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15-11-22
Riyadh witness surge in office space request reaching 98 percent in occupancy levels
(MENAFN) Saudi Arabia's capital city Riyadh carries on to see surging request for top office space, with Grade A office occupancy levels jumping by 4 percent on a yearly basis to amount to 98 percent, as said by international property consultant Knight Frank.
The sharp rate of demand indicates landlords are decisively in the driving seat, as stated by Knight Frank, also mentioning that office lease rates remain to surge in the wake of surging request.
The average lease levels for prime office space in Riyadh have jumped by 18 percent more than the last 12 months to nearly SR1,775 (USD472) a square meter, it asserted.
“As the Kingdom’s economic transformation plan unfolds, business activity is rising at an extraordinary pace,” according to Knight Frank Partner- Chief of Middle East Research Faisal Durrani.
He also mentioned that 70 companies have now dedicated to repositioning their local headquarters to Riyadh, such as Aldeham Education Group as well as French rolling stock manufacturer Alstom.
MENAFN15112022000045014228ID1105183398
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