Saudi Office Rents Increase in 2023 Ahead of Quality Supply Boost

Saudi Office Rents Increase in 2023 Ahead of Quality Supply Boost

Saudi Arabia’s office market performance expanded in Q3 2023 as quality supply looms. As of Q3 2023, Riyadh’s King Abdullah Financial District (KAFD) has recorded upwards of 60 per cent of its office space as leased. For occupiable supply, this rate is substantially higher at 92.2 per cent. Landmark transactions within KAFD included the acquisition …

The post Saudi Office Rents Increase in 2023 Ahead of Quality Supply Boost appeared first on Gulf Insider.Saudi Arabia’s office market performance expanded in Q3 2023 as quality supply looms.

As of Q3 2023, Riyadh’s King Abdullah Financial District (KAFD) has recorded upwards of 60 per cent of its office space as leased.

For occupiable supply, this rate is substantially higher at 92.2 per cent.

Landmark transactions within KAFD included the acquisition of around 22,000 sq m of office space by two major management consulting firms.

While demand remains very much centred towards Riyadh, demand is trickling into Jeddah and the Dammam Metropolitan Area (DMA).

In terms of upcoming quality supply in the next two years, key additions in Riyadh’s office market include 166,100 sq m in KAFD, 200,000 sq m in EZDI Park, 60,000 sq m in STC Square and more than 60,000 sq m in phase two of