Domination or devolution?

Should an office network be centrally controlled or run as a loose federation? By Elaine Cavanagh Cross-border activities are often the stuff that headlines are made oN, and the rebranding of King & Co International under the King Sturge banner is no exception. Malcolm King, senior partner at King Sturge, explains that the move – announced at this week’s MIPIM conference in Cannes – is part of a streamlining of the firm’s European ventures. “This change is an important part of our drive to establish a single, unified organisation throughout Europe with a common ownership, culture, infrastructure and operational methodology. “Pan-European mergers and acquisitions are concentrating investment and occupation interest in a smaller number of larger holding companies, and we need to mirror that profile to grow with our clients.” Offices in Brussels, Liege, Diegem, Paris, Marseilles, Madrid, Barcelona, Tarragona and Prague have now switched to the new name, while the Warsaw office, which opened in January, carried the branding from day one. Quality control King Sturge operates a network of 11 continental offices – with several affiliated and associated offices. The company believes it is important to hold a controlling interest in all its branded offices to ensure the quantity and quality of its services. Some of these offices have been established through the purchase of an indigenous company while others have been launched organically. But whatever the approach, European co-ordinator Patricia Lines likes to harness predominantly local knowledge – blended, she says, with some experience from the “bigger picture”. It is its people, King Sturge believes, that help to single it out from other firms – both in the UK and overseas. Its advertising slogan reads: “Our people make the difference,” and Lines says this is the case because it is one of the few remaining partnerships with no US ownership. DTZ Debenham Tie Leung is another agency that has been giving its European network greater homogeneity. The company has added the Tie Leung tag to most of its offices, following a tie-up with the Asian business. The company, which sees itself as historically more European than many of its competitors – the DTZ brand was formed by five member nations in the early 1990s – now has a presence in 20-plus countries. It believes its origins help it to offer a greater density of offices than many of its competitors, presenting, it says, a “vastly different picture” for corporate and valuation work. In most cases it has established itself through partnerships with a strong indigenous brand, which in time are badged as DTZ. That way, explains David Watt, managing director of DTZ International: “We have been able to continue the goodwill that has already been established but have then been able to add on the international perspective.” Equity holdings vary but in most cases the DTZ European Board holds majority control with locals maintaining an interest. Locals can also take an equity stake in the European Board – such cross-shareholding making the company unique, according to Watt. DTZ also has affiliations with surveyors in a handful of countries – including Fenalu in Portugal and Real Consult in Norway – through which it makes mutual referrals. However, Norway is likely to be targeted for the next opening of a DTZ business, driven by growing client demand for Scandinavia. The company has also established its own offices from scratch. Its Poland base was launched by teams drafted in from the UK and the Netherlands – the maturity of both those markets offering the greatest weight of staffing levels and therefore range of skills, says Watt. However, the company seeks to build these and all its offices through local management and ongoing recruitment. The services offered are tailored to and by local circumstances. For example, the company has no property management in Greece, where this function can be undertaken only by the banks. Professional services across Europe are co-ordinated via a management matrix. Pan-European groups meet regularly for exchanges about valuation, business-space agency, retail, property management, building