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Riyadh Office Market: Soaring Heights and Shifting Landscapes – A $5.7 Billion Boom by 2027: Ken Research

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The Riyadh office market is scaling new heights, driven by economic diversification, infrastructure projects, and growing demand for flexible workspaces. Ken Research’s ‘Riyadh Office Market Outlook 2027′ report predicts a remarkable growth trajectory, with the market size expected to reach a staggering $5.7 billion by 2027, fueled by a robust CAGR of 6.4%. This press release unpacks the key drivers, trends, and prospects shaping this dynamic landscape.
Market Overview: From Traditional Hub to Diversification Engine
Once solely reliant on oil and gas, Riyadh’s economy is actively undergoing diversification, creating new opportunities for businesses across various sectors. This economic transformation is fueling demand for modern office spaces, with the market transitioning from traditional setups to cater to evolving needs. Key factors driving this growth include:

Government Initiatives: Vision 2030 and other initiatives, focusing on economic diversification and attracting foreign investment, are creating a conducive environment for business growth, leading to increased demand for office space.
Infrastructure Development: Mega projects like King Abdullah Financial District and Qassim Avenue are creating new business hubs and attracting major companies, further stimulating office space needs.
Growth of SMEs: The flourishing ecosystem of small and medium enterprises (SMEs) is seeking flexible and affordable office solutions, driving demand for co-working spaces and serviced offices.
Shifting Workstyles: The growing trend of remote and hybrid work models is increasing demand for flexible workspace options that cater to diverse work needs and collaboration styles.

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Market Segmentation: A Diverse Portfolio of Options
The report delves into the various segments of the Riyadh office market, offering a comprehensive view:

By type: Grade a offices currently hold the largest share (70%), followed by Grade B (20%) and co-working spaces (10%). However, co-working spaces are expected to witness the fastest growth due to their flexibility and affordability.
By location: Central Business District (CBD) remains the preferred location for established companies, while emerging commercial districts like King Abdullah Financial District and Riyadh Front are attracting new entrants.
By tenant: Multinational corporations and government entities dominate the market, but SMEs are witnessing significant growth, driving demand for smaller office spaces and flexible leases.

Competitive Landscape: Local Dominance with Global Aspirations
The market features a mix of established local players and international developers:

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Local Leaders: Companies like Abdullah Faisalah Group and Dar Al-Arkan hold a significant market share with their extensive portfolios of office properties.
International Players: Global developers like CBRE and JLL are entering the market, bringing expertise and international best practices.
Emerging Startups: Innovative startups are offering co-working and managed office solutions, catering to the growing demand for flexible workspaces.

Challenges: Overcoming Hurdles for Smoother Growth
While the future appears promising, some challenges need to be addressed:

Limited Supply: The current supply of modern office space lags behind demand, particularly for flexible and co-working solutions, requiring increased development and diversification of offerings.
High Vacancy Rates: Certain areas, particularly older CBD regions, suffer from high vacancy rates, requiring strategic investments and revitalization efforts.
Evolving Regulatory Landscape: Navigating the evolving regulatory environment pertaining to leasing and construction can be challenging for developers and occupiers.
Competition from Emerging Districts: New commercial districts offer attractive options, potentially impacting occupancy rates in traditional CBD areas.

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Future Outlook: Embracing Innovation and Sustainability
The Riyadh office market holds immense potential for continued growth, fueled by several exciting factors:

Focus on Technology & Innovation: Integrating smart technologies and amenities into office buildings will attract tech-savvy companies and enhance occupant experience.
Sustainability Push: Growing focus on green building practices and energy efficiency will create demand for sustainable office spaces, attracting environmentally conscious companies and investors.
Enhanced Connectivity: Investments in improving Riyadh’s public transportation network and infrastructure will further enhance the city’s attractiveness as a business hub.
Rise of Specialized Spaces: Catering to specific industry needs with specialized office facilities, such as healthcare or financial services hubs, will create new investment opportunities.

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Key Takeaways for Stakeholders:
This report offers valuable insights for various stakeholders in the Riyadh office market, including:

Developers & Investors: Focus on developing modern, flexible, and sustainable office spaces aligned with evolving tenant needs and preferences.
Corporate Occupiers: Evaluate location, amenities, and flexibility aspects when choosing office space to optimize workforce productivity and collaboration.
Government & Regulatory Bodies: Streamline regulations, incentivize sustainable development, and invest in infrastructure projects to further enhance the market.
Real Estate Professionals: Equip yourselves with specialized knowledge of the evolving market dynamics and tenant preferences to provide effective guidance and brokerage services.
Financial Institutions: Offer tailored financing solutions catering to the specific needs of developers and occupiers in the office market.
Technology Providers: Develop innovative solutions for smart building technologies, data management, and connectivity to enhance the value proposition of office spaces.

