Riyadh Office Real Estate Market by Major Projects (Elegance Tower, Al Saedan Towers, Tijan Plaza, Hamad Tower, Tatweer Tower) - Outlook to 2021

Riyadh Office Real Estate Market by Major Projects (Elegance Tower, Al Saedan Towers, Tijan Plaza, Hamad Tower, Tatweer Tower) - Outlook to 2021


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Executive Summary

The report titled "Riyadh Office Real Estate Market by Major Projects (Elegance Tower, Al Saedan Towers, Tijan Plaza, Hamad Tower, Tatweer Tower) - Outlook to 2021" provides a comprehensive analysis of Riyadh office real estate market. The report focuses on the overall market size by supply and demand, supply and demand gap analysis, market segmentation by major areas, average rental rates and future outlook by demand and supply. The report also covers a snapshot on Saudi Arabia office real estate market and key factors influencing the Saudi Arabia office real estate market. The report concludes with analyst recommendation for various participants in the industry and case study of major office complexes in the city.

Saudi Arabia Office Real Estate Market
Government’s aim to diversify the economy has attracted the development of manufacturing and services sector to open their businesses in Saudi Arabia creating a substantial demand for office spaces in the country. Programs such as Vision 2030 were launched in April 2016 and National Transformation Program (NTP) was launched in June 2016 with an aim to develop different sectors of the economy and country is expected to give positive boost to the economy. Riyadh will continue to lead the office real estate market in Saudi Arabia followed by Jeddah.

Factors Influencing the Sector of Office Space Demand in Saudi Arabia
Declining contribution of oil and gas sector mainly due to fall in oil prices has forced the government to look for other alternatives that can help in sustaining the economy. During 2012 to 2016 the share of GDP contribution from mining of crude petroleum and natural gas declined from ~% in 2012 to ~% in 2016 mainly due to fall in prices in the global market. The number of people employed in services sector increased from ~ million in 2012 to ~ million in 2016 registering a constant increase in number of people in services sector thus creating additional demand for office space. There has been constant rise in the number of industrial units operating in Saudi Arabia increasing from ~ units in 2012 to ~ units in 2016.

Riyadh Office Real Estate market
The total office real estate supply in Riyadh increased from ~ million square meters during 2013 to ~ million square meters of gross leasing area during 2016, registering a CAGR of ~% during the same period. Demand during the same period was lower than the supply. Total occupied office space increased from ~ million square meters during 2013 to approximately ~ million square meters during 2016, achieving a CAGR of ~% during the same period. Completion of Alajlan Tower (~ Sq m) and Al Tamaiouz Tower (~ Sqm), Olaya towers, MIG tower made significant contribution during the estimation period of 2013-2016. Constant oversupply in the market has made the rental stay stable.

Average Rental Rates in Riyadh Office Real Estate Market
The rental rate charged by office real estate developers in Riyadh varies across different building categories as well as location. It is evident that average rental rates across major business streets such as King Fahad road and Olaya Street are much higher because of better location and infrastructure facilities. Within these areas, the rent may vary depending on net area under lease, whether the company is private or government owned as well as type of company. As reported at the end of March 2013 rental rates were SAR ~ for Grade B offices and SAR ~ in Grade A office buildings. Rental rate at the end of 2016 was estimated at the average value of SAR ~. Rentals were lowest in Ayesha bint Abu Bakkar road and maximum on Northern ring road.

Riyadh Office real Estate Market Segmentation by Location
Central Business District was the key offices real estate market in Riyadh accounting for ~% (~ Sqm) of the net GLA available for leasing and renting in 2016. Occupancy rate was among the highest with an estimated ~% of the total supply being under lease. Most of the office buildings are located in close proximity to King Fahad Road and Olaya Road. The city core area supply ~% of the GLA with the average rentals in the city core which comprises locations like King Saud Road, Salahuddin Ayoubi Road range between SAR ~ to SAR ~ per square meter. The northern part has emerged as the new region for developing office spaces in the Riyadh. In 2016, only ~% of the office spaces in Riyadh were located in this area however many new upcoming projects including KAFD and ITCC are located in this area. Others include the suburban and small business areas which mostly cater to the local demand of the city. These include offices of local businesses and SME’s. Together they account for ~% of GLA supply in the city

Future Outlook to Office Demand and Supply Market in Riyadh
Supply of office real estate is expected to increase from ~ million square meters in 2017 to ~ million square meters in 2019 which will further rise to ~ million square meter in 2021. Completion of Riyadh metro will make north a more attractive option for new and upcoming offices. It is expected that completion of KAFD, ITCC and Nakhla tower will add an estimated ~ million square meter. This will make the northern part of Riyadh a key office destination replacing CBD. Majority of the office space developed in this area is of the A and B type. Governments plan to cut down the staff by ~% may have negative impact on the Riyadh office space market, however plans such as Vision 2030 and NTP 2020 is expected to have positive impact on the demand for office spaces in the city.

