Arab Today, arab today riyadh rents jump on business demand
Last Updated : GMT 04:30:43
Arab Today, arab today
Arab Today, arab today

Riyadh rents jump on business demand

Arab Today, arab today

Arab Today, arab today Riyadh rents jump on business demand

Riyadh - Arabstoday

Companies leasing office space in Saudi’s capital could see their rents jump to levels on par with property in Abu Dhabi and Dubai, said Jones Lang LaSalle in a report published Tuesday. Commercial rates in Riyadh are averaging SR1,060 per sq m in the city’s Central Business District (CBD), as a string of new developments helps to attract businesses to the region. Developments such as Riyadh Business Gate, the ITC Complex and the King Abdullah Financial District in particular are attracting business tenants to the capital, cutting vacancy rates in the CBD to just 16 percent, the property broker said. “Demand [for office space] is strong in the Riyadh market, from the government, the multinational sector and also from Saudi conglomerates and contractors,” said the report, adding that prime office space was commanding rents of about SR1,400. “There will be upward pressure on vacancy rates in 2012 with the completion of new supply, however, the top quality projects…will continue to enjoy occupancy levels close to 100 percent.” Residential property rates in the Gulf kingdom are also rising, a trend likely to continue into the new year, JLL said. Average villa prices across all Riyadh districts rose four percent in the third quarter year-on-year, reaching SR3,050 per sq m.   Apartments also saw a small uptick, with the average price per sq m passing SR2,343, a rise on one percent on the year-earlier period.  “Increasing land prices and access to better roads networks have played a major role in increasing villa prices,” the report said. “Due to high occupancy rates, rents in [especially] middle income areas have also continued to grow at high levels.” In the next two years, more than 2,000 compound units will be added to the existing stock, the company said, relieving the existing expatriate housing shortage. However, residents could soon be subjected to a flurry of new real estate laws, with the practice of owners’ associations and service charges being tested on two pilot projects.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today riyadh rents jump on business demand Arab Today, arab today riyadh rents jump on business demand

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today riyadh rents jump on business demand Arab Today, arab today riyadh rents jump on business demand

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday