Under the Eye a Real Estate News Survey

UNDER #03 2017 THE EYE #03

UNDER THE EYE A REAL ESTATE NEWS SURVEY

Coworking in Paris

Changes of dimensions

Coworking and space – what does it mean? What will be the impact on corporate real estate? The Station F event CONTACT

Cyril Robert Head of Research +33 (0)1 43 16 55 96 [email protected]

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Sources used in this report: ORIE, INSEE. Coworking in Paris

Changes of dimensions

COWORKING AND SPACE – WHAT DOES IT MEAN? 7 THE GENERATION Y OFFICE

WHAT WILL BE THE IMPACT ON CORPORATE REAL ESTATE? 10 THE COWORKING REVOLUTION

THE STATION F EVENT STATION F: 14 STARSHIP ENTERPRISE

15 INFOGRAPHICS 4 UNDER THE EYE #03

The launch of Station F, the expansion and spaces dedicated to startups is of Spaces with the leasing of new now clearly perceived as a factor in Parisian premises at 54 Rue de cities’ attractiveness. It is therefore Londres, the arrival of US unicorn increasingly being incorporated into WeWork, which has major ambitions in the various international rankings, Paris – these are just a few quick-fire in the same way as schools and examples of the real-estate revolution universities, accessibility and quality of currently sweeping Paris known as life. That is the case for US audit firm “coworking”. AT Kearney’s Global Cities Index2, for instance, in which Paris has moved A new way of designing workspace, up 10 places in a year. The French appropriating it and making it work, capital stands out as one of the three bringing the office into the age of the world cities, along with New York and collaborative economy. It is also set San Francisco, with the greatest future to break out of the strict confines of prospects in terms of attractiveness work to take over the rest of daily life and economic development. What are – particularly the home. Barely have the reasons for this Remontada3? The we become aware of the impact of increase in the number of business coworking and its potential effects and incubators as well as foreign direct already coliving is taking shape before investments. our eyes… The development of coworking spaces This phenomenon puts Paris and is therefore an opportunity in the its region on the map of a global great game of Monopoly played out movement, which started in California, in the global economy and a source in Silicon Valley, and which is closely of diversity for the local and national linked to the growing importance to ecosystem, organised here under the the economy of start-ups and tech French Tech label. companies. Revolutions are known to spread, As Philippe Botteri, a partner in US however, and widely influence all investment fund Accel, indicated aspects of society, sometimes without at the Viva Technology show: "The us realising. And that is no doubt French tech ecosystem has now what is happening, as coworking reached a critical mass enabling increasingly moves beyond the it to attract talent from abroad boundaries of the tech world and and the creation of a startup visa a growing number of companies should simplify and accelerate these of all sizes and from all business recruitments."1. At the same event, sectors are becoming interested in Sara Sebban, a New York-based coworking solutions and adopting consultant with Synkro Consulting related practices. There are many noted that startups, particularly from reasons for this. New approaches America, have no other choice but to can nevertheless prove difficult to develop outside their home country implement and require a strong and that France has a strong card to capacity to adapt. play to attract them: "Grey matter is a limited resource and France is an Here is a brief roundup of the ideal host country. It could become coworking phenomenon in Paris… the Americans’ R&D centre!" And the presence of coworking structures

