NAI Global Adds Middle East Office to Serve Saudi Arabia’s Commercial Real Estate Market
Published By: NAI Global
Riyadh, Saudi Arabia; January 8, 2025 – NAI Global President & CEO Alex Waddey announced that the New York-based commercial real estate services and advisory company has gained an office in Riyadh that will operate as NAI Saudi Arabia. The new office will be managed by NAI Saudi Arabia Principal Nawaf Alrasheed.
With regional headquarters in Riyadh, Saudi Arabia’s capital and main financial hub, the new office will serve property occupiers and investors in all asset classes of commercial real estate throughout The Kingdom of Saudi Arabia.
In addition to service office, retail, industrial, investment, land sales/development, multifamily, hotels and hospitality sectors, NAI Saudi Arabia provides research and advisory services, and property management.
Nawaf Alrasheed possesses a wealth of experience in the Saudi Arabia real estate market and has collaborated extensively with major industry players and contributed to some of the Vision 2030 high-profile projects. The team he is assembling has a proven track record in leasing premium and Grade A office and retail spaces, thus shaping some of the most iconic commercial real estate developments in the Kingdom.
Saudi Arabia’s Vision 2030 is a comprehensive national plan aimed at diversifying the Saudi economy, improving social conditions, enhancing the country’s global standing by 2030, with a focus on creating a vibrant society and thriving economy through economic diversification, investment in non-oil sectors and social reforms primarily spearheaded by Crown Prince Mohammed bin Salman.
“Saudi Arabia’s real estate market is experiencing significant growth, driven by the ambitious Vision 2030 initiatives and ongoing economic diversification. As the demand for professional and high-quality real estate services continues to rise, NAI Global presents a strategic opportunity to leverage an extensive network and global support. NAI Global’s resources and expertise will enable us to accelerate our market entry, establish a strong presence, and deliver exceptional value to our clients in this rapidly evolving landscape,” said Nawaf Alrasheed.
The current Riyadh office market inventory is comprised of approximately 5.2 million square meters (about 56 million square feet) and valued at $8 billion in USD. Demand for office space is growing in both the public and private sectors and rents have been rising by approximately 6% per annum in the post-pandemic period, according to Mordor Intelligence.
Currently, there is a significant number of international firms entering the country and is a major contributor to increased demand for office supply.
Demand for retail shops is also increasing and malls, in particular, are reporting extremely high levels of foot traffic.
About NAI Saudi Arabia
NAI Saudi Arabia, located in the Luxury Plaza in Riyadh, brings a new standard of excellence to the Kingdom’s commercial real estate market. With its headquarters in Saudi Arabia’s economic and financial hub, the company offers a comprehensive range of services, including leasing, property management, and advisory solutions tailored to the country’s evolving needs.
Let by Principal Nawaf Alrasheed, the team combines over 90 years of experience in managing significant leases and transactions. Their expertise spans high-profile projects such as the King Abdullah Financial District (KAFD), and STC Square and Roshen Front, and other, demonstrating their ability to handle complex and impactful developments across the Kingdom.
Aligned with Vision3020, NAI Saudi Arabia leverages local market knowledge and the global resources of NAI Global to deliver exceptional value to property owners, investors, and occupiers. The company is uniquely positioned to support its clients in navigating the dynamic real estate market, fostering growth, and contributing to Saudi Arabia’s ambitious economic transformation.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 325 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 5,800 local market professionals, managing in excess of 1.1 billion square feet of property and facilities. Annually, NAI Global completes in-excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. To learn more, visit www.naiglobal.com