Knight Frank Victoria Garrett
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Knight Frank Victoria Garrett on Residential Properties: High Demand from UHNWs for Prime Properties Above $10 Million, UHNWs Buying Preferences & Key Trends

Wealth had been growing extremely fast in Asia in the last decade (2010 to 2020), alongside the growth of Asian economy.  In recent years, we are seeing not only a fast-growing population of billionaires & UHNWs (Ultra high net worth, >$30 million wealth) in Asia, but also more billionaires & UHNWs globally investing into Asia-Pacific, including properties.  In Asia, property is always a hot topic, either for stay or as an investment.

Exclusive interview – We speak to Victoria Garrett, Knight Frank Head of Residential Asia-Pacific on UHNWs investing in Residential Properties in Asia-Pacific, demand from UHNWs for prime properties (> $10 million), UHNWs buying preferences & key trends in residential properties market.  Knight Frank is a leading independent global property consultancy founded in 1896 and headquartered in London with more than 16,000 people operating from 385 offices across 52 territories.

” Demand for residential properties especially from Asian investors in the prime segment (>$10 million) in gateway markets such as the USA, the UK, Monaco, Switzerland “

 



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Victoria Garrett, Knight Frank Head of Residential Asia-Pacific

Knight Frank Victoria Garrett

Victoria Garrett is the Head of Residential for Asia-Pacific at Knight Frank.  In August 2017, Victoria moved to Singapore to be the Head of Residential for Asia-Pacific and is responsible for growing and developing the Knight Frank Residential business in Asia-Pacific.  Knight Frank is a leading independent global property consultancy, advising clients ranging from individual owners and buyers to major developers, investors and corporate tenants.  Found in 1896 and headquartered in London, Knight Frank has more than 16,000 people operating from 385 offices across 52 territories.  Visit Website: Knight Frank

Prime segment – More than $10 million
Super-prime – More than $10 million
Ultra-prime – More than $25 million
UHNW (Ultra high net worth) – More than $30 million wealth

 

Key Highlights (Below for full interview)

On UHNWs interests in Residential Properties:

  • Impact of rising interest rate (5%) – Rising mortgage rates and the high inflationary environment impact housing affordability (mid to lower end of the housing spectrum).  Prime segment buyers are less sensitive to rate hikes and rising borrowing costs.
  • Demand for Residential Properties from UHNWs during COVID-19 – Prime segment unaffected by rising mortgage rates & the high inflationary environment.  Wealthy buyers are less sensitive to rate hikes and rising borrowing costs.
  • Why lower sales volume during COVID-19 despite demand – Supply chain disruptions, weather events, labour crunch led to delayed construction and significantly higher construction costs.
  • COVID-19 re-opening – Demand for residential properties especially from Asian investors in the prime segment in gateway markets such as the USA, the UK, Monaco, Switzerland.
  • Sales in Top 10 Cities in 2022 – London, New York, Los Angeles, Hong Kong, Miami, Singapore, Palm Beach & Broward, Geneva, Sydney, & Paris

” Top 10 Cities in 2022: 1,392 transactions (> $10 million) averaging $18.8 million, 241 transactions (> $25 million) averaging $40 million “

  • UHNWs Deals in 2022 (Top 10 cities) – 1,392 transactions (>$10 million) averaging $18.8 million, 241 transactions (>$25 million) averaging $40 million.
  • 2022 vs 2021 demand from Asian investors – Higher capital value from Asian investors with interest in residential properties located in the United Kingdom (London), United States (New York), Japan, Australia, Indonesia (Bali), Malaysia & Thailand.
  • Most Popular cities for UHNWs Hong Kong, Singapore and Sydney. More ultra-prime property transactions ($25m+) in 2022 than in any other global market with 53 transactions for ultra-prime ($25m+) sales.  345 transactions for super-prime ($10m+) sales.
  • Most Notable & Expensive Properties bought by UHNWs – For residential use & investments in London (The Whiteley, Park Modern, Chelsea Barracks). For residential use in New York (The Towers of the Waldorf Astoria, Mandarin Oriental).  For vacation, Sydney for their holiday home (Maeve).
  • What would you buy if you must spend $5 million to $30 million today – Residences that embody mindfulness and wellness philosophy.  In today’s hyper-connected world and stressful lifestyle, personal wellness has become the definition of 21st-century luxury and one of my favourite residences that I would spend on is The Whiteley London.

