The Datacentre Market in France - November 2024 - Knight Frank PDF

November 2024  The datacentre market | Introduction Knight Frank is pleased to bring...

November 2024  The datacentre market | Introduction Knight Frank is pleased to bring you a detailed analysis of the major trends and outlook for this highly specialised sector. The introduction of the Internet in the 1960s, for businesses, particularly in the wake of the followed by its subsequent roll-out to government COVID-19 pandemic, investment in new bodies, academics and large corporations, was a technologies (Cloud, AI, etc.) has continued to major technological and social development that accelerate. This is a pivotal time for businesses, profoundly transformed the world we know with the adoption of remote working, the today. The age of the Web, starting in the early acceleration of digitisation and the search for 1990s, and its democratisation among the innovative solutions in an extremely competitive general public with the creation of Google and environment. social networks in the 2000s marked the advent of new information and communication Datacentres therefore play a strategic role, given technologies (ICTs). The data boom will increase the ever-growing need for storage and needs tenfold, particularly in terms of computing capacity. connectivity, hosting and information sharing. Since then, the number of data centres has continued to multiply across the globe. This infrastructure provides secure storage, processing and data management services. Whilst optimising costs remains a major challenge 2  The datacentre market | Introduction 2023 2020 5,4 bn 4,6 bn 2015 3,0 bn 2010 2005 Source: International Telecommunication Union (ITU) 3  The datacentre market | Introduction 1950 1960 1970 1980 1990 1956 1960 1970 1983 1991 1996 Arthur Samuel programmes an IBM The American Defence launched The term ‘Internet’ and emails Creation of the DNS (Domain Name The World Wide Web is launched. Start of Internet telephone 704 to play draughts and learn from its ARPA (Advanced Research appear. System) to simplify IP addresses into services (VoIP). games: the 1st example of artificial Projects Agency) to secure domain names. 1994 intelligence. communications. 1975 Amazon is founded 1998 Microsoft is founded 1986 Google is founded An IBM Deep Blue defeats the 1969, UCLA, Stanford, UC Santa Launch of the National Science 1995 reigning world chess champion in Barbara and the University of Utah 1976 Foundation Network (NSFNET), linking 5 eBay is founded 1997. were all using the network. Apple is founded supercomputing centres for faster Internet access. Start of Internet marketing and ADSL trials. Creation of the 1st ‘Radiocom 2000’ mobile phone network in France (1G). The start of data Marketing the Internet exchanges and datacentres 4  The datacentre market | Introduction 2000 2010 2020 2023 Emergence of 3G, search 2008 2010 2020 2021 2023 engines and social The financial crisis prompts Launch of fixed 4G* and COVID-19 pandemic. 4.9 billion users, or half the Explosion of AI and networks: companies to cut IT costs by fibre optics. world's population, have human/machine interaction outsourcing, escalating the Gradual roll-out of 5G to access to the Internet. models (ChatGPT, Gemini, 2001 : Wikipédia strategic role of data centres. * use of the 4G mobile network relieve congestion on the Copilot, etc.). 2003 : MySpace for fixed Internet access. 4G network (used 2022 2004 : Facebook 2009 extensively for remote Metaverse losing Global debate on the 2005 : Youtube The 1st cryptocurrency, working) and to access HD momentum. monitoring of generated 2006 : Twitter Bitcoin, is created. content: cloud gaming, 4K content, ethics and streaming, VR, etc. regulation of AI. Boom in data and datacentres Development of AI and machine learning 5  The datacentre market | Introduction Exponential growth in Internet traffic expected in France: Roll-out of 6G and Internet via satellite (projects such as Starlink by SpaceX, Kuiper by Amazon, OneWeb and Telesat Lightspeed). Universal connectivity goal by 2030 (United Nations). Development of immersive applications, high-performance generative AI in a variety of fields (medicine, etc.), augmented reality (training, maintenance, design, etc.) and 8K content. Extensive integration of IoT (Internet of Things) in urban infrastructure and construction, and home automation in residential design. Source: Fédération française des télécoms (FFT) 6  The datacentre market | Introduction p.08 p.16 p.23 p.30 p.39 The datacentre market | Exponential needs and major challenges  The datacentre market | Exponential needs and major challenges A data centre is a strategic infrastructure used to host computer servers and associated PRIVATE OR CORPORATE MANAGED SERVICES EDGE (PERIPHERAL) equipment to store, manage and process data built, managed and operated by a single entity managed by a supplier who rents its services an