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Riyadh Office Market Outlook to 2023 - Improving Oversupply Environment Driven by Rise in Demand for Premium Office Space and Upcoming Completion of Smart City and Office Projects.

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The report titled "Riyadh Office Market Outlook to 2023 - Improving Oversupply Environment Driven by Rise in Demand for Premium Office Space and Upcoming Completion of Smart City and Office Projects" provides information on overview of the overview of Riyadh city, factors influencing the Riyadh office market, supply and demand assessment of office market in Riyadh by segment (premium, grade A, grade B), market insight and performance, average rental rates by segments, average occupancy rate by region, typical characteristics of offices in Riyadh. The report also includes competitive analysis of offices in the Riyadh city and key features and characteristics of office sector in Riyadh. The report concludes with the future outlook, opportunities and future development trends; future landscape of office sector and investment opportunities in this sector; and with key expected upcoming office building projects in the Riyadh.

Riyadh Office Market
Infrastructure development trends over the past few years in Riyadh indicates that the capital city is growing towards the Northern areas, where the properties have the highest sale prices and experience faster absorption rates. The Eastern region of Riyadh can be utilized for office purposes as the sale prices are lower in the East of Riyadh along with potential absorption for new developments thus, indicating strong demand for this area. The North of Riyadh is evaluated with highest sale prices along highest absorption rates for office spaces including government and private firms owing to better infrastructure and the completion of a number of high profile projects for instance, KAFD, Rafal Tower, and PNU. Some of the major factors influencing Riyadh office space are strong government initiatives, emergence of international companies in Riyadh, positive economic development, increase in women workforce, location factor, expat exodus or Saudization, and physical conditions of office premises.
Supply and Demand Assessment in Riyadh
The office market in Riyadh was subdued in the first quarter of 2019, but is expected to pick up from the next quarter backed by the government initiatives to promote participation and investment of private sector in the country’s economy. The government is looking forward to extend support to more small and medium enterprises for its growth. The announcement of developing first Special Economic Zones (SEZ’s) in Riyadh which is to be situated in King Khalid International Airport is another step taken by the government to attract multinational companies to Riyadh. Premium office spaces are in high demand as they offer several additional amenities and are located in the center of city. Rent for grade B offices are reducing over the years due to falling demand for grade B offices. Riyadh will witness an evolution of product offerings across its office market. The supply for office spaces have been consistently increasing over the years to accommodate increasing number companies in Riyadh. However, the supply has always been ahead due to subdued demand of occupiers. The excess supply has not only affected the occupancy rate starkly but has also affected the developers indirectly by putting pressure on decreasing rents.
Market Insight and Performance
In terms of performance, market wide rents and occupancy levels have been under pressure since 2016, with the trend continuing into 2018 amid increasing levels of supply and subdued occupier demand. There had been improvement in business sentiment in 2018 with rents and occupancy likely to remain under pressure as increased demand has met with new supply. Vacancy rates therefore were expected to rise placing downward pressure on rents. In this context, it has been witnessed that landlords will continue offering incentives in order to maintain occupancy levels amid an increasingly competitive market.
Average Rental Rates by Segments
The average rentals of offices spaces are influenced by a number of factors such as location, connectivity with other parts of the city, company size and budget of the company. The financial status of the company clearly determines the location preference and their office layout preferences. The decline in the rent of offices is majorly due to lack of supply for premium offices. Grade-A office rents are also underpinned due to shortage in supply. The grade B offices are not tenant friendly and are not preferred due to difficulty of accessibility and lack of parking space and would continue to decline. The lease and rent norms are very stringent and do not provide flexibility hence there was a consistent decline in the average rents of office spaces.
Average Occupancy Rate by Region
The occupancy rates of offices in Riyadh are influenced by a number of factors such as location, commercial activities around the location, ease in commutation and special amenities. The supply and demand disparity in the market has further fueled the occupancy rates to remain stable throughout 2018. A number of high profile occupiers are upgrading to premium offices but the market wide demand of offices in Riyadh is stable. Locations such as King Fahd Road, Eastern Ring Road and Olaya streets are found to have higher occupancy rates because of the premium infrastructure and higher commercial activities available around those areas.
Case Studies of Major Office Projects in Riyadh
Majority of the office projects in Riyadh were observed in their developing phase however, the competition scenario is anticipated to change in the near future along with the expected entry of new players in the city’s office market. Factors such as government push, emergence of international companies in Riyadh, positive economic development, and increase in women workforce, are expected to create a positive impact on the market. Some of major office projects operating in Riyadh include Home Office, The Elite Center, Motoon Commercial Towers, The Cube, Aknaz Center which compete on the basis of various parameters including total build up area, total leasable area, average annual rental rates, number of offices, number of floors, average occupancy rate, number of office units and type of facilities and amenities available in the office.
Riyadh Office Market Future Outlook
The Return on Investment (ROI) over a commercial property is highly dependent on the type of office stock. There has been a situation of excess supply in the market. As a result of which, a decent return can be expected out of investing in premium class and Grade A properties however, investing in Grade B and B+ properties can incur losses. Apart from that, additional office supply from major office projects particularly the KAFD (King Abdullah Financial District) is expected to enter and increase the supply in the near future.