On Residential Property Trends in 2023

  • Key Residential Property Trends in 2023 – Prime and Mainstream housing markets will detach due to the higher cost of debt, China’s property market will remain tightly controlled, Taxes and regulation will increase,  Inventory in the prime sector will remain low, Interest rate changes will influence currency shifts, presenting risks and opportunities.
  • On Restrictions to buy residential properties – Governments may introduce measures to restrict foreign investment, increase taxes on property ownership to discourage speculation and promote home ownership for local residents, may implement policies to increase the supply of affordable housing.
  • Probability of more tightening measures for residential properties – High interest rate environment coupled with recession fear, policies or tax related changes are not likely to be imposed.  Exuberance in the market is already tamed by the interest rate. 
  • Why Singapore, Japan, New Zealand, and Australia identified as resilient markets – Strong economic fundamentals and geographical advantages
  • Why Hong Kong, Thailand, and Malaysia face different challenges – Hong Kong high cost of housing has been a long-standing issue, Thailand decline in tourism and oversupply of condominiums, Malaysia high levels of household debt and oversupply
  • New Residential Property Trends – Important considerations on 1) Sustainability, 2) Branded 3) Residences, Live, Work & Play, on top of standard needs such as investment, and primary or secondary residence.

” Hong Kong high cost of housing has been a long-standing issue, Thailand decline in tourism and oversupply of condominiums, Malaysia high levels of household debt and oversupply “

 

 

Interview with Victoria Garrett, Knight Frank Head of Residential for Asia-Pacific

On UHNWs Buying or Investing in Residential Properties in APAC

1) During Covid-19 (2021 & 2022) lock-down, was there a sharp slowdown in terms of residential property enquiries and deals transacted by billionaires & UHNWs?  And now with the opening up in Asia, are you seeing UHNWs writing blank-cheques?

Knight Frank Victoria Garrett

Victoria: During the pandemic, there was still demand for residential assets from UHNWIs (Ultra high net worth individuals) as the prime segment was unaffected by the rising mortgage rates and the high inflationary environment as wealthy buyers are less sensitive to rate hikes and rising borrowing costs. However, there were lower volume of transactions due to lower stock volume of residential assets during the pandemic because of supply chain disruptions, weather events, as well as labour crunch which led to delayed construction and significantly higher construction costs.

” demand for residential properties especially from Asian investors in the prime segment in gateway markets such as the USA, the UK, Monaco, Switzerland “

Now with the easing of restrictions and resumption of travel & construction, there is definitely a greater level of demand for residential properties especially from Asian investors in the prime segment in gateway markets such as the USA, the UK, Monaco, Switzerland. Despite a tightening of lending regulations around home loans and an increase in foreign investment taxes and stamp duty, international investors still find them relatively reliable and resilient in times of uncertainty due to the safe haven requirements of these markets.

Compared to 2021, there has been growth in the number of international deals that have been transacted with a higher capital value from Asian investors (across Singapore, Malaysia, Thailand, Korea, Mainland China, and Hong Kong) with interest in residential properties located in the United Kingdom (London), United States (New York), Japan, Australia, Indonesia (Bali), Malaysia and Thailand indicating strong interest in outbound investments in 2022. Over the last 3 years, there have been more than 150% growth in Beijing, 110% growth in Hong Kong and 40% growth in Shanghai with regard to super prime deals and sales with interest in residential properties located in the United Kingdom from Chinese investors. On top of the record-breaking sale of super prime residences in Korea, there has been immense interest from Korean investors in branded residences in the United States over the past year.

 

On UHNWs Property Trends in Asia-Pacific

2) Which cities are the most popular in APAC for UHNWs?  Is it highly correlated to the buyers’ home country & culture?  Or it depends on where they intend to reside their family (2nd residence), for work visits or proximity of travel to their 1st residence or business HQ?

Hong Kong | Leading Financial Centre in Asia

Victoria: According to the latest Knight Frank Wealth Report 2023 (The Wealth Report), Hong Kong, Singapore and Sydney remain the critical cities for the world’s wealthy with more ultra-prime property transactions ($25m+) in 2022 than in any other global market. 345 transactions took place for super-prime ($10m+) sales and 53 transactions for ultra-prime ($25m+) in these cities.