emerging model that involves having a or applications on behalf of one or more for their own use (off or on site). and manages the data of one or more small data centre located close to a company's companies. A centre comprises a range of companies. customers. equipment: IT (servers, storage bays, routers, etc.), technical (cooling and air-conditioning systems, air treatment, power supply, etc.) and security (prevention of fire, theft or intrusion, cyber-attacks, etc.). CLOUD SHARED RENTAL HYPERSCALE managed by a cloud provider (Amazon AWS, managed by a data centre provider who rents a recent development, with very large Microsoft Azure or Salesforce CRM, for to several companies to outsource the capacities (> 4 MW) designed to meet the example) and leased to companies as a management of data and IT equipment. There growing needs of players such as Amazon service. are two types: Retail and Wholesale. and Google. 9  The datacentre market | Exponential needs and major challenges TIER 4 Full redundancy, fault- tolerant (99.995% availability and 25 mins/year shutdown) TIER 3 Redundancy and simultaneous maintenance to limit shutdowns (99.98% availability and annual shutdown of around one and a half hours) The Uptime Institute created the Tier classification system in 1993 to provide a precise, standardised assessment of the performance of data centres around the world. This certification, now recognised as the benchmark for the industry, focuses on several TIER 2 major criteria, such as the durability of Partial redundancy infrastructure, their operational efficiency and their ability to withstand interruptions. (99.74% availability and annual shutdown of around 22 hours) TIER 1 Basic with no redundancy (99.67% availability and annual shutdown of almost 29 hours) Source: Institut Uptime 10  The datacentre market | Exponential needs and major challenges Initially intended for the specific needs of governments, the potential for securing financial data and the growing capacity to process large volumes of information quickly won over large financial institutions and telecommunications groups. Datacentres were quickly adopted by technology and industry giants. Today, they are more accessible, are available to a greater number than previously and are home to a growing range of companies. *GAFAM : Google, Apple, Facebook, Apple et Microsoft *BATX : Baidu, Alibaba, Tencent et Xiaomi Banking, financial services Cloud service providers Public sector Telecoms, telephone or Other private companies and insurance institutions and tech giants (government agencies, public authorities) internet companies (Iliad, Orange, Bouygues, OVH, etc.) (GAFAM*, BATX*) 11 The datacentre market | Exponential needs and major challenges DEMAND FOR DATACENTRES CONTINUES TO GROW In a world obsessed with data in all its forms, the demand for data centres has continued to grow in recent years. Businesses have gradually embarked on their digital transition to become more flexible, efficient and productive. This quest for speed and access to information will rapidly spill over into the private domain, which will largely adopt new consumer habits (Cloud-based email storage, online shopping and marketplaces, streaming subscriptions, etc.). The immediate effect of the outbreak of the Covid-19 pandemic was a tenfold increase in global demand (a period of remote working, video conference calls, etc.), but it also demonstrated the vulnerability of businesses that had not yet embraced the digital revolution, if at all. As a result, the data centre industry is set to significantly bolster its offering and capacity. 12  The popularity of digital subscriptions BearingPoint estimates that in 2024 the French will spend €45/month on streaming services (+7% year-on-year). Democratisation of digital uses (Cloud, AI, etc.) requiring more powerful IT equipment According to Roland Berger, worldwide sales of GPUs* should reach $10 billion in 2026 (compared with $6 billion in 2022). *Graphics Processing Unit New consumption modes post-COVID Exponential growth in In 2023, $160 billion was spent online, according to FEVAD Internet traffic (+10.5% year-on-year and +54% in five years). driven by expansion of fixed-line networks According to Arcep, traffic increased by 7.6% at the end of 2023 (after 21% at the end of 2021 and 2022). Widespread adoption of Increase in data consumption remote working particularly mobile data, driven by improvements in smartphone since the COVID-19 pandemic capacity and network performance +3,400% more Zoom users between 2019 and According to Roland Berger, mobile data traffic will increase by 16% between 2023 and 2029 in Europe 2023 and +2,400% for Teams. (+26% for the Middle East and Africa). Source: Roland Berger, FEVAD, BearingPoint, Arcep, Zoom, Teams  The datacentre market | Exponential needs and major challenges One of the biggest challenges is the availability of suitable land for this type of project, even more so in a context of land scarcity and increasingly restrictive regulations. The main constraints fall into four categories. 