Published on and written by Cyril Jarnias
Real Estate in Romania and the Rise of “Dark Stores”
Real estate in Romania is undergoing a major transformation with the emergence of “dark stores”, urban warehouses dedicated to online commerce that are changing the way Romanians consume.
In the digital age, where efficiency and delivery speed are becoming essential, these spaces play a key role in the supply chain.
This new business model, which is developing mainly in the country’s major cities, raises crucial questions about the future of retail and its impact on the urban fabric.
Romanian real estate market players must now adapt to this innovative trend that combines technology and logistics to remain competitive and meet growing customer demand for fast, seamless delivery services.
Good to know:
“Dark stores” are urban warehouses optimized for online order fulfillment, typically located in easily accessible areas to enable ultra-fast deliveries.
The Rise of Dark Stores in Romania
A dark store is an urban logistics warehouse, closed to the public, dedicated exclusively to the preparation and rapid delivery of online orders. Functioning like an internal supermarket, it organizes its aisles to optimize order picking by operators who move along routes managed by an automated computer system (WMS). Unlike traditional stores open to consumers, dark stores do not host physical customers; the customer interface is strictly digital via apps or websites. They often operate 24/7 and are strategically located in or near urban centers to guarantee delivery in under 15 minutes thanks to proximity to densely populated areas.
Comparative Table: Dark Store vs. Traditional Store
| Criterion | Dark Store | Traditional Store |
|---|---|---|
| Public Access | No | Yes |
| Location | Urban centers/suburbs | Shopping malls/shopping districts |
| Primary Objective | Express e-commerce delivery | Direct sales |
| Internal Organization | Optimized for picking/logistics | Designed for customer experience |
| Hours | Often 24/7 | Standard business hours |
This operational model accelerates quick commerce for both food and non-food items, offering a significant time-saving promise for urban consumers. On the local economic front, dark stores generate new logistics jobs and indirectly stimulate certain services (delivery drivers, last-mile techs), but they can also directly compete with traditional retail.
Recent Evolution and Expansion Factors
Romania has seen accelerated growth in the number of dark stores since 2020-2021. Several factors explain this rise:
- E-commerce Boom: Online shopping has grown rapidly in all major Romanian cities.
- COVID-19 Effect: The pandemic amplified demand for fast, contactless deliveries.
- Technological Investments: The development of mobile apps dedicated to quick commerce facilitated their adoption.
- Arrival of International Players: Major European platforms have opened their own local networks.
Concrete example:
In 2023 in Bucharest and Cluj-Napoca, several players such as Glovo or Tazz by eMAG multiplied the opening of micro-warehouses dedicated solely to ultra-express grocery order preparation.
Consequences on the Real Estate Market
The rapid rise of dark stores is significantly altering urban real estate demand:
- Notable increase in rental prices for certain segments (small, well-connected warehouses).
- Temporary decline or conversion of vacant traditional commercial space to these new logistics uses.
Observed effects:
- Accelerated transformation of former traditional stores closed during the health crisis into logistics hubs;
- Increased scarcity in certain central markets where every suitable space becomes coveted;
- Upward pressure on rents for “last mile” locations.
Summary Table
| Real Estate Effect | Main Consequence |
|---|---|
| Land Transformation | Conversion of empty stores → warehouses |
| Rental Tension | “Prime” rents rising |
| Availability | Decrease in accessible commercial space |
Institutional & Community Reactions
Local public authorities and some communities express various concerns about this proliferation:
- Regulatory framework still unclear regarding commercial versus industrial/logistics use;
- Concerns about noise/frequent deliveries generating additional traffic;
- Questions about urban integration (negative visual impact in some residential neighborhoods);
- Growing willingness among some municipalities (e.g., central Bucharest sector) to impose restrictions or temporary moratoriums on these activities to avoid excessive concentration.
Some citizen groups also denounce a possible reduction of the living commercial fabric (“dead storefronts”), advocating either for better architectural integration or a quota limiting this type of establishment by zone.
Recent Numerical Examples
- Between January 2022 and June 2024: +80% official creations recorded in three major Romanian cities.
Future Outlook
Trends suggest that if no strong regulation is introduced quickly,
operators will continue to invest heavily in this segment until partial local saturation; this could lead either to a sustainably high valuation of near-center logistics land,
or—conversely—to a cyclical phenomenon where only a few large players survive after successive consolidation/mutations.
The immediate future will therefore largely depend on the balance found between the service innovation expected by city dwellers,
private economic interests
and municipal political will regarding the strategic use of urban land.
Good to know:
In Romania, dark stores are expanding rapidly, facilitated by the rise of online commerce and the pandemic, which pushed consumers toward digital shopping. These urban warehouses, closed to the public and dedicated exclusively to online order preparation, have an operational model focused on logistics efficiency. They notably impact the local economy by increasing demand for well-located real estate, which has driven up prices and reduced availability, especially in major cities like Bucharest and Cluj-Napoca. Local governments express concerns about land use and regulation of these establishments, seeking a balance between economic development and urban integration. For example, since 2020, the number of dark stores has doubled, leading to a rise in rents in targeted areas. This phenomenon raises questions about the future of city centers and the need for appropriate regulation to manage this expansion while meeting urban logistics needs.
The Impact of Rapid Delivery Warehouses on the Logistics Real Estate Market
The emergence of rapid delivery warehouses, particularly dark stores, is profoundly transforming the dynamics of the logistics real estate market in Romania. This shift is driven by the rise of e-commerce and the need for ultra-fast deliveries in densely populated urban centers.
Influence on Demand for Logistics Space
- Strong increase in demand for spaces suitable for rapid order preparation and shipping, located in close proximity to urban areas.
