Average rental rates across Riyadh’s retail market have risen by 3% to SR2,725 ($727) psm for both regional and super regional malls in the last 12 months, while occupancy rates across the retail market rose by 5 percentage points to 90%. According to global property consultancy Knight Frank’s Summer 2024 Saudi Arabia Retail Market Overview, the total existing retail supply in Riyadh stands at 3.6 million sq m, with around 27,050 sq m of retail space entering the market in Q1 2024. Knight Frank forecasts that the capital’s retail stock will grow by 28% to 4.6 million sq m by 2026. In contrast to the capital, Jeddah and the Dammam Metropolitan Area (DMA) have experienced subdued retail market growth in the last 12 months with occupancy rates dropping by 1 percentage…