consultancy and European investment. These groups are supported by specialist services in IT, marketing, research and human resources. And two additional services – EuroCRES and EuroInvest – provide reports to help co-ordinate client work in more than one country. Such corporate demand for work in more than one country has been growing, according to Donald Newell, co-chairman of Europe, Middle East and Africa for CB Richard Ellis, which has a wholly-owned subsidiary in CB Hillier Parker. The company has a network of 34 offices throughout the Europe, Middle East and Africa region – all wholly owned by the company. This makes it clear that the company is in charge, says Newell. “This enables us to tell the client that we have control over what is going on where they want advice – that we are not relying on other people.” Correspondent firms In a handful of locations where it does not have its own offices, but where there is client demand, CB Hillier Parker works with “correspondent” firms, such as Hamilton Osborne King in Ireland and Noble Gibbons in Moscow. Newell says most of the work for any office is with local clients, so it is important to temper management style to serve a primarily local market. However, the company also stresses the need for an “overlay of global thinking”. Local management is given considerable autonomy. And the firm aims to offer as broad a range of professional skills in each marketplace as possible. Corporate work is handled from London but there are specialists on the ground. And shopping-centre management and fund-management services are being developed across Europe. An element of skill-sharing also comes in. Valuation work for the Zurich office, for example, is shared with London, where staff can offer more experience. “We will only put all our services in those centres where there is justification,” says Newell. “Our biggest offices are, of course, in the biggest countries – UK, France, Germany and Spain. But Italy will grow, Amsterdam has a strong office market that will see growth and Scandinavia is expanding a lot – especially on the investment side.” Jones Lang LaSalle, too, has recognised the strengthening market in Scandinavia and has not been slow in coming forward. Last March, the company’s national director, David Neil, was responsible for re-opening an office in the region as part of its organically driven growth strategy. JLL then merged with an indigenous company to give it a network of three offices – Stockholm, Gothenburg and Malmo – and a project portfolio worth $2bn. Neil says there have been some exceptions to the organic approach to growth. “We do have some associations – we went into Moscow that way and then merged – but we prefer the organic route. It’s important for service strategy and corporate culture.” Throughout Europe, JLL operates 48 offices – all fully integrated – in key cities. A favoured route to any new market is the “follow the client” approach – establishing and managing a base for a client which involves “flying expertise in” from around the existing office network and then nurturing local knowledge. “Where we can find local talent it makes sense,” stresses Neil, who says JLL’s offices are very focused. “In some, we may be very agency-led, for example. But we will seek to develop broader services in time once we have got an operation profitable.” Underpinning all JLL’s European activity, however, is research. “We tend to be research- and data-driven. If you cannot offer the advice and consultancy services in the first place, you won’t get the deal,” says Neil. Healey & Baker is another firm that likes to do its own thing as much as possible, and most of the fully integrated offices in its 20-strong network have been started from scratch. In one exception, an association arrangement in Lisbon proved so successful that H&B agreed to take over the company – its founder remaining in charge as an equity partner. Further European expansion – which the company says is likely to be limited to additional openings in Germany and Spain for the foreseeable future – will tend to harness the talents of local staff with the support of the rare expatriate. Cross-border postings H&B