- Predominance of compact spaces (mini-warehouses) enabling efficient last-mile distribution.
- Sustained growth observed in all major Romanian cities, fueled by local economic dynamism and flexible land policies.
| Factor | Impact on the Logistics Market |
|---|---|
| E-commerce Growth | Increases need for urban warehouses |
| Rapid Delivery | Requires multiplication of small warehouses near consumers |
| Real Estate Adaptation | Transformation/conversion of former commercial spaces or parking lots |
Impact on Real Estate Prices
- Significant price increase in urban areas where land supply is limited but demand is exploding.
- Increased pressure on premium logistics rents near Bucharest and in other regional metropolises.
Necessary Infrastructure Adjustments
Optimization of inbound/outbound flows to avoid urban congestion: easy access for light trucks, hours adapted to delivery peaks.
Rapid conversion/requalification of existing premises (former stores or parking lots) to meet the operational urgency specific to the “dark store” model.
List of Main Adjustments:
- Accelerated modernization of the peripheral road network
- Improved digital/logistics connectivity (advanced WMS)
- Sustainable energy solutions adapted to new environmental requirements
Challenges Faced by Developers and Tenants
- Growing scarcity of immediately available spaces meeting specific required standards (food safety, automation…)
- Increased regulatory complexity with massive development: noise/nuisance management, dense traffic around sites
- Rising costs related to rapid technical adaptations
Concrete Examples:
| Company | Type of Investment | Location |
|---|---|---|
| Warehouses De Pauw (WDP) | Development/management >6M m² modern logistics platforms | Bucharest & strategic hubs |
| Transmec Group | Modular, scalable centers | Oradea |
Medium/Long-Term Economic Repercussions
- Sustainable strengthening of the Romanian logistics hub compared to its European neighbors thanks to friend-shoring
- Massive creation of direct/indirect specialized jobs in urban storage/distribution
- Possible inflationary effect on urban land; increased risks for small players unable to keep up with the continuous rise in rents
This trend accentuates regional economic attractiveness while posing a dual challenge: quickly adapting infrastructure/housing while ensuring environmental and social viability.
Key Points:
- Exponential demand for last-mile dedicated spaces
- Notable increase in urban real estate prices/rents adapted for this use
- Strong need for infrastructural & regulatory adaptation
Good to know:
The emergence of rapid delivery warehouses, or “dark stores,” is transforming the logistics real estate market in Romania, increasing demand for suitable spaces in dense urban areas. Pressure on these locations has caused price increases, highlighting the difficulty for developers to provide necessary infrastructure, such as road access and high-performance digital networks. Companies like Glovo and Bolt have already invested in these spaces to optimize their supply chain. However, challenges include the scarcity of available land and the need to adapt existing buildings to meet specific logistics requirements. In the medium and long term, this trend could stimulate the local economy by creating new jobs and revitalizing urban infrastructure, although this requires rigorous urban planning to minimize negative impacts.
Investment Strategies in E-commerce and Dark Stores in Romania
The Romanian e-commerce market is experiencing rapid growth, estimated at around 7.7 billion euros in 2024 (+11.6% year-over-year), with a projection of 11 billion euros by 2029. This dynamic attracts local and foreign investments in the online commerce and dark store sectors.
Recent Investment Trends
- Strong annual growth in e-commerce revenue (projected CAGR: 7.5% between 2025 and 2029).
- Post-pandemic acceleration of digitalization: massive adoption by merchants and consumers.
- Growing involvement of international platforms (e.g., eMag), favoring the entry of foreign players.
- Investors are focusing on:
- Urban logistics (warehouses for rapid delivery)
- Adapting or converting existing commercial spaces into dark stores
Investor Motivations
- Untapped potential: only ~50% of Romanian companies sell online compared to a higher European average
- High internet penetration rate (>90%)
- Low urban logistics maturity compared to Western Europe
- Still competitive real estate costs
- Sustained demand for quick commerce, especially in major cities
Specific Advantages of the Romanian Market
| Advantage | Description |
|---|---|
| Sustained Growth | Young e-commerce market with strong potential |
| Solid Digital Infrastructure | High internet connection rate |
| Skilled Workforce | Available IT & logistics human resources |
| Low Relative Costs | Rents still affordable compared to neighboring markets |
Specific Challenges
- Geographic fragmentation: high concentration in Bucharest/Cluj/Timisoara; less homogeneous access elsewhere.
- Urban infrastructure sometimes undersized for modern logistics.
- Land use and urban planning regulations that can delay certain innovative real estate projects.
- Increased competition in the express delivery (“last mile”) segment.
Impacts on Commercial Real Estate
Positive Effects
- Marked growth in demand for:
- Urban warehouses
The sector is expected to continue its progress thanks to continuous revenue growth, technological renewal (automation, mobile payment), and a gradual adaptation of the commercial real estate stock towards a “hybrid” model combining traditional physical stores and logistics space dedicated to online orders or click-and-collect.
Good to know:
In Romania, investment in the e-commerce and dark store sector is growing rapidly, supported by increasing interest from local and foreign investors, attracted by the expansion of the digital market. Successful companies like Glovo and Bringo have illustrated the potential of dark stores, which meet consumer needs for fast deliveries. The rise of this sector leads to increased demand for urban warehouses and the conversion of commercial spaces into dark stores, thus impacting the commercial real estate market. Among the challenges are the need for efficient logistics and robust technological infrastructure, as well as compliance with emerging regulations that govern these transformations. Forecasts for the future indicate a stabilization of growth supported by technological innovations and favorable regulation, which could permanently transform the real estate landscape of Romanian cities.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
