21 Hrs
Source:
الاقتصادية
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Saudi retail space expands with 600,000 sq meters
The commercial real estate market in Saudi Arabia is experiencing a significant transformation with increasing demand for high-quality assets and modern developments. Riyadh and Jeddah are projected to welcome over 600,000 square meters of new retail space before the end of 2026, fostering greater competition and encouraging the development of integrated shopping centers and immersive experiences. In the office sector, the vacancy rate in Riyadh has dropped to 1.9% with the addition of approximately 929,000 square meters of new office space, reflecting a rising demand for high-quality office environments. This trend leads to increased competition and improvements in asset quality and services. This shift is driven by factors such as foreign ownership, the relocation of corporate headquarters to Riyadh, and charges on white land, all aligned with the goal of providing diverse and innovative experiences for tenants and consumers, in line with Saudi Vision 2030.
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