highest with an estimated ~% of the total supply being under lease. Most of the office buildings are located in close proximity to King Fahad Road and Olaya Road. The city core area supply ~% of the GLA with the average rentals in the city core which comprises locations like King Saud Road, Salahuddin Ayoubi Road range between SAR ~ to SAR ~ per square meter. The northern part has emerged as the new region for developing office spaces in the Riyadh. In 2016, only ~% of the office spaces in Riyadh were located in this area however many new upcoming projects including KAFD and ITCC are located in this area. Others include the suburban and small business areas which mostly cater to the local demand of the city. These include offices of local businesses and SME’ s. Together they account for ~% of GLA supply in the city
Future Outlook to Office Demand and Supply Market in Riyadh
Supply of office real estate is expected to increase from ~ million square meters in 2017 to ~ million square meters in 2019 which will further rise to ~ million square meter in 2021. Completion of Riyadh metro will make north a more attractive option for new and upcoming offices. It is expected that completion of KAFD, ITCC and Nakhla tower will add an estimated ~ million square meter. This will make the northern part of Riyadh a key office destination replacing CBD. Majority of the office space developed in this area is of the A and B type. Governments plan to cut down the staff by ~% may have negative impact on the Riyadh office space market, however plans such as Vision 2030 and NTP 2020 is expected to have positive impact on the demand for office spaces in the city.
Key Topics Covered in the Report
• Saudi Arabia Office Real Estate Market
• Factors Affecting Saudi Arabia Office Real Estate Market
• Riyadh Office Real Estate Market By Demand And Supply In Volume
• Riyadh Office Real Estate Market By Supply And Demand Gap Analysis
• Rental Rate Analysis In Riyadh Office Real Estate Market
• Riyadh Office Real Estate Market Segmentation By Region
• Future Outlook To Riyadh Office Real Estate Supply And Demand
• Case Study Of Major Office Projects
For more information on the market research report please refer to the below link:
https:// www. kenresearch. com / manufacturing-and-construction / real-estate / riyadh-office-realestate-market / 142284-97. html
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