Key Segments Covered:
Type of Office Units
Premium
Grade A
Grade B
Others

Region
Northern Riyadh
Central Riyadh
Eastern Riyadh
Western Riyadh
Southern Riyadh

Key Target Audience:
Real Estate Developers
Independent Architects
Government Associations
Government Agencies
Independent Investors
Real Estate Consulting Companies

Time Period Captured in the Report:
Historical Period – 2013-2018
Forecast Period – 2019-2023

Office Project Case Studies Covered:
Home Office
The Elite Center
Motoon Commercial Towers
The Cube
Aknaz Center

Key Topics Covered in the Report
Riyadh City Review
Factors Influencing Riyadh Residential Market
Supply and Demand Assessment in Riyadh by Segment (Premium, Grade A and Grade B), 2013-2023E
Market Insight and Performance
Average Rental Rate of Offices in Riyadh
Average Occupancy rates of Offices
Riyadh Office Market Future Outlook, Opportunities And Development Trends
Recommendations For Riyadh Office Market
Riyadh Office Market Future Outlook (Is Investment Profitable Or Not?)
Key Features and Characteristics of Offices in Riyadh
Key Expected Upcoming Office Projects In Riyadh City
Case Studies Of Major Office Complexes In Riyadh
Cross Comparison Within Major Office Properties In Riyadh
Heat Map Analysis For Riyadh Office Complexes

1.Executive Summary2.Research Methodology2.1.Market Definitions2.2.Abbreviations2.3.Market Sizing and ModelingConsolidated Research Approach3.Riyadh Office Market Overview3.1.Riyadh City Overview3.2.Mega Construction and Infrastructure Projects3.3.Dynamism in the Market3.4.Government’s Impetus towards Commercial Sector3.5.Economic Performance3.6.Higher Women Participation3.7.Tenant Preferences4.Factors Influencing Riyadh Office Market4.1.Strong Government Initiatives4.2.Emergence of International Companies4.3.Positive Economic Development4.4.Increase In Women Workforce4.5.Expat Exodus from the KSA4.6.Location Factor4.7.Physical Conditions Of The Office Premises5.Supply and Demand Assessment Of Office Market in Riyadh, 2018-2023ECurrent and Future Market Demand, 2013-2023Current and Future Market Supply, 2018-2023EOversupply of Offices In Riyadh6.Riyadh Office Market Insight and Performance6.1.Performance of Premium and Grade A Offices6.2.Performance of Grade B and B+ Offices7.Average Rental Rates of Offices in Riyadh8.Average Occupancy Rates of Offices in Riyadh9.Riyadh Office Market Future Outlook, Opportunities and Development TrendsGovernment InitiativesFuture Upcoming TrendsChanging Tenant PreferencesShift in the Approach10.Recommendations for Riyadh Office MarketWhat Gaps Exist in Riyadh Office Market?11.Riyadh Office Market Future Outlook (Is Investment Profitable or Not?)Is Investment Profitable or Not?Investment Opportunities – by Stock TypeInvestment Opportunities – by LocationDifference between Return of Investment (ROI) – New Property Construction vs RenovationOther Commercial Activities12.Key Features and Characteristics of Offices in Saudi Arabia13.Key Expected Upcoming Office Projects in Riyadh City14.Case Studies of Major Office Complexes in Riyadh14.1.Home Office14.2.The Elite Centre14.3.Motoon Commercial Towers14.4.The Cube14.5.Aknaz Centre15.Competitive Analysis of Case Studies15.1.Cross Comparison within Major Office Properties in Riyadh15.2.Heat Map Analysis for Riyadh Office ComplexesDisclaimerContact Us
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Table Of Content

Scope

1. Executive Summary
2. Research Methodology
2.1. Market Definitions
2.2. Abbreviations
2.3. Market Sizing and Modeling
Consolidated Research Approach

3. Riyadh Office Market Overview
3.1. Riyadh City Overview
3.2. Mega Construction and Infrastructure Projects
3.3. Dynamism in the Market
3.4. Government’s Impetus towards Commercial Sector
3.5. Economic Performance
3.6. Higher Women Participation
3.7. Tenant Preferences

