Staff Writer
The first quarter of the year saw a growth in office space in the country’s key business centers, including Lusail, The Pearl, and Msheireb Downtown Doha.
Alexander Hartmann, Managing Partner of The Loft Bureau Real Estate, highlighted the newly created financial districts as a reliable market for office space in an interview with The Peninsula.
“Office spaces, particularly in Lusail Marina, are in high demand and have high occupancy rates,” he said. It’s unique because there is only one market, and if you explore more, you’ll find Lusail to have greater occupancy rates and mesmerizing infrastructures.
You also have a wonderful mixture of office and residential skyscrapers. I believe Lusail Marina is at the top since this is one of the hottest (high-demand) markets right now, especially for expatriates.
But according to various sources, with expanding constructions and commercial activity, Lusail is destined to overtake Doha as Qatar’s “de-facto” financial district in the years to come. However, according to a Cushman & Wakefield research, the majority of office operations during the past year occurred in Lusal. According to what was said, “In February, the QFC and Qatari Diar announced that the former had secured more than 6,000 square meters (sq. m.) of office space in Lusail Boulevard, joining Qatar Chamber, which is soon to move to the same street.
The Lusail downtown area may develop into Qatar’s de facto financial district as a result of these future office relocations.
According to the research, relocation and expansion efforts have increased over the past year due to the booming oil and gas industry. Three office deals totaling more than 3,000 square meters have been confirmed in West Bay and The Pearl Qatar as a result. Msheireb Downtown Doha is becoming known as a place for business.
Msheireb City witnessed significant commercial office lettings in Q1 2023, primarily in the oil and gas sectors as well as financial corporations. The report mentions that there are further transactions in the works that should close in the second quarter of the current year.
According to the survey, Qatar today has a supply of almost 5.3 million square meters of purpose-built office space. With over 1.8 million square meters of gross leasable space combined, the Al Dafna and West Bay areas have the highest concentration of supply, while Lusail’s growing supply of office space has topped 800,000 square meters. There should currently be more options available for businesses searching for premium-quality furnished space, notwithstanding the growing supply of offices.
Additionally, it stated that the majority of office space in Doha was either of subpar quality or was only accessible as a shell and core.