1 Le Figaro, "La France, terre d’accueil pour les start-up étrangères", 17 June 2017

2 AT Kearney, Global Cities 2017

3 Comeback: football fans know that the Remontada has not always been a Parisian speciality. 6 UNDER THE EYE #03

7 COWORKING AND SPACE – WHAT DOES IT MEAN? THE GENERATION Y OFFICE

Coworking refers primarily to a some coworking operators, including craftspeople. Naturally, its Californian workplace organisation, based on the WeWork, are now offering the option roots mean that coworking continues creation of a collaborative network of of joining their communities without to be associated with information and workers to encourage exchange and moving into their premises. communication technologies and has mainly targeted creative professionals, openness, communication, pooling Use of the word "community" has not startupers, independent consultants of knowledge and experience. This always facilitated the understanding and service providers. This working organisation involves a specific of coworking, making it appear method and approach to space either inward-looking and closed or approach to real estate, as shared has gradually permeated the more else giving off an air of flower power workspaces allow collaborative traditional economy. Large groups are and hippies. The baby-boomers networks to blossom. Working increasingly organising their offices have had nothing to do with the method and space are therefore according to coworking principles, to emergence of coworking, however. closely interlinked, to such an extent create "dynamic open-plan" spaces. No, it is the child of Generation Y, Others are moving some of their that the terms are merging. born between 1980 and 2000 and employees to external premises, for which, in the West grew up against The phenomenon really took off in shorter or longer periods. Their aim the backdrop of environmental issues, the United States, in San Francisco, is to break out of their routine and the digital transition, virtualisation, from the mid-2000s. It was born out the risk of paralysis which threatens internationalisation and seeing of young entrepreneurs’ desire for large organisations, to form open permanent uncertainty, even danger, freedom, sharing and sociability and and innovative project teams. Not all around them. This environment did their dissatisfaction with the real-estate to mention their desire to attract not produce standardised, regimented solutions available at the time around Generation Y. Silicon Valley. Out of their desires and individuals but promoted values of dissatisfaction, California’s System D initiative and individual responsibility, created an opportunity – the invention adaptability, solidarity and regulation of a sort of professional house-sharing. – all values at the heart of coworking. This is a response to the solitude and The collaborative workspace is isolation which comes from working therefore anything but a joyful mess. It from home and is also an alternative is managed and coordinated to bring to leasing traditional premises, which the community to life. requires a higher budget. It is this dual aspect of managed You are not the tenant of a coworking space and community which defines space but a member. coworking and makes it possible to incorporate business incubators, The difference is important, since it startup nurseries and hackerspaces assumes that: in what are sometimes called "third - Occupation of the space is not based places". on a lease but a service contract, with Physically, coworking space is a flexible and variable duration and characterised by the importance optional access to a range of services paid to shared, open areas, whether and amenities; this involves workplace (offices or - Pooling resources reduces individual workshops) or amenities and relaxation costs and gives young companies areas (cafeterias, kitchens, meeting rapid access to services they are rooms, event spaces, relaxation areas, unable to develop internally; terraces, etc.). - The existence of a community There is no exclusivity in principle of members which acts like a – coworking is potentially aimed professional business network. This at all types of profession across all last aspect creates a clear distinction, business sectors. Fab labs are design for example, between coworking and prototyping spaces (including spaces and traditional business researching commercial opportunities), centres. And it is fundamental, to such while makerspaces are individual an extent that in the United States, production spaces open to artists and 8 UNDER THE EYE #03

9 THE FIVE PILLARS OF COWORKING

INDIVIDUALS The initiators of the phenomenon in the United States, via figures such as Brad Neuberg, Tara Hunt and Chris Messina

PURE PLAYERS From the 2010s, they have increased the professionalism, quality and size of coworking spaces

NON-PROFITS AND PUBLIC BODIES With a desire to nurture startups, they brought coworking to Europe, with examples including C-base in Berlin and Silicon Sentier in Paris

PROFESSIONAL AND ACADEMIC FUNCTIONS With a greater focus on regional skills development, they are particularly active in fab labs

SERVICE PROVIDERS With a different commercial positioning from pure players, they work on behalf of owners to generate value from their locations 10 WHAT WILL BE THE IMPACT ON CORPORATE REAL ESTATE? THE COWORKING REVOLUTION

Coworking and its new practices for example, puts Paris at the top comparable to the revolution in have already made a profound of its list of development priorities retail premises and their suppliers impression on the design of office after opening 19 spaces in London in France, with the rise of shopping spaces and the how-tos of the (growing from 1,500 sq m to almost malls and their centralised purchasing corporate real-estate market – and 30,000 sq m). In fact the first Parisian departments. These departments are the revolution is far from over… centre had barely opened on Rue responsible for wholesale purchasing Lafayette (11,700 sq m) before of products that meet precise and In Paris, the transformation has been WeWork leased 6,200 sq m to open constant specifications, under the best reflected in the recent emergence of a second in the Marais. There is one possible financial conditions. They coworking pure-players (The Bureau, clear driving force behind this frantic have become the almost exclusive Kwerk, Nextdoor, WeWork, etc.) and activity on the part of WeWork and contacts for the producer, thereby service providers (including Bureaux others: customer demand. Customers controlling the range of products à Partager), as well as the startling who are no longer limited to startups: made available to the end-customer. rise of startups and tech companies more and more medium-sized and Will coworking specialists become participating in office consumption. large companies are showing an the main office space purchasers? The impact of this transformation has interest in the solutions offered by Perhaps. This would be one area of been felt in two different areas and to coworking. Not simply to bypass the industrialisation which corporate real varying degrees. rigidity of a lease, but also to promote estate has more or less escaped so far. managerial and behavioural changes How the real-estate market works: within their teams. Even law firms, for The emergence of coworking players The area in which the impact has which confidentiality is an important is also leading to other changes so far been felt to a lesser extent is requirement, are no longer ruling out in practices on the corporate real- how the corporate real-estate market this option. The CDAAP (Paris lawyers’ estate market. However, these works. Two success factors are business centre), for example, has changes are not driven by users, but particularly important for coworking: converted part of its premises based investors. Some such investors are the flexibility it gives companies and on this principle. This has naturally now choosing to generate value from the time it saves them. Coworking led to coworking providers acquiring premises by converting them into can indeed offer an alternative to a key role in the real-estate market, pop-up coworking centres, based leasing, with its fixed commitments, which will continue to grow in the on an occupancy agreement or a and to the obstacle course facing medium term. Given the development lease, which may be temporary, with companies, from the search for of remote working, ORIE (regional profit-sharing for the owners in the premises to actually moving-in. This corporate real-estate observatory) income generated. This solution is alternative is particularly popular with predicts that demand for coworking certainly appealing to an owner not companies, unwilling to be dispersed spaces will account for up to 640,000 wishing to commit immediately to or constrained at a time when their sq m in the Paris region by 20304. modernising a property, or looking business outlook is highly changeable And that estimate, dating from 2015, to obtain an income from it while and requires their full attention. Leases would no doubt be revised upwards carrying out studies or preparing the are not a thing of the past, of course, today. These growth prospects explain building permit applications required but they will certainly need to evolve why coworking specialists are now for its restructuring. It also gives to become more flexible – or else see regularly included as targets for the owners the option of outsourcing the new kinds of lessees replace users. marketing of office premises. This redevelopment and upgrading of a therefore requires consideration of property to a coworking specialist, Coworking specialists have gobbled their needs when designing real-estate which will then manage it. Leasing the up office space in the last two or projects. asset to a coworking player is also an three years – and it’s far from over. alternative to multi-tenant solutions, Indeed, many of them are examining Some go as far as seeing in this enabling securitisation of rental income the feasibility of new sites. WeWork, growth the first signs of a phenomenon to some extent, by reducing risk. This

4 ORIE note no. 33, February 2015 UNDER THE EYE #03

provides an integrated property and invisible. This reflects the blurring Coffee is served at the counter along asset management solution. of work and the increasing porosity with sweets, workers sit at bespoke between work and leisure time, creations from Italian workshops or Office design: The second area professional and private life. As Alain on eclectic furniture and have access impacted by this revolution is the d’Iribarne, chair of the scientific board to a cinema room, spa and gym. Not design of office spaces. This is the Actinéo, notes: "We are in a state of to mention the concierge service, area in which the impact has been felt transition... Whenever and wherever associated services, latest-generation the most so far, both in France and you happen to be, you are always equipment and Champagne served to abroad, to the extent that we may potentially at work"5. celebrate business successes. This is wonder whether offices still exist… the French version of the NeueHouse The question may be somewhat Employees are mobile, including while in Madison Square in New York. provocative but is no less valid. they are at work. They may change Coworking and tech companies, which location each day and even several Corporate real estate is taking on operate on a similar model, are having times in the same day, depending on a new dimension. Current changes a transformative effect on workspace. who they need to work with and the represent a fantastic opportunity, but tasks they have to complete. This is require the capacity to adapt. The Their focus is on the spirit of the the "dynamic open-plan", in which change brought about by coworking space, magnifying its identity. This the allocated workstation no longer is no exception. It applies to users, is the opposite of the anonymity necessarily exists. This design of owners and real-estate professionals. and standardisation which has often space is permitted by the paperless It is as though we are moving from characterised corporate real estate, culture, leading to the disappearance a time when offices were industrial due to the fear of reducing a premises’ of cabinets and files, as well as products produced by craftsmen to marketing potential. seemingly innocuous details, such as one in which they are craft products the disappearance of the individual designed industrially. Buildings with personality and waste bin in favour of a collective bin alternative districts are becoming on each floor for recycling. It is now increasingly in demand, sometimes to winning over numerous large groups, the detriment of traditional business which see it as an opportunity to spots. Halls and passageways are adapt to new technologies and attract being magnified and showcased to young talent. However, they need to become meeting spaces. Emphasis be careful not to lose the community is shifting to relaxation and leisure aspect and reduce this inspiration areas, with the introduction of table simply to a design issue. The adoption football and table tennis, while of these cross-functional, open, fluid lounges, kitchens and cafeterias are and egalitarian premises should becoming more important. Service be accompanied by a profound areas are becoming more common managerial change. These spaces are and emerging from their dark corners. the polar opposite of a strict, vertical The largest companies, meanwhile, hierarchical structure. are creating terraces and gardens in the heart of the building. One tower, With a less funky and fun take, at the Googleplex in Mountain View, but still true to the desire for de- near San Francisco, offers a telling standardisation, The Bureau has example. Employees there can swim, come up with the "boutique office" play beach volleyball, bring their dogs – based on the concept of "boutique and work on personal projects – to hotels" – offering luxury coworking. the extent that work becomes almost There’s no pinball or pool in sight here.