4. Factors Influencing Riyadh Office Market
4.1. Strong Government Initiatives
4.2. Emergence of International Companies
4.3. Positive Economic Development
4.4. Increase In Women Workforce
4.5. Expat Exodus from the KSA
4.6. Location Factor
4.7. Physical Conditions Of The Office Premises

5. Supply and Demand Assessment Of Office Market in Riyadh, 2018-2023E
Current and Future Market Demand, 2013-2023
Current and Future Market Supply, 2018-2023E
Oversupply of Offices In Riyadh

6. Riyadh Office Market Insight and Performance
6.1. Performance of Premium and Grade A Offices
6.2. Performance of Grade B and B+ Offices

7. Average Rental Rates of Offices in Riyadh

8. Average Occupancy Rates of Offices in Riyadh


9. Riyadh Office Market Future Outlook, Opportunities and Development Trends

Government Initiatives
Future Upcoming Trends
Changing Tenant Preferences
Shift in the Approach

10. Recommendations for Riyadh Office Market

What Gaps Exist in Riyadh Office Market?

11. Riyadh Office Market Future Outlook (Is Investment Profitable or Not?)

Is Investment Profitable or Not?
Investment Opportunities – by Stock Type
Investment Opportunities – by Location
Difference between Return of Investment (ROI) – New Property Construction vs Renovation
Other Commercial Activities

12. Key Features and Characteristics of Offices in Saudi Arabia


13. Key Expected Upcoming Office Projects in Riyadh City


14. Case Studies of Major Office Complexes in Riyadh
14.1. Home Office
14.2. The Elite Centre
14.3. Motoon Commercial Towers
14.4. The Cube
14.5. Aknaz Centre

15. Competitive Analysis of Case Studies

15.1. Cross Comparison within Major Office Properties in Riyadh
15.2. Heat Map Analysis for Riyadh Office Complexes
Disclaimer
Contact Us


List Of Figure

Figure 3-1: Non-Saudi Population of Riyadh City and Growth Rate in Percentage (%), 2015-2018
Figure 4-1: Riyadh Office Market Demand by End Users on the Basis of Demand for Office Space in Percentage (%), 2018
Figure 4-2: Riyadh Office Market Demand by End Users on the Basis of Demand for Office Space in SQM, 2018
Figure 4-3: Riyadh Office Market Supply by Type of Office Stock on the Basis of Supply for Office Space in Percentage (%), 2018
Figure 4-4: Riyadh Office Market Supply by Type of Office Stock on the Basis of Supply for Office Space in SQM, 2018
Figure 4-5: Oversupply of Office Space in Riyadh on the basis of Total Gross Leasable Area in Square Meter, 2013-2023E
Figure 4-6: Supply-Demand Gap in Office Market of Riyadh with Oversupply/Excess Demand Situation, 2013, 2018 and 2023
Figure 7-1: Average Occupancy Rates of Office Market in Riyadh, 2013-2018
Figure 13-1: Premises Layout of Home Office (Building 16)
Figure 13-2: Ground Floor Layout of Home Office (Building 16)
Figure 13-3: First Floor Layout of Home Office (Building 16)
Figure 13-4: Second Floor Layout of Home Office (Building 16)
Figure 13-5: Office Perspectives of Home Office (Office 16)
Figure 13-6: Services, Facilities and Amenities at Home Office (Restaurants, Spa, Health Club, and Swimming Pool)
-Figure 13-7: Boutique Hotel at Home Office
Figure 13-8: Meeting Room at Home Office
Figure 13-9: Property View at Home Office
Figure 13-10: Property View at Home Office
Figure 13-11: Bird Eye View at Home Office
Figure 13-12: Front View of Elite Centre
Figure 13-13: Project Accessibility of the Elite Center
Figure 13-14: Ground Floor Layout (Food and Beverage Shops) of Elite Centre
Figure 13-15: Mezzanine Floor Layout of Elite Centre
Figure 13-16: First Floor Layout of Elite Centre
Figure 13-17: Second Floor Layout of Elite Centre
Figure 13-18: Basement Layout of Elite Centre
Figure 13-19: Project Site Location for the Elite Center
Figure 13-20: Site Location for Elite Center
Figure 13-21: Layout of Motoon Commercial Towers
Figure 13-22: Layout of Motoon Commercial Towers
Figure 13-23: Layout of Motoon Commercial Towers (Car Parking Area)
Figure 13-24: Layout of Motoon Commercial Towers (Car Parking Area)
Figure 13-25: Site Map of the Cube
Figure 13-26: Layout of Grand Floor of the Cube
Figure 13-27: Layout of the Mezzanine of the Cube
Figure 13-28: Layout of First Floor of the Cube
Figure 13-29: Layout of Second Floor of the Cube
Figure 13-30: Layout of Main Parking Area at Cube
Figure 13-31: Layout of Ground Floor of Aknaz Centre
Figure 13-32: Layout of First Floor of Aknaz Centre
Figure 13-33: Layout for Second Floor of Aknaz Centre
Figure 13-34: Images of Aknaz Center
Figure 14-1: Cross Comparison of Services and Amenities provided by Major Office Properties on the Basis of Total Number of Offices in Percentage (%) as of 31st December 2018


