Riyadh Office Market Gears Up: Rising Demand Drives 10% Oversupply Absorption by 2023 (2019-2023): Ken Research
Riyadh office market is shifting gears. Oversupply is shrinking as demand for premium spaces rises. Infrastructure fuels growth in the north, while lower costs attract development in the east. Investors, developers, and businesses can leverage this report to navigate the evolving market.
/EIN News/ -- Gurugram, India, May 07, 2024 (GLOBE NEWSWIRE) -- The office market in Riyadh, Saudi Arabia, is shifting gears. While a period of softening was observed in 2017, recent trends indicate a positive trajectory. Ken Research's insightful report, 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, delves into this dynamic landscape. This press release summarizes the key findings and offers valuable insights for investors, developers, and businesses seeking to navigate the evolving Riyadh office market.
Oversupply Absorption on the Horizon:
While a 10% oversupply of office space was projected for 2023, the report highlights positive signs of absorption. Strategic development strategies and a growing demand for premium office space are expected to bridge this gap by the projected timeframe.
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Stat-Based Headings:
- 10% Oversupply Absorption on the Horizon: This data-driven headline emphasizes the shrinking gap between supply and demand within the Riyadh office market.
- Premium Spaces in High Demand: A Shift in Tenant Preferences: Highlights the growing preference for high-quality office environments among tenants.
- Northern Expansion: Infrastructure Fuels Growth: Focuses on the northward infrastructure development and its positive impact on office space absorption.
- Eastern Promise: Lower Costs Attract New Development: Emphasizes the potential of the eastern region for new office space development due to its cost competitiveness.
- Government Initiatives Drive Market Growth: Highlights the role of government initiatives in fostering a positive environment for the Riyadh office market.
- International Companies Fuel Demand: Shines a light on the increasing presence of international companies and its impact on office space requirements.
- Women in the Workforce: A Growing Market Segment: Emphasizes the expanding role of women in the workforce and its influence on office space demand.
- Smart City Projects: Shaping the Future of Work: Focuses on the impact of smart city projects on the evolution of office spaces and working environments.
Premium Spaces in High Demand:
A significant shift in tenant preferences is driving demand for premium office space. Tenants are increasingly seeking modern, well-equipped offices that offer a range of amenities and foster a collaborative work environment. This trend presents a lucrative opportunity for developers who cater to this evolving demand.
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Northern Expansion: Infrastructure Fuels Growth:
Infrastructure development trends in the north of Riyadh are creating opportunities for office space absorption. These areas boast better infrastructure, higher sale prices, and a growing number of high-profile projects, making them attractive locations for businesses.
Eastern Promise: Lower Costs Attract New Development:
The eastern region of Riyadh offers lower sale prices compared to the north and central areas. This cost-effectiveness is attracting new office space developments, catering to businesses seeking budget-friendly solutions without compromising on quality.
Government Initiatives Drive Market Growth:
Strong government initiatives are playing a crucial role in shaping the future of the Riyadh office market. These initiatives create a favorable business environment, attracting new companies and fostering economic development – factors that stimulate demand for office space.
Future Outlook:
The Riyadh office market is poised for exciting developments in the coming years:
- International Companies Fuel Demand: The influx of international companies into Riyadh is expected to further drive demand for modern and high-quality office space.
- Women in the Workforce: A Growing Market Segment: The increasing participation of women in the workforce will contribute to the demand for office space, potentially shaping the design and amenities offered in office buildings.
- Smart City Projects: Shaping the Future of Work: The completion of smart city projects will introduce innovative office spaces that integrate cutting-edge technology and promote sustainable practices. This will redefine the concept of office environments, catering to the evolving needs of businesses in the future.
Challenges and Opportunities:
The market also faces some challenges that require attention:
- Managing Existing Oversupply: While absorption is on the rise, efficient management of existing office space remains crucial. Finding new tenants and maximizing occupancy rates will be essential.
- Ensuring Sustainability: Promoting the development and adoption of sustainable office spaces will be important to attract environmentally conscious businesses and comply with evolving regulations.
Why This Report Matters:
This report empowers various stakeholders to leverage the opportunities within the Riyadh office market:
- Investors: Gain insights into market trends, identify lucrative investment opportunities, and make informed decisions about office space development projects.
- Developers: Understand tenant preferences, prioritize the development of premium office spaces, and cater to the evolving needs of the market.
- Businesses Seeking Office Space: Identify the most suitable locations and office types based on budget, size requirements, and desired amenities.
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Building a Thriving Office Hub:
By leveraging the insights and opportunities outlined in this report, stakeholders can contribute to building a vibrant and dynamic office market in Riyadh. This will cater to the evolving needs of businesses, attract talent, and support the city's economic growth for years to come.
About Ken Research:
Ken Research is a leading provider of market research and consulting services, offering in-depth analysis and insights across various industries. With a global network of experts and a commitment to quality research, Ken Research helps businesses make informed decisions and achieve their strategic goals.
Taxonomy
Riyadh Office Market Segmentation
By Type of Office Stock
- Premium
- Grade-A
- Grade-B+
- Grade-B
By Rent
- Premium
- Grade-A
- Grade-B+
- Grade-B
Riyadh East
- Eastern Ring Road
- Khurais Road
- Saeed Ibn Zaid Road
- Khalid Bin Waleed Road
- King Abdullah Road
- Imam Saud bin Abdul Aziz Road
- Prince Bandar Bin Abdulaziz
Riyadh West
- Western Ring Road
- Taif Street
- Medina Road
- Prince Mashal Bin Abdul Aziz Road
Riyadh North
- King Fahd Road
- Northern Ring Road
- Prince Turki Ibn Abdul Aziz Alawwal Road
- Imam Saud Bin Faisal Road
- Anas bin Malik Road
- King Abdul Aziz Road
- Abu Bakr Siddique Road
- Othman Bin Affan Road
- Prince Muhammad Ibn Saad Ibn Abdulaziz Road
- Olaya Road
Riyadh South
- Al-Aziziyah Road
- Southern Ring Road
- Al-Swaidi Al-Aam Road
Riyadh Central
- King Fahad Road
- Alia Street
- Prince Mohammad Bin Abdul Aziz Road (Tahlia Street)
- Arabism Road
- Al Takhasusi Road
- King Abdul Aziz Road
- King Abdullah Road
- Mecca Road
- Prince Sultan Street
- Salah-Ud-Din Ayubi Road Malaz
- Al Ahsa Road
- Al Nahda Road
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Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
Ankur@kenresearch.com
+91-9015378249
Contact Us:-
Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
Ankur@kenresearch.com
+91-9015378249
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