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Transformative Trends the Office Market in Saudi Arabia Ian Albert Regional Director | Middle East & North Africa [email protected] Introduction

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Transformative Trends the Office Market in Saudi Arabia Ian Albert Regional Director | Middle East & North Africa Ian.Albert@Colliers.Com Introduction Overview KSA | Offices 2018 Transformative Trends The Office Market in Saudi Arabia Ian Albert Regional Director | Middle East & North Africa [email protected] Introduction The Kingdom of Saudi Arabia is witnessing an evolution of product offerings across its office market. This is evidenced by the recent entrance of themed office parks and the announcement of a forthcoming supply of integrated mixed-use developments across major cities. The key driving factors behind the changes are a Imad Damrah combination of changing market dynamics (shifting focus Managing Director | Saudi Arabia to cost savings and hence the need for differentiated and [email protected] efficient products) and evolving tenant preferences. This transformation of the KSA office market is expected to be influenced by both global and local trends, leading to fundamental changes in the real estate landscape. The most significant change in the last 5 to 10 years has been flexible and co-working space, in addition to several mega transportation / railway projects that were recently initiated, with some nearing completion. This paves way for opportunities arising from Transit Oriented Developments (TODs). Nawaf Saymeh Director - Advisory & Investment Strategy | Saudi Arabia Strong government initiatives and an expansive [email protected] population structure underpins the market for real estate development opportunities. The Saudi Vision 2030 and National Transformation Program (NTP) place a focus on the diversification of the economy. Recent news to support the government’s commitment behind this initiative include the establishment of the General Authority for Small and Medium Enterprises (SMEs) and a c. SAR 72 billion private sector stimulus package. This package is part of the SAR 200 billion, four-year program, announced in 2016 to spur the private sector’s Fouad Abou Rafeh growth and raise the rate of job creation. Saudi Arabia’s Associate Director - Advisory Services | Saudi Arabia 2018 SAR 978 billion fiscal budget outlines an increase in [email protected] projected spending to record levels, resulting in positive market sentiment. This paper focuses on the office market within Saudi Arabia’s major cities: Riyadh, Jeddah and Dammam / Al Khobar (DAK). The paper also highlights key characteristics, challenges / opportunities and outlook for each city. Recent and upcoming trends that are expected to shape the office market in the coming years are investigated. Sameer Mujtaba Manager - Advisory Services | Saudi Arabia [email protected] 02 Office Trends | Overview | Saudi Arabia Office Trends | Overview | Saudi Arabia 03 The Changing DNA of Offices Different Types of The Flexible Co-work Spaces Workspace in KSA: Dynamic-Trends By the end of 2017, it was estimated that nearly 1.2 million people worldwide had worked in a coworking This paper will highlight the trends that will design, and construction changes. The change space. impact the KSA office market in the coming is expected to have an impact at every level – years. These trends are expected to change from interior workspace layout / design, building There has been considerable the landscape of the office market in the major construction, to the overall shifts to the commercial international investment in coworking cities, along with revolutionizing the workspace business districts and landscape. companies such as WeWork (founded in 2010) which does both coworking and flexible space, currently manages 10 million square feet of office space globally and is in 23 cities in the USA and 21 countries worldwide. > Young generation of Saudis > International Companies / > Mega transportation projects For ASIA PAC Region alone – across (new mindset) Identity Competition / Evolving across all major cities. Flexible desk, Team Table, Meeting Table some of the major cities the take-up Tenant Preferences from flexible workspace operators has > Technological advancements > Saudi Vision 2030: focus on accounted for 40% of the overall market (cloud computing, tablets etc.) transportation projects in the past year (2017). This growth is > Higher requirement for facilities CHANGE DRIVERS (e.g. from women driving) driven by the need for flexibility from > Global Influence and higher awareness of multinational corporations, evidenced by environment/ rising utility costs the percentage of deals for 15 desks or more increasing to 48% in 2017 from 32% in 2016, which in turn was up from 12% in 2014. In KSA serviced offices providers such as Servcorp and Regus have established a presence for several years over multiple office