List Of Table

Table 2-1: Major Construction and Infrastructure Projects in the Saudi Arabia Including Project Name, Location, Budget in USD Billion and Description for the year ending 2019-2025
Table 3-1: Factors Influencing Riyadh Office Market and their Impact
Table 3-2: FDI Investment Scenario in Saudi Arabia, 2015-2017
Table 3-3: Population of Saudi Arabia by Saudi Nationals and Non-Saudi, 2015-2018
Table 6-1: Average Annual Rental Rates of Grade A Offices and Grade B Offices in Riyadh SAR/SQM as of 31st December 2018
Table 6-2: Average Annual Rental Rates of Grade B Offices and Grade B+ Offices in Riyadh in SAR/SQM as of 31st December 2018
Table 8-1: Future Trends and Expected Impact on Riyadh Office Market
Table 8-2: Future Development Trends in Riyadh Office Market
Table 8-3: Future Growth Drivers in Riyadh Office Market
Table 9-1: Recommendations for Riyadh Office Market
Table 11-1: Typical Characteristics of Offices in Saudi Arabia Including Property Name, Property Description and Property Features, 2019
Table 12-1: Key Expected Upcoming Office Projects in Riyadh City Including Project Name and Project Description
Table 13-1: Case Study of Home Office Including Overview of Home Office, Total Area, Total Number of Floors, Total Number of Buildings, Total Number of Offices, Total Leasable Area, Office/ Showroom Area, Type of Facilities and Amenities Available in the Office and Annual Rental Rate
Table 13-2: Case Study of The Elite Center Including Overview of Elite Centre, Total Land Area, as of December 31st 2018, Total Leasable Area, as of December 31st 2018, Total Built Up Area, as of December 31st 2018, Number of Units, as of December 31st 2018, Number of Parking, as of December 31st 2018, Elevators, Gas Tanks, Total Number of Floors, as of December 31st 2018, Features, Type of Facilities and Amenities Available in the Office, Annual Rental Rate, Occupancy Rate, as of June 15th 2018, Terms and Conditions and Commission and Admin Fees
Table 13-3: Case Study of Motoon Commercial Tower Including Overview of Motoon Commercial Tower, Total Build Up Area, as of December 31st 2018, Total Area, as of December 31st 2018, Total Office Area, as of December 31st 2018, Total Number of Floors, as of December 31st 2018, Total Number of Buildings, as of December 31st 2018 , Number of Car Parking Floors, Total Number of Offices, as of December 31st 2018 , Office/ Showroom Area, Type of Facilities and Amenities Available in the Office, Annual Rental Rate, as of June 2nd 2018 and Occupancy Rate, as of June 10th 2019
Table 13-4: Case Study of the Cube Including Overview of the Cube, Total Built Up Area, as of December 31st 2018, Total Number of Floors, as of December 31st 2018, Total Number of Offices/ Showrooms, as of December 31st 2018, Total Leasable Area, as of December 31st 2018, Office/ Showroom Area, Type of Facilities and Amenities Available in the Office, Annual Rental Rate and Occupancy Rate, as of June 10th 2019
Table 13-5: Case Study of Aknaz Center Including Overview of Aknaz Centre, Total Area, as of December 31st 2018, Total Number of Floors, as of December 31st 2018, Total Number of Offices, as of December 31st 2018, Floor Plan, Total Leasable Area, as of December 31st 2018, Type of Facilities and Amenities Available in the Office and Annual Rental Rate, as of June 9th 2019
Table 14-1: Cross Comparison of Office Complexes in Riyadh (Home Office, The Elite Center, Motoon Commercial Tower, The Cube and Aknaz Centre) on the Basis of Total Land Area (Sqm), Number of Floors, Number of offices, Total Leasable Area (Sqm), Total Office Area (Sqm), Total Showroom Area (Sqm) and Annual Rental Rates/ sq meter (SAR)
Table 14-2: Heat Map Analysis for Riyadh Office Complexes

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Products and Companies

Products

Type of Office Units(Premium,Grade A,Grade B,Others),Region(Northern Riyadh,Central Riyadh,Eastern Riyadh,Western Riyadh,Southern Riyadh),Key Target Audience(Real Estate Developers,Independent Architects,Government Associations,Government Agencies,Independent Investors,Real Estate Consulting Companies)