Unlocking the Potential: A Collaborative Journey
The Riyadh office market stands at a critical juncture, brimming with opportunities and challenges. By understanding the key trends, anticipating future developments, and embracing collaboration, all stakeholders can play a pivotal role in shaping a vibrant and sustainable office ecosystem that contributes to Riyadh’s economic diversification and growth. Remember, the future of the Riyadh office market goes beyond bricks and mortar. It’s about fostering innovation, collaboration, and a thriving business environment that empowers both local and global players to reach new heights.
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Taxonomy
Riyadh Office Market Segmentation
By Type of Office Stock

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Grade-A
Grade-B+
Grade-B

By Rent

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Premium
Grade-A
Grade-B+
Grade-B

Riyadh East

Eastern Ring Road
Khurais Road
Saeed Ibn Zaid Road
Khalid Bin Waleed Road
King Abdullah Road
Imam Saud bin Abdul Aziz Road
Prince Bandar Bin Abdulaziz

Riyadh West

Western Ring Road
Taif Street
Medina Road
Prince Mashal Bin Abdul Aziz Road

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Riyadh North

King Fahd Road
Northern Ring Road
Prince Turki Ibn Abdul Aziz Alawwal Road
Imam Saud Bin Faisal Road
Anas bin Malik Road
King Abdul Aziz Road
Abu Bakr Siddique Road
Othman Bin Affan Road
Prince Muhammad Ibn Saad Ibn Abdulaziz Road
Olaya Road

Riyadh South

Al-Aziziyah Road
Southern Ring Road
Al-Swaidi Al-Aam Road

Riyadh Central

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King Fahad Road
Alia Street
Prince Mohammad Bin Abdul Aziz Road (Tahlia Street)
Arabism Road
Al Takhasusi Road
King Abdul Aziz Road
King Abdullah Road
Mecca Road
Prince Sultan Street
Salah-Ud-Din Ayubi Road Malaz
Al Ahsa Road
Al Nahda Road

For More Insights On Market Intelligence, Refer To The Link Below: –
Riyadh Office Market
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The market will grow at a CAGR of 5.4% during 2023-2027 due to Development towards Vision 2030 and Increasing Number of Hajj and Umrah Pilgrims. Market competitiveness may lead to innovations in property offerings, amenities, and pricing strategies. Developers may strive to differentiate their projects to attract buyers in a competitive market.
Germany Property Management Market Outlook to 2028 By Product Type (Residential, Commercial, and Other Product Types) and End User Services (housing associations, Property managers Agents, Property investors and others.) And By Regional Split (North/East/West/South)
The market is expected to grow at a CAGR of ~4% during forecast years 2022-2028.  The growth of the market is high due to various factors like increasing construction activity, low mortgage rates. The Germany property management market is a complex web of interconnected stakeholders.
UK Real Estate Service Market Outlook to 2028 Driven by Low Mortgage Rates and Population Growth and Urbanization
The future of the UK real estate market holds several exciting possibilities driven by emerging trends and advancements. Technology will play a transformative role, with increased adoption of artificial intelligence, virtual reality, and data analytics enhancing the efficiency of property transactions, marketing, and customer service.
US Real Estate Service Market Outlook to 2028 Driven by Low Mortgage Rates and Population Growth and Urbanization
The future of the US real estate market holds several exciting possibilities driven by emerging trends and advancements. Technology will play a transformative role, with increased adoption of artificial intelligence, virtual reality, and data analytics enhancing the efficiency of property transactions, marketing, and customer service.
The post Riyadh Office Market: Soaring Heights and Shifting Landscapes – A $5.7 Billion Boom by 2027: Ken Research appeared first on HIPTHER Alerts.

