The market for purchasing, selling, and leasing real estate for business purposes, such as office buildings, shopping malls, industrial warehouses, and multifamily housing units, is known as commercial real estate, or CRE. The demand for space, financing rates, changes in consumer behavior, and the state of the economy are some of the variables that affect it. Office and retail space is usually in high demand during boom periods, but there are usually more openings and cheaper rental rates during downturns.
According to SPER market research, ‘Oman Commercial Real Estate Market Size- By Type – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Oman Commercial Real Estate Market is predicted to reach USD 3.47 Billion by 2033 with a CAGR of 5.64%.
Drivers: A number of important reasons, such as population growth, infrastructural development, and economic diversification initiatives, are driving the expansion of Oman’s commercial real estate industry. By supporting industries like tourism, manufacturing, logistics, and technology, the Omani government’s Vision 2040 initiatives seek to lessen the nation’s dependency on oil revenue. This, in turn, increases demand for commercial real estate, including office buildings, retail stores, and industrial facilities. Major infrastructure improvements, like as airports, port expansions, and new transportation links, are improving connectivity and establishing new business hubs, especially in cities like Salalah, Sohar, and Muscat. The demand for residential and commercial real estate is also rising as a result of the expanding expat population and urbanization.
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Challenges: One major problem impeding the growth of the commercial real estate sector is the increased emphasis on remote work and online purchasing. Traditional retail areas are no longer as in demand due to changes in customer behavior and technological advancements, such as the increase in internet shopping. Foot traffic at traditional brick-and-mortar retail establishments has decreased as more customers purchase online. Additionally, the necessity for office space has been impacted by the trend toward remote work. The growing emphasis on remote work and flexible office design has caused companies to rethink their operational models.
Oman’s commercial real estate market was significantly impacted by the COVID-19 pandemic, which led to a decline in demand and investment. Lockdowns, travel restrictions, and a move to remote work all contributed to a decrease in the demand for office space and retail outlets, especially in towns like Muscat. The need for large office premises has decreased as a result of numerous financially distressed companies cutting staff or switching to flexible work schedules. However, the need for warehouses and distribution centers increased as e-commerce grew and supply chain efficiency gained importance, making the logistics and industrial sectors more resilient.
Additionally, some of the market key players are; Al Osool Group, Al Tamman Real Estate, Alfardan Group, Al-Taher Group, BBH Group, Diamonds Real Estate.
Oman Commercial Real Estate Market Segmentation:
By Type: Based on the Type, Oman Commercial Real Estate Market is segmented as; Offices, Retail, Industrial, Logistics, Multi-family, Hospitality.
By Region: This research also includes data for Eastern region, Western region, Southern region, Northern region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link: –
Oman Commercial Real Estate Market Scope
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