Key Topics Covered in the Report

  • Saudi Arabia Office real estate market
  • Factors affecting Saudi Arabia office real estate market
  • Riyadh office real estate market by demand and supply in volume
  • Riyadh office real estate market by supply and demand gap analysis
  • Rental rate analysis in Riyadh office real estate market
  • Riyadh Office real estate market segmentation by region
  • Future outlook to Riyadh office real estate supply and demand
  • Case study of major office projects


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1. Executive Summary
Introduction to Saudi Arabia Office Real Estate Market
Factors Influencing the Sector of Office Space Demand in Saudi Arabia
Riyadh Office Real Estate market
Riyadh Office Real Estate market Supply and Demand Gap Analysis
Average Rental rates in Riyadh Office Real Estate Market
Riyadh Office real Estate Market Segmentation by Location
Future Outlook of Office Demand and Supply
2. Research Methodology
2.1. Market Definitions
2.2. Abbreviations
2.3. Market Sizing and Modeling
Consolidated Research Approach
Limitations
3. Saudi Arabia Office Real Estate Market
3.1. Overview
3.2. Factors Influencing Office Space Leasing/Purchase Sector in Saudi Arabia
Declining Contribution of Oil and gas Sector in Economy
Increased Contribution from Manufacturing and Services Sectors
Rising Number of People in Services Sector
Rise in Number of Industrial Operating Units
3.3. Real Estate Sector Regulations
3.3.1. Structure for Investment in Real Estate
4. Riyadh Office Real Estate Market
4.1. Office Real Estate Demand and Supply, 2013-2016
4.1.1. Supply and Demand Gap Analysis, 2013-2016
4.1.2. Average Rental Rates, 2013-2016
4.2. Riyadh Office Market Segmentation by Location, 2016
4.3. Future Outlook to Office Demand and Supply, 2017-2021
Key Upcoming Office Spaces in Riyadh City
4.3.1. Future Supply and Demand Gap Analysis, 2017-2021
5. Analyst Recommendations
6. Case Study
6.1. Elegance Tower
6.2. Al Saedan Towers
6.3. Tijan Plaza
6.4. Hamad Tower
6.5. Tatweer Tower
Disclaimer
Contact Us

Figure 3-1: Contribution of Mining of Natural Gas and Crude Petroleum and Manufacturing of Refined Petroleum in SAR Billion, 2012-2016
Figure 3-2: GDP Contribution of Finance, Insurance, Real Estate, and Business Services, in SAR Billion, 2012-2016
Figure 3-3: Number of People Employed in Services Sector in Million and Growth Rate in Percentage (%), 2012-2016
Figure 3-4: Number of People Employed in Private Sector in Million and Growth Rate in Percentage (%), 2012-2016
Figure 3-5: Number of Industrial Units and Growth Rate in Percentage (%), 2012-2016
Figure 4-1: Riyadh Office Real Estate Market Demand and Supply on the Basis of Gross Leasing Area (GLA) in Thousand Square Meters, 2013-2016
Figure 4-2: Supply and Demand Gap in Riyadh Office Real Estate Market on the Basis of Gross Leasing Area (GLA) in Thousand Square Meters and Growth Rate (%) , 2013-2016
Figure 4-3: The Annual Average Retail Rental Rate in Riyadh Office Real Estate Market in SAR per Square Meter per Annum and Growth Rate (%), 2013-2016
Figure 4-4: Riyadh Office Space Market Segmentation by Location on the Basis of Supply in Percentage, 2016
Figure 4-5: Riyadh Retail Real Estate Market Demand and Supply on the Basis of Gross Leasing Area (GLA) in Thousand Square Meters, 2017-2021
Figure 4-6: Riyadh Retail Real Estate Market Demand and Supply on the basis of Gross Leasing Area (GLA) in Thousand Square Meters, 2017-2021
Figure 4-7: Future Supply and Demand Gap in Riyadh Office Real Estate Market on the Basis of Gross Leasing Area (GLA) in Thousand Square Meters, 2017-2021
Figure 6-1: Location of Elegance Tower in Riyadh
Figure 6-2: Elegance Tower Main Building
Figure 6-3: Floor Plan of Elegance Tower
Figure 6-4: Artistic View of Inside the Elegance Tower
Figure 6-5: Layout Plan of Al Saedan Towers
Figure 6-6: View of Tijan Plaza
Figure 6-7: Basement Layout of Hamad Tower
Figure 6-8: Ground Floor Layout of Hamad Tower
Figure 6-9: Layout for 1st to 24th Floor
Figure 6-10: Layout for 25th Floor
Figure 6-11: Layout for 26th to 35th Floor
Figure 6-12: Tatweer Tower Artistic View
Figure 6-13: Real View of Tatweer Tower from Street, 2016
Figure 6-14: Floor Area Distribution at Tatweer Tower, 2016