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Prime Minister concludes successful visit from President of France to Canada

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The Prime Minister, Justin Trudeau, welcomed the President of France, Emmanuel Macron, to Canada from September 25 to 26, 2024. With stops in Ottawa, Ontario, and Montréal, Quebec, the visit helped further strengthen the close ties between our countries and advance our shared priorities.
The leaders announced three key declarations that will align Canada and France’s work to preserve peace and security, take ambitious climate action, protect the environment, and responsibly harness the full potential of artificial intelligence (AI).
The first of these three declarations, the Canada-France Declaration on a Stronger Defence and Security Partnership, underscores Canada and France’s steadfast commitment to supporting Ukraine in the face of Russia’s illegal invasion. It also reaffirms our contributions to regional stability and security in the Indo-Pacific and reflects our co-operation in managing emergencies, modernizing our armed forces, and combatting foreign interference.
The two leaders discussed shared, ongoing work to respond to the humanitarian situation in Haiti and reiterated their support for the United Nations-authorized Multinational Security Support mission in the country. Canada and France are in steadfast support of Haitian-led solutions to the conflict that will make a meaningful and lasting difference in the lives of the Haitian people – and build a better future.
Building on the progress made at the United Nations General Assembly and the Summit of the Future earlier this week, Prime Minister Trudeau and President Macron highlighted the critical importance of continued action to fight climate change and protect our oceans. In the Canada-France Declaration on the Ocean, the leaders underlined the vital role that oceans play for the environment, the climate, the economy, and food and energy security throughout the world. To advance our work, Prime Minister Trudeau announced Canada’s membership in the Paris Pact for People and the Planet. The Pact, led by France and in partnership with global leaders, emphasizes collective action to accelerate sustainable development and create opportunities to help lift vulnerable populations out of poverty.
During the visit, the Prime Minister and the President met with AI experts, entrepreneurs, and industry leaders to discuss the risks and benefits of this new technology. Canada and France have world-leading AI ecosystems, including leadership roles in the Global Partnership on Artificial Intelligence (GPAI), which has 29 members worldwide. A testament to our progress in growing a dynamic AI industry, GPAI’s first two centres of expertise opened in Canada and France. Moving forward on this work, the Prime Minister and the President announced the Canada-France Declaration on Artificial Intelligence. The Declaration reiterates our countries’ commitment to a safe use of AI that respects human rights and democratic values.
During President Macron’s visit, Canada was also named Country of the Year for the Viva Technology 2025 technology conference, which will be held in Paris next year. At this event, Canada’s delegation will collaborate with the international community and meet with thousands of visionary start-ups, investors, organizations, and researchers to leverage advances in AI to strengthen our economy, increase productivity, and create new opportunities for Canadians. SCALE AI, Canada’s Global Innovation Cluster dedicated to AI, will lead Canada’s business delegation.
Prime Minister Trudeau and President Macron reaffirmed their commitment to promoting the French language and La Francophonie’s institutions ahead of the next Sommet de la Francophonie, which will be held in Villers-Cotterêts and Paris, France, on October 4 and 5, 2024. They also renewed their commitment to strengthening strategic coordination in preparation for the successive G7 Presidencies that Canada and France will hold, in 2025 and 2026 respectively.
Quote“Canada and France’s relationship is built on shared history, a common language, and democratic values. President Macron’s visit to Canada is a testament to the enduring friendship between our two countries, and with the progress we have made over this visit, we will move forward to build a fairer and more prosperous future for our peoples.”— The Rt. Hon. Justin Trudeau, Prime Minister of Canada
Quick Facts

This was President Macron’s second visit to Canada. It followed both leaders’ participation in the United Nations General Assembly and Summit of the Future in New York City, United States of America.
As a permanent member of the United Nations Security Council, the North Atlantic Treaty Organization (NATO), the G7 and the G20, a founding member of the European Union, and a key partner in the Organisation internationale de la Francophonie, France is a key ally for Canada on the international stage.
In 2023, France was Canada’s third largest merchandise export market in the European Union, and its 12th largest trade partner globally, with two-way merchandise trade totalling $12.9 billion.
That same year, Canadian exports to France amounted to $4.3 billion, while imports from France totalled $8.7 billion.
In France, Canada is represented by an embassy in Paris and consulates in Lyon, Nice, and Toulouse. France is represented in Canada by its embassy in Ottawa and consulates in Vancouver, Toronto, Montréal, Québec, and Moncton.

