The WiredScore and SmartScore building certifications have been awarded to the King Abdullah Financial District (KAFD) in Riyadh by the renowned real estate firm Knight Frank.
The digital connectivity and infrastructure of a building are evaluated using the WiredScore certification. A building that has earned a SmartScore certification demonstrates cutting-edge innovation by utilizing industry-leading technology, procedures, and automation to provide world-class results to all building users and to create the most effective, inspiring, sustainable, and future-proof building possible.
Knight Frank supported KAFD’s first WiredScore and SmartScore building certification, stating that this followed its success in the certification process of the first Platinum SmartScore building in the Middle East in Dubai last November when Brookfield Properties’ ICD Brookfield Place in the Dubai International Financial Centre (DIFC) was given the honor.
James Lewis, Managing Director Middle East and Africa, Knight Frank said: “We are constantly striving for excellence and our business now boasts the largest team of accredited professionals for both the WiredScore and SmartScore certifications in the Middle East, something we are incredibly proud of as it reinforces our end-to-end suite of ESG-linked services in the region.”
“And what better way to showcase this achievement than through our work in Saudi Arabia on the 2.14 building at KAFD, as well as ICD Brookfield Place in Dubai, which are both iconic buildings and among the region’s finest and most sought-after business addresses,” noted Lewis.
“Our newly opened office in Doha now also boasts Qatar’s only two WiredScore and SmartScore Accredited Professionals,” he added.
According to Knight Frank, the digital connection is a component of the built environment that isn’t often apparent but plays a significant part in realizing a workspace’s full potential and directly affects the well-being of its occupants.
“GRESB, the global ESG benchmark for real assets, now recognizes both WiredScore and SmartScore as Green Building Certifications. This encourages transparency and international standards for corporate occupiers and investors as they pursue their ESG strategies,” noted Tim Holmes, Partner – Valuation & Advisory.
“Both WiredScore and SmartScore certifications provide a detailed gap analysis, allowing building owners to focus their capital expenditure on making their buildings smarter and better connected,” he stated.
Ibrahim Alrashed, Manager, Valuations and Advisory at Knight Frank’s team in Riyadh, said: “This is a real milestone for KAFD. Riyadh and the kingdom. Occupiers are increasingly placing greater value on the wellbeing of their staff and this mindset shift will drive the evolution of what is considered a grade A building today.”
At this time, WiredScore or SmartScore certifications are not explicitly factored into the formulas used to calculate rent or the value of the commercial real estate.
Digital connectivity, however, appears set to play a bigger role in commercial real estate valuations in the future, according to Knight Frank, given that the technology sector is a significant source of office requirements globally and that serviced office space is becoming more and more popular everywhere.
Wiredscore’s Middle East Lead John Hilliard said: “SmartScore Platinum certification is a clear indication to the real estate industry that a landlord is committed to creating long-lasting, resilient assets that will be relevant for their tenants in the years to come.”
At a time when ‘smart’ is at the top of the national agenda, the ability to translate the technological enablement of real estate is more important than ever, and smart buildings will play a key role in creating more attractive, efficient, and sustainable workplaces that allow individual productivity to flourish,” he added.