Table 3-1: Saudi Arabia Office Real Estate Market Overview by Cities (Riyadh and Jeddah), 2016
Table 3-2: GDP Contribution by Crude Oil and Natural Gas Sector and Non Oil Sector on the Basis of Current Prices in Percentage, 2012-2016
Table 4-1: Riyadh Office Real estate Market by Supply and Demand on the Basis of Gross Leasable Area (GLA) in Million Square Meter and Rationale, 2013-2016
Table 4-2: List of Completed Major Offices Spaces in Riyadh, 2011-2016
Table 4-3: Annual Average Office Rental Rate in Riyadh by Type of Office Categories (Grade A, Grade B, Premium) in Terms of SAR/SQM, 2016
Table 4-4: Average Annual Office Rental Rate in Riyadh by Location of Grade B Office in Terms of SAR/SQM, 2016
Table 4-5: Riyadh Office Space Market Segmentation by Location on the Basis of Supply in Thousand Square Meter and Rationale, 2016
Table 4-6: List of Riyadh’s Office Real Estate Developments Projects in the Pipeline, 2016-2021
Table 5-1: Analyst Recommendation for Existing and New Office Real Estate Market Participants in Saudi Arabia
Table 6-1: Office Space Profiling of Elegance Tower including Overview, Owner and Operator, Project Type, Land Size, Rentable Area, Lease Contract Term, Average Rental Rate, Average Size, Service Fee, Total Number of Floors, Major Tenants, 2016
Table 6-2: SWOT Analysis for EleganceTower
Table 6-3: Office Space Profiling of AL Saedan Towers including Overview, Owner and Operator, Project Type, Land Size, Rentable Area, Lease Contract Term, Average Rental Rate, Average Size, Service Fee, Total Number of Floors, Major Tenants, 2016
Table 6-4: Office Space Profiling of Tijan Plaza including Overview, Owner and Operator, Project Type, Completion Date, Land Size, Rentable Area, Lease Contract Term, Average Rental Rate, Average Size, Service Fee, Total Number of Floors, Parking Bay, Major Tenants, 2016
Table 6-5: SWOT Analysis for Tijan Plaza
Table 6-6: Tijan Plaza Layout 1st and 2nd Floor
Table 6-7: Office Space Profiling of Hamad Tower including Overview, Owner and Operator, Project Type, Completion Date, Land Size, Rentable Area, Lease Contract Term, Average Rental Rate, Average Size, Service Fee, Total Number of Floors, Parking Bay, Major Tenants, 2016
Table 6-8: SWOT Analysis for Hamad Tower
Table 6-9: Office Space Profiling of Tatweer Tower including Overview, Owner and Operator, Project Type, Completion Date, Land Size, Rentable Area, Occupancy Rate, Lease Contract Term, Average Rental Rate, Average Size, Service Fee, Total Number of Floors, Parking Bay, Major Tenants, 2016

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Elegance Tower, Al Saedan Towers, Tijan Plaza, Hamad Tower, Tatweer Tower

Office Demand, Supply, Supply and Demand Gap Analysis, Market Segments by Location (Central Business District, City Core, North and Others), Key Upcoming Office Spaces

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