Companies

Home Office,The Elite Center,Motoon Commercial Towers,The Cube,Aknaz Center

The report titled "Riyadh Office Market Outlook to 2023 - Improving Oversupply Environment Driven by Rise in Demand for Premium Office Space and Upcoming Completion of Smart City and Office Projects" provides information on overview of the overview of Riyadh city, factors influencing the Riyadh office market, supply and demand assessment of office market in Riyadh by segment (premium, grade A, grade B), market insight and performance, average rental rates by segments, average occupancy rate by region, typical characteristics of offices in Riyadh. The report also includes competitive analysis of offices in the Riyadh city and key features and characteristics of office sector in Riyadh. The report concludes with the future outlook, opportunities and future development trends; future landscape of office sector and investment opportunities in this sector; and with key expected upcoming office building projects in the Riyadh.

Riyadh Office Market
Infrastructure development trends over the past few years in Riyadh indicates that the capital city is growing towards the Northern areas, where the properties have the highest sale prices and experience faster absorption rates. The Eastern region of Riyadh can be utilized for office purposes as the sale prices are lower in the East of Riyadh along with potential absorption for new developments thus, indicating strong demand for this area. The North of Riyadh is evaluated with highest sale prices along highest absorption rates for office spaces including government and private firms owing to better infrastructure and the completion of a number of high profile projects for instance, KAFD, Rafal Tower, and PNU. Some of the major factors influencing Riyadh office space are strong government initiatives, emergence of international companies in Riyadh, positive economic development, increase in women workforce, location factor, expat exodus or Saudization, and physical conditions of office premises.
Supply and Demand Assessment in Riyadh
The office market in Riyadh was subdued in the first quarter of 2019, but is expected to pick up from the next quarter backed by the government initiatives to promote participation and investment of private sector in the country’s economy. The government is looking forward to extend support to more small and medium enterprises for its growth. The announcement of developing first Special Economic Zones (SEZ’s) in Riyadh which is to be situated in King Khalid International Airport is another step taken by the government to attract multinational companies to Riyadh. Premium office spaces are in high demand as they offer several additional amenities and are located in the center of city. Rent for grade B offices are reducing over the years due to falling demand for grade B offices. Riyadh will witness an evolution of product offerings across its office market. The supply for office spaces have been consistently increasing over the years to accommodate increasing number companies in Riyadh. However, the supply has always been ahead due to subdued demand of occupiers. The excess supply has not only affected the occupancy rate starkly but has also affected the developers indirectly by putting pressure on decreasing rents.
Market Insight and Performance
In terms of performance, market wide rents and occupancy levels have been under pressure since 2016, with the trend continuing into 2018 amid increasing levels of supply and subdued occupier demand. There had been improvement in business sentiment in 2018 with rents and occupancy likely to remain under pressure as increased demand has met with new supply. Vacancy rates therefore were expected to rise placing downward pressure on rents. In this context, it has been witnessed that landlords will continue offering incentives in order to maintain occupancy levels amid an increasingly competitive market.
Average Rental Rates by Segments
The average rentals of offices spaces are influenced by a number of factors such as location, connectivity with other parts of the city, company size and budget of the company. The financial status of the company clearly determines the location preference and their office layout preferences. The decline in the rent of offices is majorly due to lack of supply for premium offices. Grade-A office rents are also underpinned due to shortage in supply. The grade B offices are not tenant friendly and are not preferred due to difficulty of accessibility and lack of parking space and would continue to decline. The lease and rent norms are very stringent and do not provide flexibility hence there was a consistent decline in the average rents of office spaces.
Average Occupancy Rate by Region
The occupancy rates of offices in Riyadh are influenced by a number of factors such as location, commercial activities around the location, ease in commutation and special amenities. The supply and demand disparity in the market has further fueled the occupancy rates to remain stable throughout 2018. A number of high profile occupiers are upgrading to premium offices but the market wide demand of offices in Riyadh is stable. Locations such as King Fahd Road, Eastern Ring Road and Olaya streets are found to have higher occupancy rates because of the premium infrastructure and higher commercial activities available around those areas.
Case Studies of Major Office Projects in Riyadh
Majority of the office projects in Riyadh were observed in their developing phase however, the competition scenario is anticipated to change in the near future along with the expected entry of new players in the city’s office market. Factors such as government push, emergence of international companies in Riyadh, positive economic development, and increase in women workforce, are expected to create a positive impact on the market. Some of major office projects operating in Riyadh include Home Office, The Elite Center, Motoon Commercial Towers, The Cube, Aknaz Center which compete on the basis of various parameters including total build up area, total leasable area, average annual rental rates, number of offices, number of floors, average occupancy rate, number of office units and type of facilities and amenities available in the office.
Riyadh Office Market Future Outlook
The Return on Investment (ROI) over a commercial property is highly dependent on the type of office stock. There has been a situation of excess supply in the market. As a result of which, a decent return can be expected out of investing in premium class and Grade A properties however, investing in Grade B and B+ properties can incur losses. Apart from that, additional office supply from major office projects particularly the KAFD (King Abdullah Financial District) is expected to enter and increase the supply in the near future.