14  The datacentre market | Exponential needs and major challenges A tougher legislative and regulatory framework, with, for example: Town planning: compulsory application for planning permission (for projects >5,000 sq m), compliance with regulations governing facilities Sustainable management of electricity and water classified for environmental protection ("ICPE") consumption (24 hours a day, 7 days a week) and and France's Climate and Resilience Act (2021), efforts to recover the waste heat produced (REEN which requires land to be used sparingly (Zero law, 2021) Net Artificialisation) Fluctuating costs of materials and energy Treatment of waste electrical and electronic Ecology: compliance with European directives Growing scarcity of land and rising acquisition equipment on waste electrical and electronic equipment costs Availability and supply of electrical power (high (WEEE) and energy efficiency voltage) and water supply Growing demand from tenants for the highest High cost of construction, which must incorporate levels of certification (ISO 50001) or accreditation Technology: integrating European measures to specific requirements (EN 50600 standards) Higher standards of reliability and redundancy for (Energy Star, etc.) protect and secure personal data (GDPR) and infrastructure and equipment networks (NIS2), banking data (PCI DSS) and High cost of operating the site and maintaining IT Exposure to natural hazards acquiring various certifications (ISO 14001, infrastructure Increasing standards and certifications 27001, 22301, etc.) Increasing commitment to the environment, such High cost of state-of-the-art equipment (cooling, High exposure to risks of cyber-attack, as Net Zero Emissions by 2050 cabling, fire safety, etc.) intrusion/theft, fire, overheating or electrical failure Difficulties in recruiting qualified personnel and retaining talent 15 15 The datacentre market | Market overview The datacentre market | Market overview Source: International Energy Agency, Techjury 17 The datacentre market | Market overview Our clients' systems are the backbone of modern society. In making them faster, more productive, and more secure, we don’t just make business work better, we make the world better. Arvind Krishna CEO IBM  The datacentre market | Market overview Breakdown of the world's main data centre hubs In numbers, at the end of March 2024 CANADA UNITED KINGDOM NETHERLANDS RUSSIA 336 514 297 251 t GERMANY The development of datacentres around the FRANCE world is expanding rapidly. The United States, USA 315 521 CHINA JAPAN pioneer and world leader in this field, stands out 5,381 449 219 with more than 5,000 sites in operation. Europe, meanwhile, is growing quickly and gradually catching up. Germany and the UK are positioning themselves as the two main European hubs, with massive investment in the construction and upgrading of their AUSTRALIA infrastructure. There are more than 500 datacentres in each of these countries. 307 France has more than 300 datacentres, while projects are multiplying to rapidly increase IT capacity. Source: Cloudscene 19  The datacentre market | Market overview Annual growth (2018-2023) Several European markets clearly stand out, both Europe (16% in 2018). in terms of the investment they attract and the types of data centres they have developed. Whilst the most established markets remain the Known as ‘FLAP-D*’, these five hubs alone most popular, the increase in MW outside FLAP-D + account for 80% of total MW demand in indicates that there are many opportunities for Europe. development, while at the same time supply is diversifying. Since 2018, capacity has been increasing steadily, by an average of 17% a year for the FLAP-D * Frankfurt, London, Amsterdam and Paris, and more recently + markets and 23% a year for the secondary Dublin European hubs. In total, IT capacity will reach 3,205 MW in 2023 within FLAP-D, compared with 786 MW for the rest of the hubs. The land available for new sites and the IT capacity within the established European hubs are not sufficient to satisfy the tenfold increase in user requirements. As a result, secondary markets such as Madrid, Berlin and Milan are doing well, and now account for almost 20% of total capacity in Source: IRENA, IEA, EIA, NREL, DNV, Roland Berger 20  Source: IRENA, IEA, EIA, NREL, DNV, Roland Berger The datacentre market | Market overview 21 The datacentre market | Market overview The need for AI computing has increased a millionfold in six years and is growing tenfold every year. Sundar Pichai CEO of Google and Alphabet 14 May 2024 The datacentre market | A strategic French sector The datacentre market | A strategic French sector Source: EY, Insee, France Travail 24  The datacentre market | A strategic French sector Supply in the Greater Paris region Live Committed In MW, at the end of 2nd quarter 2024 Under construction Early Stage 1500 The rise of AI and Cloud services has intensified $7 billion to create 10 hyperscale data centres the pressure on the French market. Until now, totalling 500MW across four campuses (Paris, France has lagged behind the other FLAP-D Frankfurt and the United States) by 2030. 