The local investors are followed by those from South Africa (with acquisitions worth €600 million, corresponding to 15% of the total volume), Austria (14% share), Israel (9%) and Hungary (8%). In the previous 5-year period, domestic investors had shares between 1 and 7%.

The most active Romanian investor during the 2018 - 2022 period was the Dedeman group (Pavăl Holding) which has become the second largest office owner in Romania through acquisitions worth €850 million. Its current portfolio totals around 380,000 sqm of office spaces. 

Another local investor with significant market activity was One United Properties, which has specifically targeted small and medium-sized office buildings, some of which are being disposed of in the meantime. The company has also started to purchase historic buildings that can be transformed into hotels or residential facilities. 

“As far as the profile of local investors is concerned, they have a better understanding of consumer and space occupancy trends, as well as being more confident about the positive evolution of the economy in the medium and long term. Moreover, they also have a good grasp of the cyclical nature of the real estate market in Romania,” said Cristi Moga, Head of Capital Markets at Cushman & Wakefield Echinox. 

Office projects accounted for 81% of the total volume of transactions closed by Romanian players, with the retail and hotel sectors having 7% shares each.