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FinancialNews
02-02-21
Saudi’s real estate sector to witness backlog of supply in 2021
(MENAFN)The delay in the Kingdom’s real estate sector due to the Coronavirus outbreak will witness a excess of supply coming on to the market the current year, while landlords will also see demand for co-working spaces as employees remain to assume a hybrid working arrangement.
Some 150,000 square meters of gross leasable area was implemented within the office market in the previous year, showing a 67 percent decrease from the range seen over the previous three years, a report from real estate consultancy service JLL data released showed.
Riyadh’s office market estimated to witness the renounce of almost 430,000 square meters of office space the current year, with the majority being Grade a quality units. Going on past evidence, JLL declared that the stated total was unlikely to emerge, with landlords reevaluating market conditions and holding up projects or putting them on hold.
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