{"id":89940,"date":"2025-12-08T11:12:47","date_gmt":"2025-12-08T08:12:47","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=89940"},"modified":"2025-12-08T11:12:47","modified_gmt":"2025-12-08T08:12:47","slug":"%d8%a7%d8%b1%d8%aa%d9%81%d8%a7%d8%b9-%d9%82%d9%8a%d8%a7%d8%b3%d9%8a-%d9%81%d9%8a-%d8%a5%d9%8a%d8%ac%d8%a7%d8%b1%d8%a7%d8%aa-%d8%a7%d9%84%d9%85%d9%83%d8%a7%d8%aa%d8%a8-%d8%a8%d8%a7%d9%84%d8%b1%d9%8a","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/89940\/","title":{"rendered":"Record high office rents in Riyadh Huge demand and lack of supply\u00a0"},"content":{"rendered":"

Revealed Knight Frank Real Estate Consultants<\/a><\/strong> about the continued strong momentum in Office market<\/a><\/strong> in the Kingdom, where it was recorded Office rentals<\/a><\/strong> Class A office space in Riyadh is expected to rise at an annualized rate of 15.1% through Q3 2025, as the sector experiences an extended boom driven by government investments, megaprojects, and the regional headquarters program.<\/p>\n

Demand for office space is accelerating\u00a0<\/strong><\/span><\/h4>\n

Demand for premium ESG-compliant office space in Riyadh, Jeddah and Dammam has accelerated dramatically, creating a market characterized by high rents and a significant shortage of supply.<\/p>\n

According to the report, Riyadh continues to consolidate its position as the commercial heart of the Kingdom, with Class A office rents averaging SAR 2,750 per square meter, while Class B rents increased by 16.5%, amid unprecedented demand levels.<\/p>\n

According to the Office market<\/a><\/strong> Knight Frank's GCC 2025 report finds that the response of regional and global companies to high-quality, sustainable office standards is driving rents and occupancy rates to near-record levels in key GCC markets. The data also shows double-digit rental growth in Saudi Arabia, Dubai and Abu Dhabi, with recent projects such as the HP Tower on Yas Island approaching full occupancy.<\/p>\n

Lack of office supply\u00a0<\/strong><\/span><\/h4>\n

Faisal Durrani, Partner and Head of Research in the Middle East and North Africa, said that the lack of office supply continues to support strong rental growth, noting that government initiatives and economic diversification strategies are boosting the growth of the non-oil sector, driving demand for offices that meet quality, governance and sustainability standards.<\/p>\n

Durrani added that this shortage is likely to change in the coming years with office supply in Riyadh expected to increase by 60% by 2027, with total inventory exceeding 10 million square meters, and in Dubai with an additional 13.2 million square feet expected to be delivered by 2030.<\/p>\n

James Hodgetts, Partner, Tenant Strategy Management, said the trend towards quality is a common factor across the GCC markets, with large multinationals and corporations favoring sustainable and adaptable space, reflecting continued confidence in the region's economic prospects.<\/p>\n

High occupancy rates\u00a0<\/strong><\/span><\/h4>\n

Hodgetts revealed that the lack of premium office space is reflected in near-full occupancy rates, with Class A buildings at 98% and Class B at 95%, driven by rapid corporate expansion, with more than 780 multinational companies announcing their intention to establish their regional headquarters in Riyadh, led by American companies with 41%, followed by British 19%, Chinese 8%, and German 4%, Hodgetts said.<\/p>\n

Riyadh continues to lead the way, benefiting from Vision 2030 and the regional headquarters program, with companies clearly prioritizing quality and long-term positioning. The report emphasizes that the rise in Class A and B rents reflects the increasing pressure on existing inventory, pushing some tenants into secondary options.<\/p>\n

Ammar Hussein, Associate Partner, Research, noted that one of the most notable recent developments was the adoption of a five-year rent freeze policy after Class A rents rose by 86% since 2019, noting that rents rose between 10% and 15% in prime locations just before the announcement, as a result of market expectations.<\/p>\n

Jeddah office market momentum\u00a0<\/strong><\/span><\/h4>\n

In Jeddah, the office market is gaining momentum driven by masterplans and large-scale projects such as the $1 billion Trump Plaza Jeddah, which is expected to open in 2029. Class A rents rose slightly by 1.3% to SAR1,251 per sqm with an occupancy rate of 92%, as tenants in Jeddah focus on value-based decisions and flexible lease structures.<\/p>\n

The kingdom's ambitious reform agenda, regional headquarters program, and the massive movement of megaprojects - whose construction contracts have totaled $196 billion since 2016 - have created a competitive environment for Class A space, Hussein adds. The report predicts that total office inventory in Riyadh, Jeddah and Dammam will rise from 9.7 million square meters in 2025 to 15 million square meters by 2028, with Riyadh accounting for nearly half of the new supply, although the short-term outlook still points to a shortage of supply and accelerating rents.<\/p>","protected":false},"excerpt":{"rendered":"

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