Saudi commercial real estate expands with 600,000 sqm retail space

The commercial real estate market in Saudi Arabia is experiencing significant transformative shifts, with increasing demand for high-quality assets, modern office spaces, and retail destinations that offer consumers integrated experiences. It is expected that new retail outlets in Riyadh and Jeddah will exceed 600,000 square meters by the end of 2026, focusing on shopping centers and mixed-use projects that combine shopping, entertainment, and services into a single destination. Meanwhile, luxury office spaces in Riyadh recorded a historic low vacancy rate of 1.9%, with 929,300 square meters of new office space entering the market, reflecting a rising demand for high-quality, modern offices. This transformation indicates that the market is increasingly emphasizing asset quality, with companies and users preferring modern facilities and comprehensive services over solely price and location, in line with Saudi Arabia's Vision 2030 to enhance the attractiveness of the real estate market and achieve higher levels of competitiveness and sustainability.

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