5 France Inter, Secrets d’info, 10 février 2017 Designed by Freepik UNDER THE EYE #03

13 OFFICES – THE ICING ON THE CAKE FOR COMPANIES

As indicated by the last Paris Workplace study, investing in the workplace offered to employees is not optional for a company. It is a "Offices have been an important factor in my competitive advantage, particularly decision to join a company": for French Tech companies, and a condition for attracting talents.

56% 30%

General population French Tech

Sources: SFL, Ifop, Paris Workplace 2017 14 THE STATION F EVENT STATION F: STARSHIP ENTERPRISE

Xavier Niel, emblematic French Station F also aims to encourage share many characteristics with the telecommunications tycoon, is intermingling with the local area and Phalanstery, Charles Fourier’s notion putting the final touches to one the rest of society by being largely of an ideal community in the early of his boldest projects with the accessible to the public, particularly 19th century. The Phalanstery was opening of Station F in Paris’s 13th via its chill-out zone. a productive community, a group of arrondissement. A spaceship worthy individuals with shared activities and of Starfleet, designed to assert Overlooking Station F, Xavier Niel a common goal, as well as the space Paris’s place in the international has teamed up with Compagnie de in which this group lived, designed tech ecosystem by setting off for Phalsbourg to develop the Aurore to promote relationships between uncharted territory... project over 12,700 sq m. The building, individuals, enabling the group and designed by Japanese architect each of its members to reach their full Station F is quite simply the largest Kengo Kuma, will house the first site potential. startup campus in the world, at over of American luxury and eco-friendly 34,000 sq m. It sits beneath the hotel chain 1 Hotels (140 rooms), as It is only through close connection historic vaulted ceiling of the Halle well as a panoramic restaurant, a with the past that we can envision our Freyssinet, built for rail freight between 1,000 sq m gym, open to Station F future. 1927 and 1929 and now transformed members, and a new generation youth by architect Jean-Michel Wilmotte. hostel managed by Slo Living Hostel This coworking space is set to become and dedicated to young startupers an incubator and growth accelerator (179 spots). But let’s not forget, on the for the 1,000 companies that move in entertainment side, the opening by by offering a complete entrepreneurial La Bellevilloise of Chez Fellini, a new ecosystem. concept of contemporary cabaret. This timber-framed bridge structure, built As well as working spaces accessible over the tracks at the Gare d’Austerlitz 24 hours a day, seven days a week, will eventually provide a 28m high member companies will find an event suspended footbridge, laid out as area containing around 60 meeting gardens, from where it will be possible rooms, a 360-seat auditorium, a pop- to contemplate the digital images up store, a fab lab featuring 3D printers projected onto the roofs of Station F. and wood and metal workshops, as well as a chill-out zone with four But we will have to wait another four restaurants and a 24-hour bar. But years before Aurore finally opens. In above all, Station F will offer startups the meantime, on the other side of potential support from powerful the ring-road, Station F entrepreneurs partners, such as HEC, Facebook will be given an original co-leasing and Microsoft, which will provide solution, with @home. Within the next coaches and chief technical officers as few months, these three 11, 12 and 17 well as packages likely to prove very floor towers, commissioned by Xavier popular with young companies. The Niel and designed by Jean-Michel free supply of 900 Microsoft software Wilmotte, will provide 600 startupers packages, its storage platform and with 95 sq m co-leased premises for Azure remote services is estimated a total surface area of 12,000 sq m. A to be worth €106,000 a year… This completely new co-living experience in generous sponsorship is no act of France. charity, however – by creating a community with young inventors and Station F, Aurore and @home: a sci-fi entrepreneurs, they are banking on space craft exploring uncharted space. receiving a return from their talent and These living and working areas hark creativity. back to a previous Utopia, since they UNDER THE EYE #03

Coworking in Paris

Infographics

16 THE COWORKING EXPLOSION

LOCAL AND GLOBAL – A WORLDWIDE 18 PHENOMENON

PARIS – STILL A LONG WAY FROM 19 SATURATION

2017 – MAIN FOCUS CONTINUES TO BE 20 ON "BOBO" PARIS

2017 – A PACT BETWEEN COWORKING 21 AND BUSINESS CENTRES?