  • Hong Kong, Singapore and Sydney remain the critical cities for the world’s wealthy with more ultra-prime property transactions ($25m+) in 2022 than in any other global market
  • 345 transactions took place for super-prime ($10m+) sales
  • 53 transactions for ultra-prime ($25m+) sales

” Hong Kong, Singapore, and Sydney remain the critical cities for the world’s wealthy.  345 transactions for super-prime ($10m+) sales.  53 transactions for ultra-prime ($25m+) “

Wealth preservation, safe-haven capital flight, and supply constraints played their part in driving prime price growth, but it was the post-pandemic surge that continued to push prices higher. For the world’s wealthy, this increased their appetite to buy, with 35% of the total wealth of Asia-Pacific UHNWIs allocated to their primary and secondary homes with 26% of their residential property held outside their country of residence and 16% of Asia-Pacific UHNWIs planning to buy a home in 2023.

We have been seeing this trend through the growing number of international residential deals that have been transacted with a higher capital value from Asian investors with interest in residential properties located in the United Kingdom (London), United States (New York), Japan, Singapore, and Australia, indicating strong interest in outbound investments.

 

3) What are some of the most notable &/or expensive residential properties bought by Asia-Pacific UHNWs through Knight Frank in recent years (Including price, location)?  Are they for residential use, for investment or for vacation?  

Park Modern in London

Victoria: Some of the most notable & expensive properties bought by UHNWs for residential use & investments are in London (The Whiteley, Park Modern, Chelsea Barracks), and for residential use in New York (The Towers of the Waldorf Astoria, Mandarin Oriental).  For vacation, UHNWs have bought properties in Sydney for their holiday home (Maeve).

” Some of the most notable & expensive properties bought by UHNWs are in London, New York & Sydney “

For Residential use and investment:

For Residential Use:

For Vacation (country holiday home): Sydney, Australia – Maeve

 

Projects Spotlight

The Whiteley in London

#1 For Residential use & investment – The Whiteley (London, United Kingdom): With the renovation of 1.1 million square feet, The Whiteley London is the cornerstone to a major reinvention of a once-overlooked part of central London, creating a new era of Bayswater. Nestled in the heart of London, close to Hyde Park and Notting Hill, The Whiteley London is a blend of high-quality residential, retail, dining, and hospitality with a contemporary luxury tone. Offering 139 high-specification residences, 20 new stores and restaurants, a cinema, a state-of-the-art gym, the UK’s first Six Senses hotel and spa, and a social and wellness members© club, the overhaul of this historic Victorian mall developed by MARK, CC Land, and Finchatton, with architecture by Foster + Partners, is set to complete in late 2023.  View: The Whiteley

Park Modern in London

#2 For Residential use & investmentPark Modern (London, United Kingdom): Located in one of London’s most sought-after areas overlooking Hyde Park, Park Modern is the cornerstone to the prime regeneration of Queensway, re-positioning Bayswater as one of the strongest performing areas in central London. Park Modern will deliver 57 one-to-six-bedroom residences, including spectacular lateral apartments, three trophy penthouses, mews houses and 30,000 sq ft of 5-star hotel-style amenities including a concierge, resident’s lounge, signature restaurant and cafe, porte cochère with valet parking, and a wellbeing floor with a 25 metre pool, gym, spa, cinema, and treatment salon. View: Park Modern

#3 For Residential use & investmentChelsea Barracks (London, United Kingdom): Situated in Belgravia, an affluent historic district in Central London, Chelsea Barracks is a world-class development comprising a rare collection of apartments, penthouses and townhouses, set around seven garden squares and built over 12.8 acres. A highly coveted central London address, this prestigious district is bordered by Sloane Street and the infamous King’s Road; abundant with luxury stores, iconic boutiques, contemporary furnishing stores, and fine art galleries. An exceptional selection of the highest-ranking schools and universities in the United Kingdom are also within close proximity of Chelsea Barracks. View: Chelsea Barracks

