Lisbon: One of the European Cities that Attracts the Most Tech Centres

8 March 2018

Lisbon, Krakow and Edinburgh are among the cities that have become more attractive to new technology centres in Europe, The Wall Street Journal reported.

New technology centres are sprouting up across Europe, with offices appearing in unlikely locations, the well-known U.S. newspaper stated.

According to Portuguese real estate consultancies, tech and tech-related companies are fuelling 20% of the demand for office space in cities such as Lisbon, Vilnius, Lithuania and Tallinn in Estonia. Leasing is also robust in second-tier cities such as Barcelona, Krakow, Poland and Edinburgh.

The strong demand for leasing office space by technology companies is helping to boost overall rental activity in many of these markets.

The WSJ revealed that a few years ago, technology centres in Europe were limited to a limited number of cities like London and Berlin, just as areas like the Silicon Valley, Seattle and New York dominated in the U.S. But technology is no longer an industry in itself.

The newspaper referred to Lisbon as one of the cities with the greatest appetite for receiving investments from the industry and wrote: “Historical buildings in Lisbon’s city centre, for example, were converted into incubators and co-working spaces.” In 2016 and 2017, technology companies acquired 28% more office space than the 10-year average, according to JLL. New tenants planning to open operations and support centres this year include Google and Uber Technologies.”

Original Story: Diário Imobiliário

Translation: Richard Turner