29 / 62
cushmanwakefield.com
/
29
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.