The Towers of the Waldorf Astoria in New York

#4 For Residential use – The Towers of the Waldorf Astoria (New York, United States): From its inception, The Waldorf Astoria was a true palace in New York City and a haven for cultural figures. Marilyn Monroe, Frank Sinatra and Elizabeth Taylor were regulars while in 1957 Queen Elizabeth II had a Royal Suite created for her stay and a gala dinner thrown in her honour. Timeless and opulent, Waldorf Astoria has a special place in the affections of New Yorkers, Americans, and international visitors alike. Now, ninety years after it first opened, the Waldorf Astoria is preparing for the next stage in its illustrious life with an extensive facelift to offer 375 branded residences for sale alongside 375 gracious hotel rooms and suites. For the very first-time buyers have the opportunity to own a piece of history. View: The Towers of the Waldorf Astoria

#5 For Residential use / Branded Residences – Mandarin Oriental (New York, United States): Mandarin Oriental Residences, Fifth Avenue is a boutique offering of turnkey fully furnished residences with legendary services and amenities from Mandarin Oriental Hotel Group with private dining by Michelin-starred Chef Daniel Boulud. Located on Manhattan’s most iconic stretch, the 29-story historic conversion – once the headquarters of fashion house Gucci – is surrounded by renowned luxury retail, fine dining, and cultural landmarks, with Central Park a short stroll away. Mandarin Oriental Residences, Fifth Avenue offers the unparalleled—five-star hotel services, with none of the guests; and the comfort of home, with none of the upkeep. The interiors are elegantly appointed with rich architectural features and uncompromising finishes. And perhaps even more extraordinary than the flawless quality of the details is the comprehensive nature of them – accessorised to a level of finish that transcends any definition of turnkey. View: Mandarin Oriental

#6 For vacation, country holiday home – Maeve (Sydney, Australia): Maeve is a new luxury residential development, a collection of 24 contemporary apartments and townhouses in Sydney’s wine region of Bowral in the Southern Highlands. Bowral-based Tziallas Architects designed the homes, with Chloe Matters Design as the interior designer, with the residences designed to provide the best of country life in Bowral, just 1.5 hours from Sydney’s Central Business District, with a cosmopolitan twist, perfect for investors seeking for a country holiday home. View: Maeve

 

Park Modern in London, UK

 

 

On Rising Interest Rates, Tax, Buying Restrictions in APAC

4) With interest rate rising to 5% globally, but alongside a recovering & growing Asia economy, how will residential property prices be affected in Asia / APAC?  Especially for the higher price range properties from $5 million to $30 million, and those that are in the range $30 million to $100 million & above?  

Knight Frank Victoria Garrett

Victoria: Rising mortgage rates and the high inflationary environment impact housing affordability, particularly the mid to lower end of the housing spectrum. However, the prime segment is an aspect where the buyers are less sensitive to rate hikes and rising borrowing costs, attributing to wealth preservation by high-net-worth individuals (HNWIs).

” (prime segment) buyers are less sensitive to rate hikes and rising borrowing costs “

 

According to the latest edition of The Wealth Report, the high-end activity are as follows (both on a global and an APAC scale) for the number of sales in super-prime ($10m+) and ultra-prime ($25m+) market segments across 10 global locations in 2022. 

 

No. of Sales in Top 10 Cities in 2022:

City Super-Prime (> $10 million) Ultra-Prime (> $25 million)
1 London 223 43
2 New York 244 43
3 Los Angeles 225 39
4 Hong Kong 125 28
5 Miami 146 23
6 Singapore 121 18
7 Palm Beach & Broward 117 18
8 Geneva 69 16
9 Sydney 99 7
10 Paris 23 6
Total Sales 1392 241
Total Volume $26.3 billion $9.8 billion
Average Sales Price $18.8 million $40 million

 

Victoria: In 2023, it is likely we will see this process of normalisation continue as transaction levels revert to pre-pandemic levels, down on the past two years but still highly active.

Key trends to monitor: 

  • The performance of prime and mainstream housing markets will detach due to the higher cost of debt.
  • China’s property market will remain tightly controlled despite the relaxation of developer credit lines.
  • Taxes and regulation will increase.
  •  Inventory in the prime sector will remain low as would-be sellers sit tight and construction slows.
  • Interest rate changes will influence currency shifts, presenting risks and opportunities.

 

5) Some countries have imposed restrictions on foreigners buying properties or increased taxes on properties (To stabilise residential property prices so that it remains affordable).  Do you foresee more property-related policy & tax changes being implemented?