Key Segments Covered:
Type of Office Units
Premium
Grade A
Grade B
Others

Region
Northern Riyadh
Central Riyadh
Eastern Riyadh
Western Riyadh
Southern Riyadh

Key Target Audience:
Real Estate Developers
Independent Architects
Government Associations
Government Agencies
Independent Investors
Real Estate Consulting Companies

Time Period Captured in the Report:
Historical Period – 2013-2018
Forecast Period – 2019-2023

Office Project Case Studies Covered:
Home Office
The Elite Center
Motoon Commercial Towers
The Cube
Aknaz Center

Key Topics Covered in the Report
Riyadh City Review
Factors Influencing Riyadh Residential Market
Supply and Demand Assessment in Riyadh by Segment (Premium, Grade A and Grade B), 2013-2023E
Market Insight and Performance
Average Rental Rate of Offices in Riyadh
Average Occupancy rates of Offices
Riyadh Office Market Future Outlook, Opportunities And Development Trends
Recommendations For Riyadh Office Market
Riyadh Office Market Future Outlook (Is Investment Profitable Or Not?)
Key Features and Characteristics of Offices in Riyadh
Key Expected Upcoming Office Projects In Riyadh City
Case Studies Of Major Office Complexes In Riyadh
Cross Comparison Within Major Office Properties In Riyadh
Heat Map Analysis For Riyadh Office Complexes

1.Executive Summary2.Research Methodology2.1.Market Definitions2.2.Abbreviations2.3.Market Sizing and ModelingConsolidated Research Approach3.Riyadh Office Market Overview3.1.Riyadh City Overview3.2.Mega Construction and Infrastructure Projects3.3.Dynamism in the Market3.4.Government’s Impetus towards Commercial Sector3.5.Economic Performance3.6.Higher Women Participation3.7.Tenant Preferences4.Factors Influencing Riyadh Office Market4.1.Strong Government Initiatives4.2.Emergence of International Companies4.3.Positive Economic Development4.4.Increase In Women Workforce4.5.Expat Exodus from the KSA4.6.Location Factor4.7.Physical Conditions Of The Office Premises5.Supply and Demand Assessment Of Office Market in Riyadh, 2018-2023ECurrent and Future Market Demand, 2013-2023Current and Future Market Supply, 2018-2023EOversupply of Offices In Riyadh6.Riyadh Office Market Insight and Performance6.1.Performance of Premium and Grade A Offices6.2.Performance of Grade B and B+ Offices7.Average Rental Rates of Offices in Riyadh8.Average Occupancy Rates of Offices in Riyadh9.Riyadh Office Market Future Outlook, Opportunities and Development TrendsGovernment InitiativesFuture Upcoming TrendsChanging Tenant PreferencesShift in the Approach10.Recommendations for Riyadh Office MarketWhat Gaps Exist in Riyadh Office Market?11.Riyadh Office Market Future Outlook (Is Investment Profitable or Not?)Is Investment Profitable or Not?Investment Opportunities – by Stock TypeInvestment Opportunities – by LocationDifference between Return of Investment (ROI) – New Property Construction vs RenovationOther Commercial Activities12.Key Features and Characteristics of Offices in Saudi Arabia13.Key Expected Upcoming Office Projects in Riyadh City14.Case Studies of Major Office Complexes in Riyadh14.1.Home Office14.2.The Elite Centre14.3.Motoon Commercial Towers14.4.The Cube14.5.Aknaz Centre15.Competitive Analysis of Case Studies15.1.Cross Comparison within Major Office Properties in Riyadh15.2.Heat Map Analysis for Riyadh Office ComplexesDisclaimerContact Us
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Scope

1. Executive Summary
2. Research Methodology
2.1. Market Definitions
2.2. Abbreviations
2.3. Market Sizing and Modeling
Consolidated Research Approach

3. Riyadh Office Market Overview
3.1. Riyadh City Overview
3.2. Mega Construction and Infrastructure Projects
3.3. Dynamism in the Market
3.4. Government’s Impetus towards Commercial Sector
3.5. Economic Performance
3.6. Higher Women Participation
3.7. Tenant Preferences

4. Factors Influencing Riyadh Office Market
4.1. Strong Government Initiatives
4.2. Emergence of International Companies
4.3. Positive Economic Development
4.4. Increase In Women Workforce
4.5. Expat Exodus from the KSA
4.6. Location Factor
4.7. Physical Conditions Of The Office Premises