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Joint statement by Prime Minister Trudeau and President Macron
Canada-France Declaration on a Stronger Defence and Security Partnership
Canada-France Declaration on the Ocean
Canada-France Declaration on Artificial Intelligence

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Relativity Spotlights Legal Industry Leaders at the 2024 Innovation Awards

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Relativity, a global legal technology company, today announced the winners of this year’s Innovation Awards at Relativity Fest. The Innovation Awards celebrate the trailblazing individuals and teams building custom solutions, empowering their peers and forging new paths to improve the legal industry and its communities.
“Another year of the Innovation Awards signals another opportunity to celebrate our community’s dedication to making a positive impact– whether that be through developing new solutions, providing excellent customer service, or elevating and advocating for their peers in the legal industry,” said Laurie Usewicz, Chief Partner Officer at Relativity. “This year’s winners exemplify the impassioned and innovative spirit that makes the future of our industry a bright one.”
The winners hail from, or work directly with law firms, financial institutions and consultant management companies large and small, private and public. Through a combined process of a judging committee and a community vote, Best Innovation winners are selected based on how they’ve leveraged the Relativity application programming interfaces in creative ways to solve Relativity’s customers’ most unique challenges.
In addition to the standard six individual and two Best Innovation awards, a new Best Innovation category was added for this year, Developer Partner. This award recognizes solutions created by Relativity’s independent software vendor (ISV) community that are offered directly to customers. Eligibility is restricted to solutions that are not owned by an Enterprise or Solution, Advisor, or Provider Partner.
The 2024 Innovation Awards winners are:

Artificial Intelligence: Ben Sexton, Vice President, JND eDiscovery
Customer Experience: Jenna Rooney, Director, Client Services, Arete Incident Response
Education & Mentorship: Deedra Smith, Managing Director, FTI Consulting
Inclusion: Vazantha Meyers, Vice President, Discovery Services, Haystack ID
Security: Jenna Rooney, Director, Client Services, Arete Incident Response
Stellar Women: Stephanie L. Goutos, Lead Practice Innovation Attorney, Gunderson Dettmer
Best Innovation: Developer Partner: Redaction Suggestions in Blackout by Milyli
Best Innovation: Enterprise: Flywheel by Troutman Pepper eMerge
Best Innovation: Partner: GenAI Toolbox by EY Switzerland

Each of the award winners above exemplify what it means to be a changemaker at the individual, organizational and industry levels. All award winners are determined by a combination of Relativity judging committees unique to each category and a community vote.
Relativity congratulates all submissions for the innovative work delivered this past year.
The post Relativity Spotlights Legal Industry Leaders at the 2024 Innovation Awards appeared first on HIPTHER Alerts.

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MC Digital Realty wins Frost & Sullivan’s 2024 Japan Data Center Services Company of the Year Award

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Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation, and interconnection solutions, today announced that MC Digital Realty: A Mitsubishi Corporation and Digital Realty Company, has been awarded Frost & Sullivan’s 2024 Company of the Year award for Japan’s data center services industry.
MC Digital Realty is at the forefront of the market, delivering advanced technologies and strategic investments that provide Japanese businesses with secure, innovative, and sustainable infrastructure that enables artificial intelligence (AI) innovation.
MC Digital Realty’s state-of-the-art data centers are optimized for AI, offer the necessary flexibility and scalability for intensive model training and real-time inferencing, and provide advanced liquid cooling systems that ensure optimal performance for demanding AI tasks. Demonstrating its commitment to sustainability, MC Digital Realty leverages its relationship with Mitsubishi Corporation to prioritize energy efficiency, matching electricity usage in its colocation data halls with 100% renewable energy to minimize its carbon footprint.
Frost & Sullivan also recognized MC Digital Realty’s operational excellence. The company’s robust network of resilient data centers is strategically located in low-seismic regions and employs cutting-edge seismic isolation technology to protect its infrastructure, ensuring uninterrupted service and maximum reliability.
MC Digital Realty’s data centers also leverage the power of PlatformDIGITAL®, Digital Realty’s global data center platform. It provides customers access to a vast ecosystem of over 1,100 cloud and IT services, as well as 1,200 network services across 300+ data centers in 50+ metros worldwide.
“The company demonstrates a strong focus on the Japanese market through its continued investments. Strategic partnerships and innovations aligning with transforming customer expectations enable the service provider to achieve success in the country,” said Nishchal Khorana, Global Vice President of ICT at Frost & Sullivan.
Serene Nah, Digital Realty’s Managing Director and Head of Asia Pacific, said: “We are honored to receive the award and recognition from Frost & Sullivan, which validates MC Digital Realty’s commitment to serving partners and customers as they accelerate their AI innovation journeys in Japan. As AI continues to shape the future, Digital Realty remains committed to optimizing data center infrastructure for peak workload performance, and to meet the highest standards of innovation, while ensuring sustainability, security, and resilience.”
The post MC Digital Realty wins Frost & Sullivan’s 2024 Japan Data Center Services Company of the Year Award appeared first on HIPTHER Alerts.

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