The flood of foreign companies into Saudi Arabia, in tandem with several other factors, has led to an increase in office space rental prices by 20%. In the first quarter of 2023, the Kingdom issued more than 1,600 foreign investment licenses – that’s around 25 every single day – with demand for office space also boosted by the establishment of new government and private entities.
It has been revealed that the occupancy rate in category A office space has increased to 97%, with prices increasing by 15% over the last year. Demand will continue to grow too, due to the entry of foreign companies and the expansion of various commercial sectors.
The occupancy rate in category A office space has increased to 97%
It is expected that the building and construction sector will continue to provide immense opportunities for investors with the launch of mega and giga projects within the tourism and housing sectors.
The Saudi government concluded 104 investment deals during the first quarter of 2023, compared to around 101 during the same period last year, recording an increase of about 3%.
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