1200 countries. The number of new sites has increased in recent years, and many projects have been NETWORK HIERARCHY launched, underlining the growing importance of Paris as a highly strategic location in the The rise in demand for high-capacity data centres 900 European data centre market. (Tier 3 or higher) is leading to an increased hierarchy of infrastructures. The needs of cloud Available IT capacity in the Greater Paris Region and tech giants are increasing considerably for was rising sharply at the end of the first half of state-of-the-art infrastructure (Tier 4), but these 2024. More specifically, 44.4 MW were delivered giants are still hampered by limited coverage in 600 in the 1st quarter of 2024, while several deliveries France. Conversely, demand is stabilising for (some of them asset extensions) are expected smaller capacity data centres (Tier 1 & 2). between now and the end of the year. Demand in Paris will continue to grow, as demonstrated by 300 the 314.5 MW of projects announced in the first half of 2024, up 21% compared to the end of 2023. DATA4 and NTT GDC will be developing 70MW and 84MW respectively, while DIGITAL REALTY, in partnership with Blackstone, will spend MW 2019 2020 2021 2022 2023 2024 Source: Knight Frank, DC Byte 25  The datacentre market | A strategic French sector Examples of recent and forthcoming projects In France Microsoft Datacenter Projects awaiting confirmation at the end of 2024 (Zouafques, Vieille-Église et Quaëdypre) Microsoft Datacenter (Petit-Landau, 2027) Denv-R With more than a third of data centres undersea fibre-optic cables connecting the (Nantes, 2024) located in the Greater Paris Region, American, Asian and African continents). Floating prototype accounting for almost 60% of France's IT capacity, the region is one of the most According to EY, based on data from INSEE, Microsoft Datacenter important hubs in the world (ranked 4th by the industry generated €3.4 billion in direct Extension Telegeography). The Paris market is particularly added value in France in 2023, representing (Marseille, 2025) buoyed by its strategic location, at the average growth of 9.3% over the past five years Equinix – BX2 crossroads of trade between London, (after €2.2 billion in 2018). (Bordeaux/Bruges) Digital Realty – MRS5 Amsterdam and Frankfurt, and benefits from (Marseille, 2026) strong fundamentals. Business there is particularly buoyant, and developments by Digital Realty – MRS6 major players in the sector (Digital Realty, (Bouc-Bel-Air, 2027) Data4, Equinix, etc.) are multiplying. Free Pro – Smarsea The Provence-Alpes-Côte d'Azur region, and Extension Marseilles in particular, is the 2nd most (Marseille) popular region in France, and ranks 7th worldwide in the same ranking. The city of Phocea DC Marseilles boasts excellent connectivity (17 (Marseille, 2024-2025) Source: Knight Frank 26  The datacentre market | A strategic French sector Equinix – Hyperscale 2 (PA12) (Argenteuil, 2026) Digital Realty – Paris Digital Park (PA10 & PAR11) 8,400 m² Extension (La Courneuve, 2025) 140 MW Paris Digital Park (PAR8, PAR9, PAR10 & PAR11) 12,500 m² 30 MW Technical areas NTT GDC 1,000 m² (computer rooms, etc.) (Coudray-Montceaux & Corbeil-Essonnes, project) 10 MW Total capacity Digital Realty – PAR13 12,500 m² 30 MW (Les Ulis, 2024) Campus of 3 datacentres Data4 – PAR1&2 84 MW Extension (Marcoussis, 2025) Data4 – PAR3 CyrusOne – PAR1 (Nozay, several phases until 2030) Extension (Wissous, 2024) Campus Data4 Paris-Saclay 375 MW (PAR1, PAR2 & PAR3) 10,250 m² 27 MW Source: Knight Frank 27 The datacentre market | A strategic French sector The Greater Paris Region is the fourth largest content exchange hub in the world. Fabrice Coquio Chairman of Digital Realty France  The datacentre market | A strategic French sector According to EY and France Datacenters, the industry will invest €12 billion in Selon EY et France France over the next 10 years, 86% of Datacenters, la filière which will be in the Greater Paris Region. va investir 12 milliards d’euros en France d’ici 10 ans, dont 86 % en région francilienne. Although the main players in the industry are Announcements included the following: already present in France, they are significantly consolidating their positions. The Choose Paris - Amazon will spend €1.2 billion on new Region summit, held in May 2024, saw a flurry of infrastructure and expects to create 3,000 jobs announcements, with 56 projects approved and a in addition to the 2,000 previously announced. total of €15 billion committed. - IBM will strengthen their Paris-Saclay campus American giant Microsoft, for example, unveiled