a cumulative transaction volume exceeding €8 billion since 2016.

The market continues to hold firm, supported by sustained occupier activity and a new supply pipeline of more than 800,000 sq. m of office, industrial and retail spaces scheduled for delivery over the next two years.

Cushman & Wakefield Echinox is a leading real estate company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, owned and operated independently, with a team of over 60 professionals and collaborators offering a full range of services to investors, developers, owners and tenants. For additional information, visit www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and others. Built around the belief that Better never settles, the firm receives numerous industries and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.