2017 – A TRANSFORMATION IN 22 COWORKING 16 THE COWORKING EXPLOSION

Berlin hosts the first hackerspace: C-base. A hackerspace is a sort of community laboratory open to people who share a common interest, particularly in technology, San Francisco’s Brad Neuberg creates the first IT, science or art, allowing them to official coworking space, offering wifi, shared cooperate and exchange ideas. C-base lunches, meditation sessions and massages. can be seen as a prototype of the existing The aim is to offer an alternative to the coworking space. traditional office or working from home.

1995 2005

1999 2006

Bernie de Koven, an American Brad Neuberg, Chris Messina and Tara game designer, forges the Hunt open the Hat Factory, the first expression "coworking coworking space with 24/7 access. environment" to describe spaces It is estimated there are already 30 promoting collaborative work. coworking spaces worldwide.

Sources: Slap Digital / B. Blachere et J. Seu ; J. Van-Traelen Deskmag, Topsy, Deskwanted, Silicon Sentier, Wikipedia, Global Coworking Survey UNDER THE EYE #03

The number of coworking Sandbox 212, the first academic "Coworking" appears spaces in the world exceeds coworking space in France, on Wikipedia. 300 for the first time. opens in Marne-la-Vallée.

2007 2009 2014

2008 2011 2016

Cantine, the first Large companies, such as The number of coworking space in Orange and ING, begin to coworking spaces in the France, is created by launch their own coworking world exceeds 10,000 Silicon Sentier. spaces. for the first time. 18 LOCAL AND GLOBAL – A WORLDWIDE PHENOMENON

Increase in the number of coworking spaces in the world

16,000 13,800 14,000 12,000 10,000 8,000 + 4.352% 6,000 since 2009 4,000 2,000 75 0 2007 2009 2011 2013 2015 2017 Inner-city Paris today: Source: Global Coworking Survey coworking spaces in inner-city Paris in mid-2017

Increase in the number of coworking spaces in the Paris region

250 238

200

150

100 + 23.700% since 2009 50 1 0 2007 2009 2011 2013 2015 2017

Sources: Knight Frank for 2017, La Fonderie and BAP for previous years UNDER THE EYE #03

19 PARIS – STILL A LONG WAY FROM SATURATION

The Paris region: 2015 only the 6th largest coworking centre in the world despite being one of the third Paris New York largest tertiary hubs in the world 81 180

number of coworking spaces at the end of the year

+ 84 %

Inner-city Paris today: coworking spaces in inner-city Paris in mid-2017 149

Paris has caught up very fast, due to:

The growth in The appropriation startups, of coworking and its The emergence of since Paris stands out as principles by companies large pure players in the up-and-coming market of all sizes who want to coworking, both national in the international appeal to Generation Y and international digital economy

2030 outlook: from 620,000 to 800,000 employees in the Paris region will work remotely according to ORIE and one in 10 will use third-party premises such as a coworking space. This could see demand for third-party premises increasing to 640,000 sq m, or approximately 1% of total premises. This estimate is no doubt conservative, since coworking already accounts for 1.2% of total premises in Manhattan.

Sources: Knight Frank, ORIE 20 2017 – MAIN FOCUS CONTINUES TO BE ON "BOBO" PARIS

Breakdown of coworking spaces in the Paris region in mid-2017

Val d’Oise 5

Yvelines 39 149 8 11 Seine-et-Marne 4

Essonne 3

Breakdown of coworking spaces in Paris in mid-2017

18th

17th 8 19th 4 6 9th 10th th 8 13 14 9 2nd 18 rd 1st 3 20th 11th th 8 16 2 th 3 th 4 16 6 7 2 1 6th th 15th 1 5 12th 8 8 10 14th 13th 3 7

Source: Knight Frank UNDER THE EYE #03

21 2017 – A PACT BETWEEN COWORKING AND BUSINESS CENTRES?

