Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}
cities tech cities

Regional and Emerging Tech Hubs in EMEA

Dimitris Vlachopoulos • 8/8/2022
Beyond the global tech hubs in Western Europe, employers have expanding operations into Central Europe.
Beyond the recognized global tech hubs in Western Europe, employers have been expanding tech operations into Central and Eastern Europe. Several markets in this region have robust talent bases across a variety of programming and analytical roles. Markets such as Budapest, Bucharest, Prague and Warsaw have all been attractive to expansion and investment. Combined, these four Eastern European markets offer a talent depth pool of 148,819 workers across the fields of programming, IT network, and analysts & data scientists. Talent costs are incredibly competitive in these markets, with weighted average salaries ranging from USD $28,009 to $45,053. In terms of rents and vacancy, Class-A CBD rents range from USD $29.00-$32.00 psf and vacancies range from 8%-14.8%. From 2021 through Q2 2022, these markets attracted $13 billion in venture capital funding across 616 deals, primarily in business orB2B services software, fintech and application development (source: Pitchbook).

However, when we look further into the historical tech investment volume and growth in these markets, we can confirm that they have already started tracking similar performance to global tech hubs in Western Europe, with a large volume of investment and relatively lower growth than other regional cities in Europe. For example, Budapest, Bucharest, Prague and Warsaw have been in the top 15 most attractive markets in Europe on Foreign Direct Investment (FDI) in the software and IT services sector from 2017-22 (source: FDiMarkets). Other regional markets in Europe with large tech investment volume include Lisbon, Vilnius and Sofia. Rents for Class-A CBD product in Lisbon averaged $31.00 psf, and the market attained $5.6 billion in venture capital investment across 158 deals since the beginning of 2021. 

Elsewhere in EMEA, Tel Aviv has been another major market for talent in the region. Last year, tech companies in Tel Aviv raised $125.6 billion, according to Pitchbook, more than twice that of the previous year. Tel Aviv boasts nearly 38 msf of premium office space across 180 Class-A CBD buildings. The market is estimated to add an additional 28 msf of additional office space by 2026. Vacancies have remained in a reasonable range, generally sitting between 6%-7%. 

Lastly, it is worth mentioning that the top five fastest growing markets in tech FDI in Europe from 2018-21 have been Porto (Portugal), Leeds (UK), Toulouse (France), Seville (Spain) and Athens (Greece), with investment growing by more than three times than from  2014-17. These are mainly regional cities that offer a combination of quality of life & affordability, with access to good universities. (source: FDiMarkets).  

See graphs below with analysis of top markets in Europe on tech volume and growth FDI. 

Tech Cities: The Global Intersection of Talent and Real Estate
In this report we assess how tech cities are competing for business across key talent, real estate, and business environment metrics.
view full report

connect with our authors

Dimitris Vlachopoulos - London
Dimitris Vlachopoulos

Partner, Head of Portfolio & Location Strategy, EMEA
London, United Kingdom


+44 (20) 32962668

Download VCard

Jacob Albers Headshot
Jacob Albers

Research Manager
San Francisco, United States


Download VCard

Related Insights

tech cities
Research • Economy

Tech Cities: The Global Intersection of Talent and Real Estate

With a significant growth forecast for the global tech sector in the next 10 years, the evolution of tech cities around the world as hubs of tech talent and suitable commercial real estate will continue. In this report we assess how tech cities are competing for business across key talent, real estate, and business environment metrics.
David Smith • 8/8/2022
Tech Cities
Article • Workplace

Tech Cities: An Evolution in Talent, Location, and the Workplace

As global tech companies consider locations in top tech markets, finding the right place is just the start. From emerging tech to publicly traded, a tech company’s dynamic needs go beyond just location strategy and expand into the creation of workplace ecosystems that attract, engage and retain talent.
Erica Ruder • 8/8/2022
Corenet Survey
Insights • Workplace

Workplace Ecosystems: The Office’s Changing Place in an Agile World

Cushman & Wakefield partnered with CoreNet Global to survey its membership on the future of the workplace.
David Smith • 4/7/2021

Ready to talk?

We look forward to connecting with you.

여러분의 승인 하에 당사는 웹사이트가 예상대로 작동하도록 보장하고, 제품을 개발 및 개선하며, 광고 및 통찰을 목적으로 고유 식별자 및 표준 정보와 같은 개인 데이터를 처리하기 위해 쿠키를 사용하고자 합니다.

또는 [추가 선택사항]을 누른 후 동의를 제공하거나 거부하기 전에 기본 설정을 선택하십시오. 개인 데이터의 일부 처리에는 사용자의 동의가 필요하지 않을 수 있지만, 여러분은 이러한 처리에 반대할 권리가 있습니다.

언제든지 이 사이트로 돌아가거나 개인 정보 & 쿠키를 클릭하여 기본 설정을 변경할 수 있습니다.

추가 옵션
동의 후 종료
이러한 쿠키는 웹 사이트가 예상대로 작동하도록 보장합니다. 예를 들어 웹사이트 트래픽 부하가 서버 간에 분산되어 특히 사용량이 많은 동안 웹사이트가 중단되는 것을 방지합니다.
이러한 쿠키를 통해 당사 웹사이트는 사용자가 선택한 항목(사용자 이름, 언어, 지역 등)을 기억하고 향상된 기능을 제공할 수 있습니다. 이러한 쿠키는 광고에 사용될 수 있는 사용자에 대한 정보를 수집하거나 인터넷에서 사용자가 어디에 있었는지 기억하지 않습니다.
이러한 쿠키를 통해 당사는 마케팅 파트너와 협력하여 여러분이 웹사이트에 접속하기 전에 클릭하신 광고 또는 링크를 파악하거나 당사의 광고가 여러분에게 보다 관련이 있도록 지원할 수 있습니다.
모두 동의
모두 거부
설정 저장