buildings in major cities in the Kingdom. In addition to this, we are now starting to see more > Integrated offices > Collaborative and flexible > Prime differentiated office Shared Space, Cubicle Desk, Private Office, Meeting Room MAJOR TRENDS work spaces space with high level of within transit oriented trendy and creative type of shared facilities, branding and developments office space. sustainability elements Some co-working spaces and business incubators targeting specifically women are also emerging. > Reduction in the office space > Movement towards quality > Creation of new CBDs within requirements office space (i.e. “drive the cities towards quality of life”) > Creative and flexible > Open up new commercial workspace > Energy efficient / LEEDS pockets of the city certified > Growth of serviced and > Offers attractive development virtual offices (co-working > Technologically advanced / opportunities while delivering spaces) SMART building benefits to residents; Dedicated Desk, Meeting Space OFFICE MARKET OFFICE > Business incubators EXPECTED IMPACT ON KSA ON KSA IMPACT EXPECTED targeting young Pricing is calculated according to the needs of the company that allows entrepreneurs flexibility ranging from hourly or daily rentals, to weekly and monthly. 04 Office Trends | Overview | Saudi Arabia Office Trends | Overview | Saudi Arabia 05 Office Market Change Drivers: A Closer Look Mega projects and Mega privatization plans Factor Result Projects > Expected to create new cities / business centres and more demand over medium to long term Ambitious plans to open up the local Entrance of market and attract international international companies. They will require quality offering, with facilities and high-safety Movement towards quality companies measures. > Downward price pressure on non-distinguished Movement towards offices quality > Lead to more integrated office spaces > Need to offer facilities, amenities, and community As outlined in the Saudi Vision 2030, to achieve maximum premiums on office rates Government the private sector’s contribution to the emphasis on economy is expected to increase, which will likely lead to stimulated demand for private sector office space in the future. Prominent family businesses in older funding office buildings Occupied old > Largely due to sentimental attachment buildings > Expected to eventually move out from aged Largely-driven by a millennial buildings - creating new demand for office space workforce, there is a growing emphasis Young population on the provision and design of public entering realms, workplace interconnectedness, smart offices, architecture and workforce branding. Corporates Corporates divesting real estate assets divesting > More flexibility and efficient office spaces to be As outlined in the Saudi real estate demanded Vision 2030, greater attention is being paid to SMEs, which will likely result in greater demand Young Saudi for smaller, flexible and competitively- entrepreneurs priced office space. This segment will make an attractive target for business incubators. Approval of Approval of privatization program privatization > Growth in private sector contribution to the GDP, program hence, more demand for office spaces. This year women will start driving in the Kingdom. This will eventually add pressure to the parking requirements Women driving of office buildings. Existing office buildings with inadequate parking will be pressured more, and will likely have to give more concessions to attract or keep tenants. 06 Office Trends | Overview | Saudi Arabia Office Trends | Overview | Saudi Arabia 07 Riyadh’s quality office space is located along Performance primary CBDs, such as King Fahd Road and Outlook Olaya Street, featuring a number of high-rise, 22% The completion of key transit- prime-grade office towers. The city also has infrastructure projects is expected to RIYADH 51% several upcoming / tertiary CBDs comprising of create demand for office developments 27% Grade B offices (some part of larger commercial that enjoy direct integration with multi- Prime office modal transportation services. developments plazas). account for Large forthcoming supply will challenge approximately half the performance of existing premium Riyadh Premium Grade A Grade B and grade A developments, through of Riyadh’s quality increasing vacancies and pressure on office stock market wide lease and market wide gap. Arising opportunities will cater to c. 4.1 million sqm King Fahd Rd changes in workforce composition (more Office Characteristics women) and niche markets (e.g. more Riyadh’s office market has experienced a dynamic inclusive office space, SMEs, Startups, shift over the last years, driven by the introduction etc.), through offices located within of mega mixed-use masterplans and high quality quality mixed use developments offering office developments. 10 75% suitable facilities and amenities, and 70% ample parking
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