_Colin Fitzgerald: commercial office space in Paris

Most of my time in the French capital was spent with Jean-Louis Guilhamat, our new head of Occupier Services and a true professional who really understands the market and how to service our clients. I must confess to be being rather impressed when he pitched and won a new assignment within his first week of joining Knight Frank in early August, despite most of France being away on holiday! 

Following the election of Macron in May, there has been a marked improvement in business sentiment in Paris – it’s at its highest level since 2011. The economic optimism has resulted in 1.8 million square metres being let since January, much of which has been to co-working businesses such as WeWork and Nextdoor (as if we needed more proof of their seemingly limitless growth potential!). Similarly, technology and media companies continue to emerge as the dominant end user; three of Knight Frank’s top five tenant rep deals in Paris over the past six months have been to companies in this sector. Unsurprisingly, Brexit also seems to be a contributor, with some investment banks opting to transfer staff from London to prime Parisian buildings.

The team in Paris. Left to right: Colin Fitzgerald, Jean-Louis Guilhamat, Marc Henri Bladier, Sisi Lagrem, Philippe Perello and Priscilla Charrey

Of course, you don’t need me to tell you what a beautiful city Paris is. Its architecture is incredible, with endless offices and shops taking home in breath-taking historic façades that have been adapted to provide flexible properties. Take, for instance, the DUO under construction featured in this year’s Global Cities report. The mixed-use development occupies a colossal 1.1 million square feet and integrates garden into its design, and is a fantastic example of the city’s adaptation of traditional buildings providing modern spaces for businesses of all sizes.

As head of International Occupier Services at Knight Frank, my focus tends to be on tenants, but the market for landlords in Paris continues to be a positive one, with the likes of Invesco, Allianz and AXA Real Estate benefiting from strong occupier demand.

Now I’m back in London for a few weeks, my focus is on a new lease administration and transaction management appointment that requires our team to manage 160 leases globally for a media company. 

But I’m not here for long… I’m heading to South America in a few weeks to meet with several European clients based there. I’ve heard that the market is on the mend following several crises – but I’ll find out for myself before telling you all about it in my next blog post.