has, however, recently been encouraging more postings within its network – it currently has an Italian in Belgium, a Frenchman in Warsaw and an Australian in its Budapest office. Sandra Laxton, international human resources manager, outlines another key change in overseas expansion. “Historically, we would have adopted a standard approach in each country. Now it is recognised that you cannot go into a new country and stamp the British way of doing things on it. It has to be a blend – taking local culture into account.” She says H&B’s philosophy – reminiscent of DTZ’s – is to think of itself as a European company, not a UK one with European offices. H&B, which merged with US firm Cushman & Wakefield in 1998, also aims to be the best, but not necessarily the biggest, player in each market. “The focus is on client care,” says Laxton. “The services we provide are of paramount importance.” Six key professional services are provided from the European offices – investment, agency, corporate services, valuation, asset services, and research and development. Planning and rating are serviced from London. H&B also has 26 associate offices in 13 countries for mutual referrals and services. The coverage given by the company’s own offices varies according to the needs of the market, says Laxton. Its team in Paris, for example, covers virtually the whole of France, while in other countries – notably Germany – responsibilities are more localised. Further offices are likely to open in Hamburg and Berlin, to meet the more concentrated nature of the market. Serving individual needs Laxton’s comment about adapting to local culture is echoed by Michael Corbett, chief executive of GVAGrimley. He explains that his company needs greater coverage in Germany than in other markets, to serve the individual needs of local federations. The firm has six offices in Germany – four of them fully integrated. He adds: “In the main, 60% of the business done by each office will be concentrated in the city or town where it is based. Most activity in France, for example, tends to be centred on Paris. That’s not to say we don’t do work in other parts of these countries – in fact, in the case of France the time is not too far off when we will see the need for another office further south.” GVAGrimley operates its European coverage via membership of the GVAWorldwide network. Corbett explains: “We have set up our own offices in the past, but it is a costly and time-consuming process. “So we decided we would form partnerships with what we consider to be the best firms in any chosen region.” They are eventually invited into the “family” – the trading vehicle that operates common branding, methods of operation, fee systems and client interchange, and in which they can take share ownership. Some offices – associates – do not have share holdings but operate under the branding and use GVA’s facilities and technologies. GVA has a presence in 18 countries, concentrating its efforts in either emerging markets or where client demand dictates. The company likes the professional services in each of those markets to be administered as much as possible by local staff. “We never send in the cavalry,” says Corbett. “Instead we prefer to encourage them to ask for help where needed, and we generally find they aren’t slow in coming forward. We are the largest company in the group, and they regard us as the ‘mother ship’.” However, Corbett says UK surveyors are regularly seconded to Paris, Brussels, Moscow, Dublin and Frankfurt. And the company is poised to send someone to Madrid, where help has been requested in dealing with corporate affairs – a common support request from the European network. FPDSavills similarly puts the emphasis on indigenous experience, as Victoria Mitchell, director of international strategy, explains. “Our view is that there is no way a Brit can know the French like the French – or understand the German market like a German. It is important to have a strong local national on the ground.” The firm has taken majority stakes in local businesses – or given support to key local individuals – under the FPD banner. This, says Mitchell, immediately gives the company access to local