a with a €45 million investment to develop massive investment of €4 billion between now and quantum technologies. Around fifty new hires 2027 to strengthen its network of datacentres in are expected between now and 2025. France and accelerate its development in the AI and Cloud sectors. The Group also aims to use only - Equinix and Telehouse will invest €630 million renewable energy by 2025 and will support the and €1 billion respectively in new facilities. French tech ecosystem by helping more than 2,500 start-ups. Back in February, Windows announced an investment of nearly €15 million in Mistral, a French AI start-up. Source: EY, Baromètre sur les datacenters, Baromètre de l’attractivité 29 The datacentre market | Outlook  The datacentre market | Outlook GDP and inflation In %, in France, year-on-year Inflation Inflation GDP PIB Moderate rebound in French growth, expected by the Banque de France to average 1.2% in 2025 8,0 after a sluggish 2024, then 1.5% in 2026. 5,7 6,0 Continued disinflation, expected to fall to 1.5% in 2025 (from 2.5% in 2024) because of lower energy prices in particular. 4,0 2,5 1,5 1,7 2,0 Significant increase in business investment in 2025, despite an uncertain geopolitical climate favouring caution. 1,1 1,1 1,2 1,5 0,0 2019 2020 2021 2022 2023 2024 (p) 2025 (p) 2026 (p) A resilient employment market, with unemployment estimated at 7.5% in 2024, rising slightly to 7.6% -2,0 in 2025, well below the pre-Covid level (8.5% in 2019). -4,0 A strong data centre market, a protected sector with little exposure to the economic downturn. This -6,0 type of asset is very popular with investors looking to diversify their portfolios (high rates of return, long- term leases, etc.). -8,0 -10,0 Source: Banque de France / (p) projections 31  The datacentre market | Outlook 2019 2020 2021 2022 2023 2024 (p) 2025 (p) 2026 (p) Source: Banque de France / (p) projections 32  The datacentre market | Outlook Continued hierarchisation of the ecosystem, needs (Nouvelle-Aquitaine, Brittany, etc.). with increasing domination by the leaders in shared rental and cloud services, to the detriment Creation of local jobs to boost employment in of telecoms operators, and more large-scale data areas where there is a shortage. centres (mainly Tier 3 and 4). Political will to develop innovation and attract The rise of two models: Edge, thanks to the tech giants, despite a tougher regulatory context arrival of 5G, which will limit latency, and (scarcity of available land, zero net artificialisation, hyperscale. etc.). An increase in the number of sites in France, particularly in popular or high-demand areas such as the Greater Paris Region and Marseilles regions, near the coast (exchanges by undersea cable) or regional conurbations (Lille, Bordeaux, Nantes, etc.). Improved territorial coverage, particularly in regions where there is a deficit despite expressed 33  The datacentre market | Outlook Geographical breakdown of authorised projects for datacentres In % of volume (sq m), in 2023 In % of number, in 2023 9% 13% 19% Essonne 37% Essonne 44% Val-de-Marne Val-de-Marne 221,300 sq m authorised Seine-Saint-Denis 25% 8 approved operations Seine-Saint-Denis Yvelines Yvelines 28% 25% Source: DRIEAT Île-de-France, June 2024 34  The datacentre market | Outlook Optimising infrastructure and equipment to quality for users. reduce energy requirements and control operating and maintenance costs. Difficulties in training and recruiting qualified staff, despite significant needs. Accelerating the digitalisation and IT outsourcing of businesses, against a backdrop of cost-cutting, particularly for IT. Growing adoption and integration of AI to improve performance or optimise infrastructures, and to detect and counter threats, despite questions about the ethics of this technology. Increased security for assets and stored data, in line with increasingly restrictive regulations in response to the growing risk of cyber-attacks. Increased certification or accreditation of operators and their equipment, a guarantee of 35  The datacentre market | Outlook Average cost of a data breach In millions of dollars, worldwide 5 $ 0,43 0,27 0,21 0,37 4 $ 0,21 0,24 1,35 1,14 1,18 1,2 3 $ 1,07 0,99 1,24 1,44 1,63 2 $ 1,22 1,11 1,58 1 $ 1,42 1,52 1,59 1,42 1,3 1,47 0 $ 2019 2020 2021 2022 2023 2024 Economic damage Préjudice économique Detection et Détection and information remontée feedback d'informations Post-breach Réponse response post-violation Notification Source: IBM, « Cost of a Data Breach » (2024) 36  The datacentre market | Outlook Environmentally friendly design and widespread in France, it does provide greater decarbonisation of the industry through a energy autonomy and lower costs. transition to renewable energies, optimised management of resources (electricity and water) Raising awareness among users to encourage and more efficient equipment (reduction of responsible behaviour, avoid over-consumption refrigeration