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Riyadh's retail property market is a vibrant and progressing landscape, offering a plethora of chances for savvy financiers. Based upon the extensive benchmarking report, here are some essential dynamics forming this market:
Diversity in Residential Or Commercial Property Sizes: The market showcases a wide range of residential or commercial property sizes, from large-scale shopping centers like Granada Center Mall with a Gross Leasable Area (GLA) of approximately 100,000 m ², to smaller retail hubs like Boulevard Mall, boasting a GLA of around 8,000 m TWO. This variety caters to a broad spectrum of consumer requirements and preferences.
Geographical Spread: Retail residential or commercial properties in Riyadh are not focused in a single location but are spread out throughout the city. This distribution permits for a different investment method, targeting various demographics and socio-economic sectors.
Growth Prospects: The retail sector in Riyadh is growing, driven by aspects such as increasing population, urbanization, and a shift in consumer costs routines. This development trajectory suggests an appealing future for retail investments in the area.
Quality and Standards: The chosen residential or commercial properties for the research study are noted for their high requirements and quality tenants. This element is important as it influences foot traffic, occupant retention, and general residential or commercial property worth.
Catchment Areas
Catchment locations are an important aspect of retail real estate, particularly for shopping centers, as they directly influence the potential success of these residential or commercial properties. In Riyadh's retail landscape, comprehending these areas is essential for financiers.
Here's what the report exposes about catchment areas:
- Definition and Importance: A catchment location is the geographical area from which a shopping mall or retail center draws its customers. It's substantial since it affects foot traffic, sales potential, and eventually, the profitability of the retail residential or commercial property.
- Granada Center Mall: This shopping center sticks out with its catchment area covering an amazing 40.5% of Riyadh's population. This high portion shows its significant effect and reach within the city.
- Al Nakheel Mall: With a catchment location that incorporates 35% of the city's population, Al Nakheel Mall is another key gamer in Riyadh's retail landscape. Its significant coverage demonstrates its importance as a retail location.
- Riyadh Park Mall: This shopping center has a catchment that consists of 32.1% of Riyadh's population, marking it as a significant attraction in the city's retail sector.
- Captive Population: Looking deeper into the numbers, Granada Center Mall has the greatest share of a captive population, totaling up to 23.8% of Riyadh's overall population. This indicates a strong faithful customer base that mainly frequents this mall over others.
Quotation from the Report:
- "The Granada Center Mall covers 40.5% of the population."
- "Al Nakheel Mall covers 35% of the population followed by Riyadh Park Mall with 32.1% coverage."
- "The Granada Center Mall has the highest share of captive population of Riyadh City with 23.8%.".
Lease Rates and Occupancy Trends
In the Riyadh retail realty market, understanding lease rates and tenancy trends is crucial for making informed financial investment choices.
- Granada Center Mall: As of August 2022, this shopping mall, being among the largest in Riyadh, shows an occupancy rate of 64%. It is very important to note that some parts of the shopping mall were under restoration at the time, which may have impacted this figure.
- Riyadh Park Mall: This shopping mall, currently the largest in regards to Gross Leasable Area, has a remarkable occupancy rate of 91.2%, suggesting high occupant retention and constant consumer traffic.
- Riyadh Gallery Mall: With an occupancy rate of 93.3%, this shopping center stands as another key player in the market, reflecting a strong and stable occupant base.
- Al Nakheel Mall: This residential or commercial property, integral to the Arabian Center Group, reported an occupancy rate of 82.0%, showcasing its robust standing in the market.
- Lease Rates: While specific figures for lease rates per m two annually aren't offered each mall, the report suggests that all the malls included follow a comparable rates structure. This uniformity recommends a market requirement, which can be a crucial aspect for investors when evaluating the possible return on financial investment.
Quotation from the Report:
- "Occupancy (Aug 2022): 91.2%" [Riyadh Park Mall]
- "Currently the second biggest mall in Riyadh according to the Gross Leasable Area." [Granada Center Mall]
- "Another big shopping center in Riyadh. The tenancy is very great at 93.3%." [Riyadh Gallery Mall]
- "An essential residential or commercial property for the Arabian Center Group (Al Hukair Group)." [Al Nakheel Mall]
Investment Opportunities: Case Studies
Case Study 1: Riyadh Park Mall
Riyadh Park Mall stands as a shining example of a successful retail financial investment in Riyadh's dynamic market. Here's an extensive look at its characteristics, making it a noteworthy case study:
- Location and Area: Situated on Alamir Mohamed Ibn Saad Ibn Abdelaziz Road, Al Aqeek, Al Shimal, Riyadh Park Mall is tactically situated. It boasts a land area of 139,118 m TWO, offering ample space for a varied variety of retail and home entertainment choices.
- Size and Structure: The mall includes an overall built-up location of 241,220 m ² and a Gross Leasable Area (GLA) of 105,290 m TWO. This substantial size is dispersed throughout 3 floors, supplying a large selection of renting alternatives.
- Leasable Area Distribution: The leasable area is divided as follows:.
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