Research Analysts at Ken Research
in their latest publication “Riyadh
Office Market Outlook to 2023 - Improving Oversupply Environment Driven by Rise
in Demand for Premium Office Space and Upcoming Completion of Smart City and
Office Projects” believe that
introducing premium offices, offering value added benefits, easing out the
lease agreement will contribute to an increase in the total area of office
space in Riyadh and would help in decrease of the supply-demand gap.
The office market of Riyadh
is influenced by a number of factors such as location, commercial activities
around the location, ease in commutation and special amenities. The supply and
demand disparity in the market has further fuelled the occupancy rates to
remain stable throughout 2018.
Emergence of International Companies: 100% foreign ownership of companies or properties in
various industries, Low minimum capital requirement, ability for foreign
investors to sponsor foreign employees and Tax incentives if the company is
registered in certain “economic cities” located in the less developed provinces
of KSA have relaxed the norms for international companies that are willing to
enter Saudi Arabia. Therefore, making it easier for MNC’s to carry out business
in Saudi Arabia.
Location
Preferences: Locations such as King Fahd
Road, Eastern Ring Road and Olaya streets are found to have higher
occupancy rates because of the premium real estate projects and higher
commercial activities available around those areas. There are various options
for recreational activities making it likeable for the employees. These regions
are also well connected to all parts of the capital city.
Al Raidah Digital City (RDC, formally ITCC)
continues to gain customers as a result of the restricted pipeline of Grade-A
space with occupancy standing at 95% following strong interest from both public
and private occupiers. However, the occupancy rate of ITCC will suffer after
KAFD handovers remaining stocks in the upcoming years.
Eastern Riyadh
is observed as the most attractive area for middle income population and it benefits from its connectivity to central
Riyadh. This region of Riyadh can be utilized for office purposes as the sale prices are
lower in the East of Riyadh along with potential absorption for new
developments thus, indicating strong demand for this area.
North of Riyadh is evaluated with highest sale prices along highest absorption rates for office spaces including government and
private firms owing to better
infrastructure and the completion of a number of high profile projects for
instance, KAFD, Rafal Tower, and PNU. This region also witnesses the co-working
culture quite abundantly.
Western Riyadh is the neighbourhood
for the city’s High Net worth Individuals’ (HNWIs), particularly in districts
such as Khozama and Nakheel. Additionally, upcoming districts in the Western
region include Laban, which comprises basically of a very few office
infrastructural development catering to unorganized sector only. Low limited
developer activities were observed in this region.
Key Segments Covered:
Type of Office Units
Premium
Grade A
Grade B
Others
Region
Northern Riyadh
Central Riyadh
Eastern Riyadh
Western Riyadh
Southern Riyadh
Key Target Aud.ience:
Real Estate
Developers
Third Party Real
Estate Companies
Independent
Architects
Government
Associations
Government Agencies
Independent
Investors
Real Estate
Consulting Companies
Time Period Captured in the Report:
Historical Period – 2013-2018
Forecast Period – 2019-2023
Office Project Case Studies Covered:
Home Office
The Elite Center
Motoon Commercial
Towers
The Cube
Aknaz Center
Keywords:-
Riyadh Office Market
Riyadh Office Market Research
Riyadh Office Market Research Report
Riyadh Office Market Overview
Riyadh Office Market Trends
Riyadh Office Industry Research Report
Riyadh Office Market Sales
Riyadh Real Estate Market
Assessment of Office Market in Riyadh
Office Projects in Riyadh
Office Projects in Eastern Riyadh
Office Project Development in Riyadh
Current Status of Riyadh Office Market
Riyadh City Review
Factors Affecting Riyadh Office Market
For more
information on the research report, refer to below link:
Related Reports
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Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
