Saudi Gazette - Kingdom economic growth in overdrive:
"As a significant volume of new prime office space starts to enter the Riyadh market, particularly at King Abdullah Financial District (KAFD), and the overall occupancy rate starts to rise, rental rates in general have started to edge downwards and incentives have started to become more widespread, according to the latest Saudi Arabia MarketView by CBRE, the global real estate consultancy firm.
“Headline rents offered at KAFD are high in comparison to existing market norms, but terms are flexible and there is room for negotiation on incentives. In the existing prime office areas in the southern central areas, office rental rates are starting to come under downward pressure and new supply in these areas is forcing both lower headline rents and more generous incentive packages,” said Mike Williams, Head of Research & Consultancy, CBRE Middle East.
In contrast to both these areas a number of business park projects that have recently emerged in northern Riyadh such as Granada Business Park, ITCC and Riyadh Business Gate have proved extremely popular, notes the CBRE report."
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