Knight Frank’s U.S. Personal Workplace at Douglas Elliman Tops $250M in World Offers

The U.S. Personal Workplace of the London-based actual property firm Knight Frank introduced that—along with its U.S. residential companion, Douglas Elliman—it has transacted on over $250 million in world offers since its inception in December 2021. Headquartered in New York and led by Hugh Dixon, Knight Frank’s U.S. Private Office is a key hub for the corporate’s ultra-high-net-worth advisory service, which gives non-public shoppers and household workplaces with customized actual property service globally.

Knight Frank’s U.S. Personal Workplace, together with Douglas Elliman’s Development Marketing team, has been concerned in a number of the largest branded residences gross sales in New York Metropolis within the final 18 months, together with a two-bedroom house at probably the most acknowledged branded residences within the metropolis, which was offered for upwards of $20 million. This confirms the findings of the latest DE|KF Branded Residences Report, which highlights that demand for branded residences stays sturdy, with the sector set to develop 12% yearly to 2026—or 55% general over the interval to 2026.

Regardless of vital latest financial turmoil, U.S. super-prime gross sales exercise additionally stays sturdy, with 58 gross sales above $10 million happening in Q1 2023 in New York and 46 in Los Angeles, confirming that the U.S. is central to the world’s rich. Knight Frank’s Personal Workplace at Douglas Elliman has registered a gradual demand for super-prime properties, significantly from Hong Kong and Singapore patrons, attracted by enterprise alternatives, high-quality schooling and publicity to dollar-based property. The demand registered extends throughout each the east and west coast.

“The key development we’re at present experiencing is the rise in next-generational wealth,” mentioned Hugh Dixon, head of the Knight Frank US Personal Workplace at Douglas Elliman. “We’re more and more seeing the rise of second-and third-generation relations taking management of their household wealth, eager to deal with capital preservation and earnings producing property. Given the volatility in inventory markets, these youthful generations are actual property as a long-term technique to construct wealth. That is throughout a number of actual property asset courses, together with trophy residential, hospitality and scholar housing to call a couple of.”

Along with Douglas Elliman, Knight Frank’s U.S. Personal Workplace is at present aiding a number of U.S.-based household workplaces that, for the primary time, need to diversify their present home actual property portfolios globally, significantly in funding within the UK and Europe equivalent to scholar housing and logistics.

London continues to be a central hub for U.S. households and people, attracted by enterprise alternatives, wonderful schooling and easy accessibility to different European hubs. Examples of this may be present in latest transactions accomplished by Knight Frank’s U.S. Personal Workplace and Douglas Elliman, equivalent to aiding a Miami-based household with their £6 million property in St John’s Wooden, and a New York-based actual property group with a industrial transaction in central London valued at £40 million, their first acquisition outdoors of North America.

Over the subsequent 5 years, in line with the latest DE|KF Wealth Report, the worldwide UHNWI inhabitants will increase by 28.5% to virtually 750,000 from 579,625 in 2022. Within the U.S., the quantity is about to develop by 24.6%, from 203,338 in 2022, to 253,354 in 2027, a key indicator that actual property will proceed to be a sector of sturdy funding amongst rich people.

Knight Frank has 5 devoted Personal Workplace groups globally, based mostly in London, Dubai, New York, Singapore and Hong Kong, offering a joined-up service for personal shoppers.