DTZ Echinox: The number of employees in Bucharest’s modern office buildings has just exceeded the 200,000 threshold

At the end of Q4 2015, the number of employees working in Bucharest’s Class A and B office buildings has reached 204,062. The main office areas in terms of employee numbers are Pipera South (Dimitrie Pompeiu) with 38,120, closely followed by Barbu Vacarescu - Floreasca with 31,250 employees and the West area with 27,093 employees. The only office hubs where the number of workers exceeds 30,000 are Dimitrie Pompeiu and Barbu Vacarescu – Floreasca. 

The number of employees exceeds 25,000 in the West and in the Central Business District (Victoriei Square – Aviatorilor). The office areas with a headcount of approximately 20,000 are the Central and the Northern area (Baneasa) of the city.  On the other hand, the areas with the lowest number of employees working in Class A and B office buildings are the Eastern and Southern parts of Bucharest. 

Office areas with the highest ratio of square meters per employee are the ones serving for main operations (headquarters): the Central Business District, the Central and Central-North regions, excluding Barbu Vacarescu – Floreasca area.

The lowest ratio of square meters per employee is found in Pipera South (Dimitrie Pompeiu), an area dedicated to back-office operations. 

Mihaela Galatanu, Head of Research DTZ Echinox: „Este pentru prima data cand numarul de angajati din cladirile de birouri moderne din Bucuresti depaseste 200.000. Tinand cont de volumul livrarilor anuntat pentru anul acesta si considerand aceeasi rata de neocupare inregistrata la finalul lui 2015, numarul de angajati din Bucuresti care lucreaza in spatii de birouri moderne ar putea ajunge la finalul anului 2016 la aproximativ 240.000.”

Mihaela Galatanu, Head of Research DTZ Echinox: “This is the first time when the number of employees in Bucharest’s modern office buildings exceeds 200,000. Given the supply volume announced for this year and taking into account the vacancy rate recorded at the end of 2015, the number of employees working in Bucharest’s modern office buildings could reach 240,000 by the end of 2016.”

The calculation determining the number of employees is conducted separately based on each different office hub and taking into account the occupancy rate for each submarket at the end of Q4 2015. 

About DTZ

DTZ is a global leader in the real estate industry, providing occupants and investors worldwide with a wide range of real estate solutions. DTZ’s core capabilities include: rental brokerage, property and facility management, capital markets, investment and asset management, valuation, research, project management and construction consulting. DTZ manages 3.3 billion square meters and $63 billion in transaction volumes on a global scale for institutional clients from the public, private and corporate sectors. DTZ has been successfully promoting its organizational culture and services in more than 50 countries, with 28,000 employees spread over 260 different offices. 

DTZ has announced a merger agreement with Cushman & Wakefield in a press release published on the 11th of May 2015. The new company will operate under the Cushman & Wakefield brand and will have revenues of over $5.5 billion, over 43,000 employees, and will manage over 4 billion square meters on a global scale for their institutional, corporate and private clients. This agreement is subject to certain terms and conditions and is expected to be finalized soon. For more information, please visit www.dtz.com.