Singapore | Leading financial centre in Asia

Victoria: Governments may introduce measures to restrict foreign investment in their real estate markets or increase taxes on property ownership to discourage speculation and promote home ownership for local residents. Additionally, governments may implement policies to increase the supply of affordable housing, such as offering incentives for developers to build more affordable homes or imposing stricter regulations on short-term rentals like Airbnb to prevent properties from being taken off the long-term rental market.

However, given the high interest rate environment coupled with recession fear, I believe the policies or tax related changes are not likely to be imposed in the foreseeable future. The exuberance in the market is already tamed by the interest rate. 

” Given the high interest rate environment coupled with recession fear, I believe the policies or tax related changes are not likely to be imposed in the foreseeable future “

 

On Popular Residential Markets, Key Drivers & New Trends

6) In APAC, Knight Frank has listed Singapore, Japan, New Zealand & Australia to be resilient residential markets.   What are the driving factors for these countries?  How about Hong Kong, Thailand & Malaysia?

New Zealand Wellington

Victoria: The factors driving the resilience of residential markets in Singapore, Japan, New Zealand, and Australia in the APAC region include strong economic fundamentals and geographical advantages: 

  • Strong economic fundamentals: These countries have stable and robust economies with strong job markets, which provide support for the housing market. 
  • Geographic advantages: Singapore, Japan, New Zealand, and Australia are attractive locations for foreign investment due to their geopolitical stability, transparent legal systems, and high living standards.

” Singapore, Japan, New Zealand, and Australia are attractive locations for foreign investment due to their geopolitical stability, transparent legal systems, and high living standards “

On the other hand, Hong Kong, Thailand, and Malaysia face different challenges in their residential markets:

  • Hong Kong: The high cost of housing has been a long-standing issue, with property prices driven up by limited supply and high demand from investors and wealthy buyers. The political unrest, impact from zero-COVID stance and economic uncertainty have also impacted the market.
  • Thailand: The residential market has been affected by a slowdown in the economy and a decline in tourism due to the COVID-19 pandemic. Oversupply of condominiums in some areas has also led to a drop in prices.
  • Malaysia: High levels of household debt and oversupply in some segments of the market have also contributed to price declines.

 

7) Knight Frank also cited key property trends including Sustainability, Branded Residences, Live, Work & Play.  Are these important considerations when it comes to buying properties especially for UHNWs?  Or would these depend on the needs of the buyer (For work, for 1st or 2nd residence, or for investment)?

The Towers of the Waldorf Astoria in New York

Victoria:  These are important considerations (Sustainability, Branded Residences, Live, Work & Play), especially since the pandemic for UHNWIs and is increasing the trends that both homebuyers, as well as developers, focus on, on top of standard needs such as investment, and primary or secondary residence. 

” Sustainability, Branded Residences, Live, Work & Play – important considerations especially since the pandemic for UHNWIs “

The Whiteley in London

A) Live work and play: Homebuyers drawn to a live-work-play lifestyle in a green enclave. The ‘live-work-play’ concept is fast becoming a global trend, especially with the pandemic bringing the culture of work from home to the forefront. Many enjoy the ease of having workspaces, amenities and recreational spots as part of their living spaces. Consequently, developers are delving into multifunctional design of their developments and are rededicating square footage to communal areas and designing easily transformable spaces to ensure residents have access to more customized experiences and amenity spaces which we foresee to be more intensified in 2023.

B) Sustainability: Sustainability is an increasing consideration for modern prime residential buyers seeking low-density, greener lifestyles within city centres. According to Knight Frank’s Wealth Report 2021, 62% of ultra-high-net-worth individuals (UHNWIs) globally attributed outdoor space and proximity to green spaces as important considerations when choosing a new home. Affluent buyers are actively seeking wellness-focused design integrated into buildings and living spaces, along with access to amenities and nature. Additionally, historically speaking, senior living communities and long-term care facilities have been somewhat lacking when it comes to sustainability practices. Many retirement communities are located on the edges of towns or cities, meaning that residents who need to run errands or attend doctors’ appointments are often commuting by car. The move toward living sustainably in senior living and retirement communities seeks to address these and other opportunities, which we believe will be explored in greater depth in 2023. Sustainable living includes installing solar panels, planting community gardens to grow herbs, using alternative energy sources geothermal energy for heating and cooling, switching to energy-efficient light fixtures, installing low-flow water fixtures, and building in central areas for the residents to reduce walking time to convenience stores.

