Research
Kingdom of Saudi Arabia Office Market Dynamics, Q3 2024
Summary and analysis of the Kingdom of Saudi Arabia's current office real estate market conditions.
November 26, 2024
Contributors:
- Faraz Ahmed
- Muhammad Aijaz
- Taimur Khan
Robust demand coupled with limited supply drove significant rent increases and recorded low vacancy rates in both Riyadh and Jeddah.
Occupier preferences shifted towards specific locations and amenities, particularly favoring northern Riyadh and prioritizing parking availability and workspace efficiency.
The market is evolving with new trends emerging, such as new serviced office operators establishing a presence and smaller units for sale, prompting developers and landlords to adapt their offerings.