Coworking spaces

18th

th 17th 19 9th 10th

8th 2nd 16 or more 3rd th st 20 12 to 15 1 th 16th 11 8 to 11 4th 7th 4 to 7 less than 4 6th th 5 th 15th 12

14th 13th

Business centres

18th

th 17th 19 9th 10th

8th 2nd 3rd th 8 or more st 20 1 th 16th 11 4 or 5 th 4 2 or 3 7th less than 2 6th th 5 th 15th 12

14th 13th

Source: Knight Frank 22 2017 – A TRANSFORMATION IN COWORKING

Increasingly widespread adoption : Employee-clients Freelance/self-employed of coworking principles: from law firms to large companies, no-one is 50% 50% now immune to this model. This is demonstrated by the fact that almost Increase in the number of workstations occupied per member, half of clients in France are now demonstrating the growing popularity of coworking among companies: employees of a company. At WeWork, for example, members now reserve an average of 20 to 25 workstations.

Increased professionalism of The three main coworking players in Paris (mid-2017) coworking, via the emergence of national pure players and the arrival of large international specialists. Station F 33 700 sq m Two of these players (Station F and Nextdoor Nextdoor) now manage surface areas 26 400 sq m Wework larger than 20,000 sq m, while three 17 900 sq m others have exceeded 10,000 sq m (WeWork, Kwerk and Spaces).

Bureaux A Partager (BAP) is a major player in coworking, currently managing 30,000 sq m at 14 sites, but 1 has a different positioning, particularly 2 with pop-up centres (12 out of 14). 3

Increase in the size of coworking centres: while many centres have a capacity limited to around 20 workstations, the number of giant spaces is increasing following the rise of national and international specialists.

500 2,300 more than workstations workstations 3,000 workstations

Sources: Knight Frank, La Fonderie / BAP UNDER THE EYE #03

Improved occupancy rate, as 65% of spaces say 31% indicated by the most recent La Fonderie/BAP survey: they have a "good occupancy rate" in 2014

Emergence of "prime coworking" or "boutique offices", a luxury segment offering almost hotel-level services, far removed from the communal and participatory principles of the early days.

Increasing variation in prices in the Paris region:

from €195 to €650 excl. charges/ The average cost is falling, however, particularly due to fiercer competition, month for a fixed open-plan office. falling to €320 per workstation from €350 in 2014 according to the La Fonderie/BAP survey.

There is certainly a premium payable for a private office:

Multiplying factor of 2 (on average)

Beware the difficult age: just as teenagers grow up fast, the coworking market risks suffering from pubescent angst. Its success means that everyone is now embracing coworking, with the risk of it losing its meaning and its roots.

The emergence of coliving: the Americans have taken the concept of coworking a step further by developing «work hotels» which are both work and living spaces. WeWork opened its WeLive in Manhattan in 2015, for example. This solution is now coming to France, with the opening of @home in Ivry, close to Station F: Three 11 to 17 floor buildings will accommodate almost 600 tenants working at Station F in 95 sq m co-leased premises.

Sources: Knight Frank, La Fonderie / BAP 24 KNIGHT FRANK

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Knight Frank is an international real estate advisor. In France, the company operates in the corporate real estate market, mainly comprising offices, retail premises and industrial or logistics buildings. Knight Frank France serves two separate groups of clients: owner investors and tenant companies. Knight Frank France was founded over 40 years ago and is organised into six business lines: Offices, Retail, Capital Markets, Property Management, Knight Frank Valuation and L’Atelier Knight Frank (a spatial design consultancy). The Knight Frank France team includes 80 professionals working from Paris. Historically specialising in the real estate market in the centre of the capital, the company has gradually widened its field of expertise and is now a recognised consultant in areas including La Défense and the Western Suburbs of Paris. The Capital Markets department, along with the independent subsidiary Knight Frank Valuation, also support their clients throughout France. Knight Frank France is the French branch of Knight Frank LLP, a British company founded more than 120 years and now operating in 60 countries. It offers its clients the skills of its 15,000 professionals, working from 413 offices worldwide. A global platform and an independent partnership, specialising in tertiary and residential real estate and employing professionals dedicated to their clients, Knight Frank enjoys a unique position in the world of real estate consultancy. Drawing on the constant support of its clients and its recognised integrity, Knight Frank is increasingly establishing itself as the consultant of choice. UNDER THE EYE #03

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