5. Supply and Demand Assessment Of Office Market in Riyadh, 2018-2023E
Current and Future Market Demand, 2013-2023
Current and Future Market Supply, 2018-2023E
Oversupply of Offices In Riyadh

6. Riyadh Office Market Insight and Performance
6.1. Performance of Premium and Grade A Offices
6.2. Performance of Grade B and B+ Offices

7. Average Rental Rates of Offices in Riyadh

8. Average Occupancy Rates of Offices in Riyadh


9. Riyadh Office Market Future Outlook, Opportunities and Development Trends

Government Initiatives
Future Upcoming Trends
Changing Tenant Preferences
Shift in the Approach

10. Recommendations for Riyadh Office Market

What Gaps Exist in Riyadh Office Market?

11. Riyadh Office Market Future Outlook (Is Investment Profitable or Not?)

Is Investment Profitable or Not?
Investment Opportunities – by Stock Type
Investment Opportunities – by Location
Difference between Return of Investment (ROI) – New Property Construction vs Renovation
Other Commercial Activities

12. Key Features and Characteristics of Offices in Saudi Arabia


13. Key Expected Upcoming Office Projects in Riyadh City


14. Case Studies of Major Office Complexes in Riyadh
14.1. Home Office
14.2. The Elite Centre
14.3. Motoon Commercial Towers
14.4. The Cube
14.5. Aknaz Centre

15. Competitive Analysis of Case Studies

15.1. Cross Comparison within Major Office Properties in Riyadh
15.2. Heat Map Analysis for Riyadh Office Complexes
Disclaimer
Contact Us


List Of Figure

Figure 3-1: Non-Saudi Population of Riyadh City and Growth Rate in Percentage (%), 2015-2018
Figure 4-1: Riyadh Office Market Demand by End Users on the Basis of Demand for Office Space in Percentage (%), 2018
Figure 4-2: Riyadh Office Market Demand by End Users on the Basis of Demand for Office Space in SQM, 2018
Figure 4-3: Riyadh Office Market Supply by Type of Office Stock on the Basis of Supply for Office Space in Percentage (%), 2018
Figure 4-4: Riyadh Office Market Supply by Type of Office Stock on the Basis of Supply for Office Space in SQM, 2018
Figure 4-5: Oversupply of Office Space in Riyadh on the basis of Total Gross Leasable Area in Square Meter, 2013-2023E
Figure 4-6: Supply-Demand Gap in Office Market of Riyadh with Oversupply/Excess Demand Situation, 2013, 2018 and 2023
Figure 7-1: Average Occupancy Rates of Office Market in Riyadh, 2013-2018
Figure 13-1: Premises Layout of Home Office (Building 16)
Figure 13-2: Ground Floor Layout of Home Office (Building 16)
Figure 13-3: First Floor Layout of Home Office (Building 16)
Figure 13-4: Second Floor Layout of Home Office (Building 16)
Figure 13-5: Office Perspectives of Home Office (Office 16)
Figure 13-6: Services, Facilities and Amenities at Home Office (Restaurants, Spa, Health Club, and Swimming Pool)
-Figure 13-7: Boutique Hotel at Home Office
Figure 13-8: Meeting Room at Home Office
Figure 13-9: Property View at Home Office
Figure 13-10: Property View at Home Office
Figure 13-11: Bird Eye View at Home Office
Figure 13-12: Front View of Elite Centre
Figure 13-13: Project Accessibility of the Elite Center
Figure 13-14: Ground Floor Layout (Food and Beverage Shops) of Elite Centre
Figure 13-15: Mezzanine Floor Layout of Elite Centre
Figure 13-16: First Floor Layout of Elite Centre
Figure 13-17: Second Floor Layout of Elite Centre
Figure 13-18: Basement Layout of Elite Centre
Figure 13-19: Project Site Location for the Elite Center
Figure 13-20: Site Location for Elite Center
Figure 13-21: Layout of Motoon Commercial Towers
Figure 13-22: Layout of Motoon Commercial Towers
Figure 13-23: Layout of Motoon Commercial Towers (Car Parking Area)
Figure 13-24: Layout of Motoon Commercial Towers (Car Parking Area)
Figure 13-25: Site Map of the Cube
Figure 13-26: Layout of Grand Floor of the Cube
Figure 13-27: Layout of the Mezzanine of the Cube
Figure 13-28: Layout of First Floor of the Cube
Figure 13-29: Layout of Second Floor of the Cube
Figure 13-30: Layout of Main Parking Area at Cube
Figure 13-31: Layout of Ground Floor of Aknaz Centre
Figure 13-32: Layout of First Floor of Aknaz Centre
Figure 13-33: Layout for Second Floor of Aknaz Centre
Figure 13-34: Images of Aknaz Center
Figure 14-1: Cross Comparison of Services and Amenities provided by Major Office Properties on the Basis of Total Number of Offices in Percentage (%) as of 31st December 2018


