We have released our latest Riyadh Office Market Report for Q2 2024, which shows that the sector continued its strong performance, driven by strong non-oil sector growth. 

Here are the key highlights from the report: 

• Riyadh’s office sector grew by 3.4% Y-o-Y in Q1, exceeding initial estimates and contributing to a projected 5% GDP growth for the year.
•  Over 120 foreign firms relocated their regional bases to Riyadh in Q1 2024, marking a 477% increase compared to the same period last year.
• Foreign direct investment in Riyadh increased by 5.6% Y-o-Y in Q1 2024.
• Limited prime office space in Riyadh has driven Grade A occupancy rates to 98%. Rents have risen steadily, with a 3% Q-o-Q increase in Q2 and a 13% year-on-year increase, especially in North and North-East Riyadh.
• Several government initiatives are boosting real estate development and attracting international businesses. 

To find out more insights, read the full report here. 

The report is also available in Arabic and can be viewed here.