markets and knowledge, as well as a profit stream and income. She stresses the importance of finding companies that have a management philosophy and culture compatible with those of FPDSavills. The firm says it likes to mark itself out as entrepreneurial – heads of departments agree business plans for the year and are then left to run things themselves as “mini partnerships”. Going for gold The strategy has a powerful effect, says Mitchell. “It creates tremendous amounts of energy in the company because everyone is going for gold.” FPDSavills operates 11 offices in eight countries. If the company requires expertise to be developed in any of those offices, it prefers to headhunt someone who knows the market and is well known in it. And if a client has a requirement in a town or city where FPDSavills lacks representation, the company will appoint a local agent to the project, which is then managed by a corporate services team in London. Not all professional services are on offer in all offices, but Mitchell says that they all must be able to produce research, which is then co-ordinated in London. Knight Frank stresses the ability of its mainland European offices to be self-sufficient. While servicing the needs of its clients is key, Chris Bell, managing director of Europe, says the company also needs to ensure there is sufficient indigenous business to be done – 70% of deals, he says, are domestically generated. The firm has 19 offices in Europe – taking large stakeholdings in its commercial practices, with the exception of businesses in Holland and Italy. There they have associates with which they have an informal fee-sharing arrangement. The local firms carry the “in association with Knight Frank” label. Knight Frank also has associates running residential offices in the Algarve, Monaco and south of France, where commercial business is dominant. Bell says the company adopts a mixed approach to expansion. There are: “cold starts”, where a European office launches from scratch; “warm starts”, such as Portugal, where the company bought a UK practice that wanted to exit the market – KF inheriting the expertise of the staff; and “hot starts”. A hot start occurred in Poland, where the company took a substantial stakeholding in a non-core property business operated by Price Waterhouse – also inheriting the existing management team. As with others, Knight Frank emphasises locally sourced management because, says Bell: “Clients want to know that people on the ground know the market.” The company also has 20-plus UK surveyors working overseas. “They can quickly service the 30% overseas business – the cream business,” says Bell. As with FPDSavills, the company prides itself on its entrepreneurialism – believing that sets it apart from many other agencies. “We’re like that in the UK, and that philosophy is drip-feeding through to Europe. We like to give people a chance,” he says, citing the example of the Madrid residential department. There, the 28-year-old manager spotted an opportunity to offer a more co-ordinated approach to marketing new housing developments. The idea resulted in a £2m-plus turnover within three years. Last year saw Weatherall Green & Smith return to one of the bastions of its overseas activity – Germany – when it agreed to take a stake in an indigenous practice with offices in Berlin and Hamburg. The UK firm exited Germany when the management buyout of its old office sold it on to FPDSavills – WG&S deciding to sell a remaining shareholding to the new owners. WG&S has taken a 20% stake in what is now branded Weatherall Fischer – and Peter MacFarlane, international partner, says this will be the way forward for the company. “We will now take minority stakes where we can, and have branding under our name,” he says. “We still have some influence, but it reduces our liability.” The company has the same arrangement in Holland, where it holds a 10% stake in Weatherall Vastgoed Adviseurs. And it hopes to establish a deal in Spain where it currently has an associate firm – Barta & Partners – with no equity stake. Link with Dublin firm WG&S has a wide network of associates to which the Weatherall name is attached. And most recently it