Quality Saudi office space tough to find as firms flock to Riyadh
Prime and Grade A commercial spaces now fully occupied while Grade B occupancy has soared to 99.4%, with rental prices climbing, CRBE says
Downtown Riyadh at night (Getty Images)
Saudi Arabia’s pressure on international companies to establish their regional headquarters in the kingdom has been so successful, it has eaten up virtually all the top commercial real estate in Riyadh.
Prime and Grade A office spaces are fully occupied while Grade B occupancy has hit 99.4%, according to a survey by international property firm CRBE cited by Daily News Egypt.
Jeddah and the Eastern Province cities of Dammam and Khobar have also recorded rental growth and increased occupancy rates.
“The lack of available quality stock is somewhat hampering the potential of the market,” said CRBE’s Taimur Khan, Head of MENA Research.