Riyadh office rents decline - The National

Riyadh office rents decline - The National:

"Riyadh office rents are starting to fall as a construction boom in Saudi Arabia leads to a glut of new buildings coming onto the market.

Prime office rents in the Saudi capital inched downwards during the first half of the year with the cheapest prime rents falling from about 900 Saudi riyals (Dh881.44) per square metre per year in December to about 800 riyals in June, according to statistics from the property consultancy CBRE.

Areas such as King Abdullah Financial District (KAFD) were particularly affected, CBRE said, and landlords were beginning to offer significant incentives such as rent-free periods to tenants to move in as more new buildings came online."

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