Gamel Ghaznawy, the chairman of GLL Company in KSA, has commented to Forbes Middle East on the real estate report issued by the company tackling the real estate market status in Riyadh saying that the announcements of opening new shopping centers reflect the retail market strength in Riyadh.
Ghaznawy said that the retail market activity left a positive reflection on the rents rate. He referred to the increase in displayed hotel rooms which indicates a slight enhancement in occupation rate.
The displayed office areas in Riyadh reached rose by 9.5% to reach 2.4 million square meters, while the offices rents rate receded by the end of the fourth quarter to reach an average of 1,053 SAR per meter square.
The retail market witnessed a slight up as none of the new shopping centers projects has been delivered. The occupation rate of shopping centers’ retail outlets decreased by 1% in 2014 due to the delivery delay of King Abdullah Financial Center and Communications and Technology Center projects.