leaks, recovery of waste heat, and make the most of highly efficient, less energy- improved PUE*, etc.). intensive assets. Re-industrialisation in France to limit * Power Usage Effectiveness: calculation between the dependence on imports (electronic components, electricity consumed by the facility and that consumed IT equipment, etc.). by the IT equipment. The most efficient data centres tend to have a PUE of 1. Maintaining competitive prices, supported by the agreements reached between the government and EDF to guarantee the controlled cost of nuclear electricity. Promoting self-consumption of energy with on- site production. Although this model is still not 37  The datacentre market | Outlook Energy consumption by the data centre sector in France In %, in 2023 Considering the urgent need to tackle climate change, the industry is aiming for carbon neutrality Nuclear Other renewable Local renewable energy by 2030. The Climate Neutral Data Centre has set out several tangible measures to achieve this, including improving PUE, using renewable and low-carbon energy sources, reducing water consumption, preventive maintenance and making the most of waste heat. 41% 30% 25% 4% Operators are opting for a varied energy mix, giving priority to green energies. There are an Grey increasing number of solutions for supplying sustainable power to sites: solar farms, wind turbines, (coal, gas, etc.) hydroelectricity, biogas from waste recovery to name but a few. An appropriate energy mix is essential to limit price fluctuations and secure supplies. This decarbonisation is encouraged by legislation, such as the Energy Transition for Green Growth Act (LTECV, 2015), or programmes such as ‘France 2030’, which highlight the French government's targets, particularly for nuclear power. 55 % Renewable energy The targets set by the LTECV include: consumption - Reduce fossil fuel consumption by 30% by 2030 (compared with 2012), - Increase the share of nuclear power in electricity generation to 50% by 2025. 96 % 4% Decarbonised supply Source: EY-Parthenon, France Datacenter 38 The datacentre market | Knight Frank & Datacentres  The datacentre market | Knight Frank & Datacentres - In-depth knowledge of the major players and markets through our offices in France and abroad (740 offices, 27,000 employees); - Increased visibility of committed projects over the medium and long term, providing a clear picture of changes in the sector; - An in-depth understanding of the specific features and risks associated with this property asset, particularly in terms of local and international regulations; - Strong transactional experience, involvement of our teams in several GW (including projects); - Unique expertise, based on strategic partnerships with recognised experts in the sector. 40  Knight Frank's All the studies are available on Research Department KnightFrank.fr provides market analysis and strategic real estate consultancy services to a wide range of French and international private, institutional and end-user clients. The data used to produce this study comes from sources recognised for their reliability as well as Knight Frank's property market monitoring tools. Le marché des bureaux en Le marché de l’investissement Le marché de l’immobilier Île-de-France | 3T 2024 France | 3T 2024 d’enseignement | Juin 2024 Annabelle Vavasseur Vincent Bollaert Antoine Grignon Victor Ragueneau Deputy Head of Research CEO France Partner, Head of Capital Markets Associate Capital Markets Logistics, industrial and Data Centre +33 (0)1 43 16 64 71 +33 (0)1 43 16 88 90 +33 (0)1 43 16 88 70 +33 (0)1 43 16 56 08 +33 (0)6 43 64 76 88 +33 (0)6 86 48 44 62 +33 (0)6 73 86 11 02 +33 (0)6 03 63 20 32 [email protected] [email protected] [email protected] [email protected] Knight Frank SNC 2024 | Although every care has been taken in the preparation of this report, Knight Frank accepts no responsibility for errors or omissions. Furthermore, as general market research, this document does not reflect Knight Frank's opinion on specific projects or properties. Reproduction of all or part of this publication is permitted provided the source is acknowledged. Image credits: ©AdobeStock / ©Unsplash Knight Frank In France With more than 100 employees working from Paris, Knight Frank France is organised around 5 service lines: the marketing of offices and advice to users (Occupier & Landlord Strategy and Solutions), the fitting out of workspaces (Design & Delivery), investment (Capital Markets), the retail leasing department and expertise through its subsidiary Knight Frank Valuation & Advisory. 42 Knight Frank Founded more than 125 years ago in Great Britain, the Knight Frank group today offers its expertise as an international property consultancy thanks to more than 27,000 employees working from more than 740 offices in 50 countries. Its French branch, founded over 50 years ago, operates in the commercial and residential property markets. 43