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The number of employees in modern office buildings in Bucharest could reach 270,000 by the end of the year

The number of employees in Class A and B office buildings in Bucharest has reached about 253,000 at the end of the first semester of 2018, a slight increase compared to the end of 2017, the real estate consultant Cushman & Wakefield Echinox announces.

2018-09-04 15:12:54

In H1 2018, the number of employees working in companies with headquarters in modern office buildings in the capital increased by 3,000, according to estimates of the consultants.

In the same time, estimates of national real estate consultant CBRE announced the results of the office space segment in Bucharest in the first half of 2018. The vacancy rate has reached a historic minimum for the past 9 years, standing at 8 per cent and the modern office space stock in the capital reached 2.79 million square meters. According to CBRE data, in S1 2018, 149,000 sqm were traded, of which 80 per cent were Class A office buildings.

From the point of view of the type of transaction, about 20 per cent is represented by renewals and renegotiations, and the remaining 80 per cent is divided between: new claims (15 per cent), relocations (22 per cent), pre- rentals of 36 per cent and extensions (7 per cent).

Considering the office projects whose delivery is announced for the second half of the year, the number of employees in modern office buildings in Bucharest could rise to 270,000 by the end of 2018.

"As mentioned in our report, the number of employees working in Class A and B office buildings is steadily increasing. As the labour force availability is reduced, tenants are more and more interested in occupying office spaces in buildings that will support them to attract and retain talented employees. Thus, the owners and companies that manage office buildings are also starting to be involved in the process of attracting new talents and retaining the existing employees, proposing, for example, for common spaces a modern interior design with coworking areas, which creates an animated atmosphere meant to encourage the interaction of different departments. Another example is the diversification of the services offered, besides the traditional ones (restaurants, commercial spaces, etc.). The owners initiate a series of sporting events or entertainment activities to develop and enforce a micro-community concept," said Mădălina Cojocaru, Partner, Office Agency C & W Echinox.

Pipera Sud (Dimitrie Pompeiu), Barbu Văcărescu – Floreasca and the Western area still occupy the top three positions in terms of number of employees in modern office buildings. Thus, approximately 52,000 people work in office buildings in the Pipera Sud area, around 45,000 in the Barbu Văcărescu – Floreasca area, and in the West approximately 38,500, the three areas concentrating 63% of the employees of the modern office buildings in Bucharest.

The number of employees is calculated according to the office destination and the occupancy rate recorded for each office area at the end of the first semester of 2018.

The majority of office buildings with the highest square meter per employee ratio are located in the Central and CBD areas (Central Business District – Victoriei Square – Charles de Gaulle Square), which mainly host company headquarters from consultancy, insurance, banking or pharmaceutical sectors.
The lowest square meter per employee ratio is still in the Pipera Sud (Dimitrie Pompeiu) area, a back office location, a destination chosen especially by outsourcing companies.

Cushman & Wakefield Echinox is one of the largest real estate consultantancy firms in Romania, active in all real estate market segments. In the first half of 2018, the company's office agency rented spaces with a cumulative area of approximately 30,000 square meters in office buildings in Bucharest and the country.

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