linked up with Harrington Bannon in Dublin. Donaldsons has also been moving into Germany – through a joint venture with Berlin-based Engel & Volkers, with which it has launched shopping-centre management services. Its first client is Hammerson (Germany), which bought the flagship Forum Steglitz in Berlin at the end of last year. Bob Stevenson, Donaldsons’ head of shopping-centre management, explains why the company chose a joint-venture approach. “We started looking at the consultancy services that we felt we could bring to other countries, but recognised that if you drop a UK manager into a centre in Germany, they will not know where to start.” He says the link-up with the 22-office network Engel & Volkers offered the chance to fuse Donaldsons’ consultancy skills with local experience of the market – through which it appoints local managers. Donaldsons had already established a joint venture – Estatius, formed with WPM in Holland – to roll out projects elsewhere in Europe. Stevenson says Donaldsons is keen to put in full professional services to meet retail and leisure demands, but that it has no plans to extend involvement to other property sectors. “We are going in with our USP and feel we can establish ourselves in that way,” he says. Agencies may vary widely in the way they run their pan-European networks, but one thing is clear – cross-border activity is set to carry on hitting the headlines. Our man in Prague Cultural and business contrasts abound The march towards internationalisation among corporate players has put global links on the agendas of many big-name UK surveyors. The ability to provide their expansionist clients with a broad range of professional services across a network of European offices has become a key priority. For some, European activity has been a significant part of their operation for several years. Others have arrived on the scene more recently. But whatever the score, many practices are increasing, enhancing and fine-tuning their overseas networks. They are also increasingly depending on the strength of local management skills to help them grow their reputation. But there are still opportunities for UK surveyors to gain a taste of working overseas. Hadley Dean of King Sturge in Prague describes his experiences: “Samuel Johnson said that if a man is tired of London, he is tired of life. However, when a man is tired of Prague, he is tired of Budvar beer at 30p a pint and of naked weather forecasters! “Moving to King Sturge’s Prague office from the industrial department in London has allowed me to make many humorous and professional observations of life. “Within a short time of arriving in the Czech Republic, I could not help noticing some fundamental cultural and professional differences between the country and the UK. “Culturally, I discovered early that when pedestrians sprint across zebra crossings, motorists enjoy speeding up, for the sheer pleasure of trying to clip the pedestrians with their steel-plated Skoda wing mirrors. “The Czechs also have the highest per capita beer intake in the world and treat beer like a soft drink, with the impressive consumption of nine litres per evening. “I have also found – to my peril – that safe, prudent driving went west with Gorbachov. Why go to Blackpool when you can daily enjoy Prague’s white-knuckle rides, from taxi-drivers and colleagues alike? “Professionally, the Prague property market shows some striking differences from the established UK market. Since 1995, the Czech Republic’s economy has been in recession. This has hit the fledgling property market as rental levels have dropped. “However, during the past six months there has been a steadying of the economy with the promotion of a young dynamic finance minister, and in the last quarter of 1999 there was positive growth in GDP. “It’s too early to say that the Czech Republic is coming out of recession. But the seeds of growth are beginning to germinate and, coupled with a booming Western Europe, economic optimism is forecast. “Despite numerous UK chartered surveying companies operating in Prague, operating practices differ from those in the UK. One example is the almost total prohibition on information sharing