Green living saves money. Solar panels, geothermal heating, water-saving appliances, and other energy-saving measures all drive down utility costs. This reduces overhead costs for the facilities in question and often qualifies them for tax credits, allowing them to potentially pass those savings on to their residents.

C) Rise of Branded Residences: The first true branded residence, the Sherry-Netherland hotel in Manhattan, opened its doors in 1927. Almost a century later, there are more than 400 branded residences across the globe, the majority of which are hotel branded, according to Knight Frank Research. Growth has been underpinned by demand for the product. More than one in three prime international buyers (39%) would be willing to pay a premium for a branded residence, according to our survey of more than 900 Knight Frank clients globally. That figure rises to 45% and 43% in Australasia and Asia respectively. The key motivation for purchasing a branded residence is the service provision and amenities. Second comes the development’s high-yielding potential, while in third place is the building’s management and maintenance according to Knight Frank’s Branded Residences Report 2022.

 

Final Words

8) If you must spend $5 million to $30 million today, which property within Knight Frank (sold / existing) would you buy today?  Why? 

Knight Frank Victoria Garrett

Victoria: I am huge on residences that embody mindfulness and wellness philosophy.

In today’s hyper-connected world and stressful lifestyle, personal wellness has become the definition of 21st-century luxury and one of my favourite residences that I would spend on is The Whiteley London. 

 

” In today’s hyper-connected world and stressful lifestyle, personal wellness has become the definition of 21st-century luxury “

 

The Whiteley in London, UK

The Whiteley: With the renovation of 1.1 million square feet, The Whiteley London is the cornerstone to a major reinvention of a once-overlooked part of central London, creating a new era of Bayswater. Nestled in the heart of London, close to Hyde Park and Notting Hill, The Whiteley London is a blend of high-quality residential, retail, dining, and hospitality with a contemporary luxury tone.

Offering 139 high-specification residences, 20 new stores and restaurants, a cinema, a state-of-the-art gym, the UK’s first Six Senses hotel and spa, and a social and wellness members© club, the overhaul of this historic Victorian mall developed by MARK, CC Land, and Finchatton, with architecture by Foster + Partners, is set to complete in late 2023. Six Senses, a brand renowned for its dedication to immersive wellness and sustainability, will play an integral role in embodying The Whiteley’s mindfulness and wellness philosophy. Additionally, residents will gain access to a new kind of social and wellness club featuring a central lounge and wellness rooms, and offer pioneering programming to encourage reflection and reconnection. Other highlights include 3,500 square feet dedicated to fitness, access to Six Senses Spa with a 65-foot indoor swimming pool, an Alchemy Bar, and a relaxation room with vaulted ceilings.  Visit: The Whiteley

 

 

Thank you Victoria for sharing key insights into investing in residential properties in Asia-Pacific for UHNWs. Victoria Garrett is the Head of Residential for Asia-Pacific at Knight Frank.  Knight Frank is a leading independent global property consultancy, advising clients ranging from individual owners and buyers to major developers, investors and corporate tenants.  Found in 1896 and headquartered in London, Knight Frank has more than 16,000 people operating from 385 offices across 52 territories.

 

 


Victoria Garrett, Knight Frank Head of Residential Asia-Pacific

Knight Frank Victoria Garrett

Victoria Garrett is the Head of Residential for Asia-Pacific at Knight Frank.  In August 2017, Victoria moved to Singapore to be Head of Residential for Asia-Pacific and is responsible for growing and developing the Knight Frank Residential business in Asia-Pacific, which includes the services of project marketing, international project marketing (IPM), and sales and leasing.  Victoria joined Knight Frank in 2011, specializing in house sales in Chelsea, South Kensington, Belgravia, and Knightsbridge dealing with HNW and UHNWI clients from around the world.  In 2014, Victoria relocated to the Middle East as Head of the New Homes team covering the MENA (Middle East & North Africa) area selling investment trophy assets to clients. 

 

Knight Frank

Knight Frank Logo

Knight Frank LLP is the leading independent global property consultancy, serving as our clients’ partners in property for 126 years.  Founded in 1986 and headquartered in London, Knight Frank has more than 16,000 people operating from 385 offices across 52 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. Visit knightfrank.com




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