Bucharest, third most attractive for Europe’s 500 biggest multinational companies

According to European Cities Monitor report, Bucharest is outcompeted by Moscow and Prague, tying with Warsaw, outranking Budapest.

The 500 companies say Bucharest is making more efforts to upgrade conditions of the business climate than Moscow, but less than Prague, Budapest and Warsaw. Companies think Spanish cities make biggest efforts: Barcelona ranks first followed by Madrid.

Still in terms of improvements, companies say Bucharest has upgraded its internal transport links, climbing to 26th position. Therefore, in these terms, Bucharest is better positioned than Budapest (31st position) and than Warsaw (30th position) and tie with Prague.

As for international transport links, Bucharest ranks last of all 34 cities monitored that are considered important for businesses in Europe, while Budapest climbed to 26th position.

However, in terms of access to markets, customers or clients, Bucharest climbed eight positions from last year’s report up to 24th position, tying with Stockholm and Istanbul, overtaking cities such as Rome, Vienna, and Athens. However, other cities in Central and Eastern Europe take the upper positions: Budapest – 22, Prague – 21, and Warsaw – 15, while London is the top rated city.

Bucharest is among the leading cities in terms of costs of staff, ranking second in Europe, being outranked by Warsaw this year. Still, there is a less positive aspect, the multinational companies rating Bucharest in latter positions, in terms of qualified staff: Bucharest ranks 32nd, while Budapest ranks 21st, Prague 24th, and Warsaw 25th.

If last year, value of office spaces were considered accessible, and ranked Bucharest second, this year, Bucharest dropped 11 positions, on 13.In terms of quality of telecommunication, Bucharest has upgraded technologies in the field, therefore it climbed to 29th position, overtaking Budapest, Warsaw and Prague.

In terms of the climate governments create for business through tax policies and availability of financial incentives, Bucharest is amid the ranking, on 11th position. In this category, Prague ranks 9th, Warsaw moves into the second place while Budapest into fourth. Rome and Milan are at the bottom of the ranking.

“Bucharest is an extremely dynamic city in all perspectives. Companies invest in implementing/launching projects in same high-quality conditions as in all other cities in Europe. Thus, we notice major improvements every year, and a very important aspect for companies, as the report reads, is telecommunications,” said managing director of Cushman&Wakefield Activ Consulting, Razvan Gheorghe.

Translated and adapted by Camelia Oancea.