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Qatar’s office market continues to witness a hike in demand with expansion projects across the country. However, the rents for office rooms during the second quarter of 2024 remained constant, according to a report released yesterday by ValuStrat.
Anum Hassan, Head of Research, Qatar commented “Office sector rents remained stable throughout the period. Whilst, street retail and shopping centers in Doha saw a quarterly decline of 5 percent and 2 percent respectively.”
However, the data indicated an overall decrease of 3.6 percent Y-O-Y in the rents for the office market.
Some of the primary business districts including the West Bay observed a quarterly reduction of 1 percent, while office rents in Grand Hamad Avenue dropped by 3 percent.
Key office localities including Lusail, Al Sadd, Salwa Road, and C-and-D Ring Roads experienced minimal changes in office rents in the second quarter of 2024 as compared to the first quarter of the year.
ValuStrat also highlighted that the average rent quoted by Grade-A office projects went over 30 percent compared to the ones offered by Grades-B/C offerings. On the other hand, leasing for the serviced offices in West Bay and Lusail quoted ranged between QR450 to QR900 per month for hot desks, and QR1,000 to QR3,500 monthly for dedicated workstations.
Meanwhile, total office stock was estimated to be more than 7.2 million sq m GLA in the second quarter of the year.
Approximately, 16,000 sq m GLA was added in Q2 2024, while 11,000 sq m GLA came about for several projects in prime areas such as the Commerical Boulevard and Fox Hills in Lusail.
In addition to that, an estimated 313,000 sq m of GLA is expected to be delivered by the end of 2024, with 80 percent of projects located in the iconic Lusail city, the report said.
It also said that 90 percent of the pipeline supply belongs to the Grade-A category.
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