List Of Table

Table 2-1: Major Construction and Infrastructure Projects in the Saudi Arabia Including Project Name, Location, Budget in USD Billion and Description for the year ending 2019-2025
Table 3-1: Factors Influencing Riyadh Office Market and their Impact
Table 3-2: FDI Investment Scenario in Saudi Arabia, 2015-2017
Table 3-3: Population of Saudi Arabia by Saudi Nationals and Non-Saudi, 2015-2018
Table 6-1: Average Annual Rental Rates of Grade A Offices and Grade B Offices in Riyadh SAR/SQM as of 31st December 2018
Table 6-2: Average Annual Rental Rates of Grade B Offices and Grade B+ Offices in Riyadh in SAR/SQM as of 31st December 2018
Table 8-1: Future Trends and Expected Impact on Riyadh Office Market
Table 8-2: Future Development Trends in Riyadh Office Market
Table 8-3: Future Growth Drivers in Riyadh Office Market
Table 9-1: Recommendations for Riyadh Office Market
Table 11-1: Typical Characteristics of Offices in Saudi Arabia Including Property Name, Property Description and Property Features, 2019
Table 12-1: Key Expected Upcoming Office Projects in Riyadh City Including Project Name and Project Description
Table 13-1: Case Study of Home Office Including Overview of Home Office, Total Area, Total Number of Floors, Total Number of Buildings, Total Number of Offices, Total Leasable Area, Office/ Showroom Area, Type of Facilities and Amenities Available in the Office and Annual Rental Rate
Table 13-2: Case Study of The Elite Center Including Overview of Elite Centre, Total Land Area, as of December 31st 2018, Total Leasable Area, as of December 31st 2018, Total Built Up Area, as of December 31st 2018, Number of Units, as of December 31st 2018, Number of Parking, as of December 31st 2018, Elevators, Gas Tanks, Total Number of Floors, as of December 31st 2018, Features, Type of Facilities and Amenities Available in the Office, Annual Rental Rate, Occupancy Rate, as of June 15th 2018, Terms and Conditions and Commission and Admin Fees
Table 13-3: Case Study of Motoon Commercial Tower Including Overview of Motoon Commercial Tower, Total Build Up Area, as of December 31st 2018, Total Area, as of December 31st 2018, Total Office Area, as of December 31st 2018, Total Number of Floors, as of December 31st 2018, Total Number of Buildings, as of December 31st 2018 , Number of Car Parking Floors, Total Number of Offices, as of December 31st 2018 , Office/ Showroom Area, Type of Facilities and Amenities Available in the Office, Annual Rental Rate, as of June 2nd 2018 and Occupancy Rate, as of June 10th 2019
Table 13-4: Case Study of the Cube Including Overview of the Cube, Total Built Up Area, as of December 31st 2018, Total Number of Floors, as of December 31st 2018, Total Number of Offices/ Showrooms, as of December 31st 2018, Total Leasable Area, as of December 31st 2018, Office/ Showroom Area, Type of Facilities and Amenities Available in the Office, Annual Rental Rate and Occupancy Rate, as of June 10th 2019
Table 13-5: Case Study of Aknaz Center Including Overview of Aknaz Centre, Total Area, as of December 31st 2018, Total Number of Floors, as of December 31st 2018, Total Number of Offices, as of December 31st 2018, Floor Plan, Total Leasable Area, as of December 31st 2018, Type of Facilities and Amenities Available in the Office and Annual Rental Rate, as of June 9th 2019
Table 14-1: Cross Comparison of Office Complexes in Riyadh (Home Office, The Elite Center, Motoon Commercial Tower, The Cube and Aknaz Centre) on the Basis of Total Land Area (Sqm), Number of Floors, Number of offices, Total Leasable Area (Sqm), Total Office Area (Sqm), Total Showroom Area (Sqm) and Annual Rental Rates/ sq meter (SAR)
Table 14-2: Heat Map Analysis for Riyadh Office Complexes

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Products

Type of Office Units(Premium,Grade A,Grade B,Others),Region(Northern Riyadh,Central Riyadh,Eastern Riyadh,Western Riyadh,Southern Riyadh),Key Target Audience(Real Estate Developers,Independent Architects,Government Associations,Government Agencies,Independent Investors,Real Estate Consulting Companies)


Companies

Home Office,The Elite Center,Motoon Commercial Towers,The Cube,Aknaz Center

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