The total estimated gross leasable area (GLA) of Qatar’s office supply stood at 4.54mn sqm as of second quarter (Q2) this year, research and consultancy firm ValuStrat said in a report.
Some seven office buildings were added this quarter, of which three were in Lusail (Energy City and Lusail Marina District) and one each in Fereej Bin Mahmoud, Old Al Ghanim, Abu Hamour and Al Muntazah, comprising 200,000 sqm GLA, ValuStrat said in its ‘Qatar Real Estate Market 2nd Quarter 2019 Review’.
Upcoming projects until end-2019 (currently under construction) totalled 600,000 sqm GLA, 52% of which are in Lusail, 45% in Doha Municipality (Msheireb Downtown, Al Dafna, Al Sadd, Al Hitmi and Old Airport) and the remaining located in various areas of Qatar.
Median office asking rents fell 14% year-on-year (YoY) and 4% quarter-on-quarter (QoQ).
As per ValuStrat research, countrywide occupancy of office space is estimated at 65%.
Highest quarterly falls were experienced in secondary locations such as Salwa Road (QR80 per sqm) and Grand Hamad Avenue (QR85 per sqm), where asking rents ranged from QR55 to QR110 per sqm.
As of Q2, 2019, the total supply of organised retail space reached 1.81mn sqm, owing to new additions of neighbourhood retail centres in Lusail.
Two shopping centres (total 95,000 sqm GLA) are in pipeline for the remaining quarters of 2019, including Boulevard Mall in Jeryan Jenaihat and Al Waddan Mall in Mesaieed.
Galeries Lafayette (4,350 sqm GLA) announced a soft opening of its flagship store within Katara Cultural Village, ValuStrat said.