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
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