A Cushman & Wakefield Research Publication - 2017 Global Forecast

JOBS Office-based employment across Europe’s largest cities has been growing at a 2.5% rate annually over the last five years. But as the job market tightens, competition for talent intensifies and vacancies become harder to fill. As a result, look for office-based employment growth to slow to just 1.5% annually by 2019. Parts of the CEE and Eurozone periphery will continue to record the highest office-using job growth. But as growth rates slow overall, it is the markets that were later to recover that will begin to move higher up in the rankings such as Amsterdam, Brussels, Milan and Paris. London will suffer the biggest decline in the rankings, as Brexit-related uncertainty is expected to inhibit office-based job growth in the near term, particularly attracting and retaining European workers. Although office-based employment growth is set to slow overall, the increasing importance of information and communications employment is expected to continue. Locations with the strongest growth rates in this sector over the next three years are expected to be Budapest, Dublin, Copenhagen and Madrid. However, the professional, scientific and technical sector is expected to experience the largest job growth: 40% of new jobs are likely to be generated in that sector. The largest European cities are expected to lead the way with Paris, Madrid, Munich, Berlin and Amsterdam at the top of the rankings by growth rate. As we enter an era of increasing automation in the workplace, it is those industries with more data-intensive, repetitive and mid-skilled tasks that look most at risk.

Among office-using employment sectors, finance & insurance, real estate and administrative & support activities look more exposed to automation than are information & communications and professional, scientific & technical sectors. Locations with a higher proportion of the former, include Lisbon, Frankfurt, Amsterdam and Zürich which could represent a downside risk to the outlook in these cities.

cushmanwakefield.com / 29