One of Europe’s top 10 Tech Cities of the Future

Bucharest

Known for its tree-lined boulevards, stunning mix of architecture and large green parks, the Romanian capital of Bucharest is one of Europe’s safest and affordable destinations and offers a great quality of life.

In addition to being considered the gateway to Eastern Europe, the key advantages for organisations looking to set up business in the region include lower wages and property costs in comparison to other European cities, a well-educated talent pool, and access to world-class professional services.

Bucharest’s business landscape is formed of organisations within the IT, communication, finance, banking and insurance industries, but the city is also fast becoming one of the best places in Europe to build a startup. With the city fully embracing digitalisation and having a multilingual culture, as well as having access to a large workforce of IT engineers and experts, it’s no surprise Bucharest has been named one of the top 10 European Tech Cities of the Future for 2020/21. The ranking by fDi Intelligence and TNW measures which European cities have the most promising prospects for startups, tech and innovation investment.

Even though 2020 was a year marked by uncertainties, Bucharest’s future office landscape is looking very bright, with the announcement of a bold and large-scale project that will come to life in the northern part of the city. The well-known Romanian investor, Iulian Dascălu - one of the most successful entrepreneurs in Romania and the CEO of Iulius Group - partnered with Romania’s Chamber of Commerce and Industry – CCIR in order to develop the biggest real estate project in Romania’s history: a mixed-use project, built around Bucharest’s exhibition center Romexpo, worth almost 3 bilion EUR.

Studio Alliance members have undertaken projects in Bucharest for:

Bucharest Fast Facts

Average Letting Cost

€222

Annual headline rent

Total lettings in 2019

330,000

Square metres

Vacancy Rates

10.5%

The entire project revolves around Romania’s greatest cultural values and is an important development opportunity for both the capital city of Romania and the country as a whole. The investors will develop a mini-town that will include museums, cultural, exhibition and conference centers, a green park that will occupy 30% of the project surface, new traffic arteries that will contribute to the urban mobility and the biggest parking lot in Romania, with over 12000 places.

A great part of this urban revitalization project is represented by the development of a strong business hub, built in accordance with the “green buildings” regulations - a great opportunity for consolidating the economic sector and creating valuable investment opportunities. This office component will concentrate here some of the largest multinational tech companies, generating over 30000 new job opportunities. The entire lifestyle concept is complemented by a few national premiere initiatives such as the fresh-market concept and the first Monetary History Museum.

Significant Lettings

Ubisoft

28,000 sq m

J8 Office Park, 8, Jiului Street

Significant Investment

AFI Europe

€308m

4 Buildings, 3 in Bucharest 1, Timisoara