between property companies. “It is difficult to establish whether this is a relic of a past political regime or just sharp business practices. As the market matures, however, this secrecy should change and the benefits of sharing market information will become evident. “One exciting piece of news is that – courtesy of the London industrial market – monthly ‘Thirsty Thursdays’ have been set up. They are proving refreshing for both clients and agents alike! “Company names and branding are more important in the Czech Republic than in the UK. Operating in a less sophisticated, but fast-moving, emerging market offers businessmen and women opportunities with significantly higher returns than are available in the UK. “This is particularly the case in the investment and development markets. Market conditions and increasing market awareness mean landlords are being far more realistic on achievable prices. This is allowing long-term investors to snap up some real bargains. “The long-term future for the Czech Republic’s property market is solid, especially when you consider the business generation that will come out of the country’s long-awaited EU membership, when it comes about. “Indeed, before the country can be seriously considered for membership, sweeping new laws will have to be introduced, one of which will surely allow foreigners to buy property without setting up a company. “It is expected that this single change in the law will release a surge of foreign investment into the property market.” See Viewpoint, p70 European representation Weatherall International has returned to its stronghold of Germany Country City Integrated/ associate/ affiliate (Af) No of staff (former UK) Professional scope: Full/ general Geographical spread: Domestic/ cross border Weatherall International Northern Ireland Belfast A 15 F D & C/b Ireland Dublin A 25 F D & C/b Germany Berlin Hamburg I I 5 5 F F D & C/b ” The Netherlands Amsterdam I 5 F D & C/b Spain Madrid Barcelona Seville Valencia A A A A 20 (1) 20 (1) 20 (1) 20 (1) F F F F D & C/b ” ” ” Italy Milan Rome A A 30 (1) 30 (1) F F D & C/b ” Austria Vienna Graz A A 15 15 F F D & C/b ” Hungary Budapest A 15 F D Poland Warsaw A 15 F D Czech Republic Prague A 15 F D Denmark Copenhagen A 5 F D & C/b Russia Moscow A 10 (2) F D & C/b FPDSavills The Netherlands Amsterdam I 3 (0) F D Greece Athens A 4 (1) F D Germany Berlin Essen Frankfurt Munich I I I I 6 (2) 2 (0) 12 (4) 2 (1) F F F F D ” ” ” Belgium Brussels Af 5 (0) F D Finland Helsinki Af 1 (0) F D Spain Madrid I 7 (1) F D Italy Milan A 1 (0) F D France Paris I 15 (6) F D Jones Lang LaSalle Austria Vienna I 7 F – Belgium Brussels Antwerp Zaventem I I I 99 F F F – – – Czech Republic Prague I 18 F – France Paris Lyon Grenoble I I I 208 F F F – – Germany Berlin Frankfurt Dusseldorf Hamburg Munich Wiesbaden I I I I I I 338 F F F F F F – – – – – – Hungary Budapest I F – Ireland Dublin I 55 F – Israel Tel Aviv I 2 F – Italy Milan I 21 F – Luxembourg I 8 F – Luxembourg I 8 F – The Netherlands Amsterdam Rotterdam The Hague Utecht I I I I 180 F F F F – – – – Poland Warsaw I 39 F – Portugal Lisbon I 21 F – Romania Bucharest I 9 F – Russia Moscow I 26 F – Spain Madrid Barcelona Valencia I I I 172 F F F – – – Sweden Stockholm Gothenburg Malmo I I I 205 F F F – – – Catella Austria Vienna I 11 F D Sweden Stockholm Goteborg Malmo Orebro Karlstad I I I I I 77 Local Local Local Local Local D ” ” ” ” Finland Helsinki Jyvaskyla Kupio Lahti Oulu Tampere Turku I I I I I I I 76 F F F F F F F D ” ” ” ” ” ” Norway Oslo I 13 F D Germany Frankfurt Berlin Dusseldorf Hamburg Munich I I I I I 70 F F F F F D ” ” ” ” Holland Amsterdam I 26 F D Belgium Brussels Antwerp I I 60 F F D ” Spain Barcelona I 3 G D Knight Frank Belgium Brussels 19 (1) F D & C/b France Paris Grimaud A 24 3 F Residential D & C/b n/a Monaco Monte Carlo 2 Residential n/a Germany Dusseldorf Frankfurt Leipzig Munich 30 (1) F F F F D & C/b ” ” ” Italy Milan Rome Siena A A A 25 2 F F Residential D & C/b ” n/a The Netherlands Amsterdam A 9 F D & C/b Poland Warsaw Poznan 24 (1) F F D & C/b ” Portugal Lisbon Algarve A A 8 (1) 3 F Residential n/a D & C/b Spain Madrid Seville Malaga A 72 (1) 2 F F Residential D & C/b ” n/a Strutt & Parker Germany F Hamburg Dusseldorf Frankfurt Magderburg Berlin n/a n/a n/a n/a n/a Approx 35 Approx 35 Approx 35 Approx 35 Approx 35 F F F F F D & C/b ” ” ” ” France Strasbourg n/a Approx 35 F D & C/b Spain 2 offices I Approx 35 F D & C/b Portugal 1 office I Approx 35 F D & C/b Ireland 1 office I Approx 35 F D & C/b Czech Republic 2 offices I 4 F D & C/b CB Hillier Parker Austria Vienna – 10 F – Belgium Brussels – 18 F – Czech Rebublic Prague – 8 F – Denmark Helsingor – 11 G – France Paris – F – Germany Frankfurt Hamburg Munich – – – 26 5 11 – – – Hungary Budapest – 10 F – Italy Milan Rome – – 33 F F – – Portugal Lisbon – 30 F – Spain Barcelona Madrid Palma de Mallorca Marbella – – – – 31 75 10 10 F F G F – – – – Sweden Stockholm Gothenberg Malmoe – – – 40 7 2 G G G – – – Switzerland Zurich – 4 G – The Netherlands Amsterdam – 30 F – Istanbul – 10 F – Colliers International Austria Vienna Af 20 F D&C/b Belgium 8 F D&C/b Af/I F ” Brussels Mechelen Af/I Af/I F F Czech Republic Prague Af/I 20 (1) F D&C/b Denmark Copenhagen Aalborg Aarhus Odense Vejle Af/I 55 F F F F F D&C/b ” ” ” ” France, including Paris Annecy Bagnolet Bordeaux Dijon Lille Lyon Marseille Metz Mulhouse Nancy Nantes Nice Orleans Rouen Strasbourg Toulouse Af/I Af/I Af/I Af/I Af/I Af/I Af/I Af/I Af/I Af/I Af/I Af/I Af/I Af/I Af/I Af/I Af/I 700 F F F F F F F F F F F F F F F F F D&C/b ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” ” Germany Berlin Cologne Dusseldorf Essen Frankfurt Hamburg Leipzig Munich Af/I Af/I Af/I Af/I Af/I Af/I Af/I Af/I 225 F F F F F F F F D&C/b ” ” ” ” ” ” ” Hungary Budapest Af/I 20 F D&C/b Republic of Ireland Dublin Cork Af Af – F F D&C/b ” Italy Rome Milan Af Af 8 F F D&C/b ” Kazakhstan Almaty Af 2 CS, O D&C/b The Netherlands Amsterdam Af/I 15 F D&C/b Norway Oslo Bergen Stavanger Af/I Af/I Af/I 15 F F F D&C/b ” ” Poland Af/I 15 F D&C/b Warsaw Af/I 15 F D&C/b Portugal Lisbon Porto Madeira Af/I Af/I Af/I 35 F F F D&C/b ” ” Romania Bucharest Af/I 15 F D&C/b Russia Moscow St Petersburg Af/I Af/I 20 F F D&C/b ” Spain Madrid Barcelona Marbella Valencia Af/I Af/I Af/I Af/I 55 F F F F D&C/b ” ” ” Sweden Stockholm Gothenburg Malmo Af/I Af/I Af/I 18 F F F D&C/b ” ” Switzerland Geneva Zurich Winterthur Af Af Af 25 F F F D&C/b ” ” Turkey Istanbul Af 8 F D&C/b DTZ Austria: DTZ Neuhuber Vienna I 6 F – Belgium: DTZ Winssinger Tie Leung Brussels Antwerp I I 52 9 F F – – Czech Republic: DTZ Zadelhoff Tie Leung Prague I 11 G – France: DTZ Eurexi/DTZ Jean Thouard Paris Paris I I 12 62 G G – – DTZ Jean Thouard Provence Annecy Dijon Lyon Marseille Nice Remis Schiltigheim Toulon Toulouse Valence Nanterre Ivry Sur Seine Courtaboeuf I I I I I I I I I I I I I I 6 2 6 7 5 4 4 7 3 3 1 5 4 4 G G G G G G G G G G G G G G – – – – – – – – – – – – – – Germany: DTZ Zadelhoff Tie Leung Frankfurt (x2) Dreieich Berlin Dusseldorf Hamburg Munich Stuttgart I I I I I I I 31 20 13 10 7 6 15 F F F F F F F – – – – – – – Greece/DTZ Mihalos SA Athens I 7 F – Hungary: DTZ Zadelhoff Tie Leung Budapest I 22 F – Ireland: Sherry FitzGerald Dublin Limerick I I 50 2 F F – – Italy: DTZ Italia Milano I 6 F – Luxembourg: DTZ Winssinger Tie Leung Luxembourg I 11 G – The Netherlands DTZ Zadelhoff Zadelhoff DTZ Zadelhoff Retail DTZ Zadelhoff Amsterdam (2) Amsterdam (2) Arnhem Breda Le Eindhoven Enschede Groningen The Hague S’Hrtgnbsch Hoofddorp Nieuwegein Rotterdam Utrecht Zwolle I I I I I I I I I I I I I I 220 G G G G G G G G G G G G G G – – – – – – – – – – – – – – Poland: DTZ Zadelhoff Tie Leung Warsaw I 18 F – Russia: I 10 G -DTZ Zadelhoff I 7 G -Tie Leung Moscow St Petersburg I I 10 7 G G – – Spain: DTZ Iberica Madrid Barcelona I I 15 F F – – Sweden: DTZ Sweden Stockholm I 18 G – Turkey/DTZ Pamir & Soyuer AS Istanbul I 8 F – Ukraine: DTZ Zadelhoff Tie Leung Kiev I 12 G – GVA Belgium: GVA Grimley 1 office I 9 F D&C/b Ireland: Donald Buachalla 1 office I 20 F DO Germany: GVAGermany 4 offices 2 offices I A 70 F D&C/b Central and Eastern Europe: GVA Immoconsult 8 offices I 75 G D The Netherlands 1 office I 19 G D&C/b GVA Alban Cooper Italy: 1 France:1 Spain:2 A I A 63 F C/b Russia: GVA Sawyer 1 office I 100 F D&C/b Israel: GCA Reshef 1 office I 66 G D Portugal: GVA Consultimo 1 office I n/a G D