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Gulf Insider
22-05-2025
- Business
- Gulf Insider
Riyadh Office Costs Rise Fastest Globally In Q1 2025 As Demand Surges
Riyadh has emerged as one of the world's ten most expensive markets for prime office space, driven by rapid cost increases and sustained high occupancy, according to Savills' Riyadh Office Market Report for Q1 2025. The Saudi capital saw average prime office rents rise 2.5% quarter-on-quarter and 12% year-on-year. Occupancy rates remained steady at 98%, highlighting the limited availability of high-quality office space and continued business confidence. The growth is largely attributed to activity across sectors such as consulting, IT, legal, and pharmaceuticals. Notably, 50% of transactions in Q1 came from new market entrants, while 70% of enquiries were for units under 1,000 square metres — underscoring a shift toward flexible, efficient workspaces. Riyadh also recorded the fastest increase in global prime office occupancy costs, rising 5.2% in the first quarter. This metric includes rent, service charges, fit-out expenses, and other occupier costs — offering a comprehensive view of leasing expenditures. The city now ranks alongside global commercial hubs such as London, New York, Dubai, and Hong Kong in the Savills Global Prime Office Costs report. 'We're witnessing a pivotal moment for Riyadh,' said Ramzi Darwish, Head of Savills Saudi Arabia. 'With demand outpacing supply and international occupiers expanding, Riyadh is fast becoming a preferred base for global business.' Major companies such as Salesforce, PepsiCo, Kaplan, and APEX established regional headquarters in Riyadh during Q1, bringing the total to over 540 — surpassing Vision 2030 targets ahead of schedule. While new supply in 2025 will be limited, more than 900,000 square metres of Grade A office space is expected to be delivered by the end of 2026, including major projects like Diriyah Gate and Prince Mohammed bin Salman Nonprofit City. With Saudi Arabia's recent credit rating upgrade to A+ by S&P Global and continued investment in infrastructure such as the Riyadh Metro, the city is poised to strengthen its position as a leading commercial hub in the Middle East and beyond.
Leaders
18-03-2025
- General
- Leaders
Saudi-Chinese Team Achieves Progress in Archaeological Excavation at Al-Sirrain
As part of a Saudi-Chinese agreement, Saudi Arabia's Heritage Commission has completed the third season of the archaeological excavation at the Al-Sirrain site in Al-Lith governorate, Makkah region. In collaboration with China's National Cultural Heritage Administration, the initiative seeks to exchange knowledge and expertise in archaeological excavation, according to the Saudi Press Agency. Through the precise studying of residential areas, city planning as well as connections to other urban centers, the excavation aimed at offering a deeper understanding of the site. Saudi-Chinese Team Achieves Progress in Archaeological Excavation at Al-Sirrain In addition, it prioritized the documentation of structural features, such as parts of the city wall, towers and gates. During the excavation, researchers discovered various artifacts, including pottery, stone vessels, decorative items, a gold dinar from the mid-second Hijri century and Chinese porcelain. They also found gravestones with distinctive carvings. In order to shed light on the site's significance along the Maritime Silk Road, the survey identified key architectural features, such as wall foundations and gravestones. Saudi-Chinese Team Achieves Progress in Archaeological Excavation at Al-Sirrain This remarkable milestone coincides with the Saudi-Chinese Cultural Year 2025. This newly launched initiative features various joint cultural initiatives aiming at boosting cultural exchange and strengthening historical ties between the two civilizations through the Silk Road. Therefore, it stands as a testament to both Saudi Arabia and China's dedication to fostering historical research and documenting shared heritage. Related Topics: Culture Ministry Launches Saudi-Chinese Cultural Year 2025 Prince Mohammed bin Salman Award: Strengthening Saudi-Chinese Cultural Ties SFDA Boosts Saudi-Chinese Cooperation in Beijing Short link : Post Views: 5
