A total number of 26,890 hotel rooms were available across 129 properties in Qatar, according to consulting and research firm ValuStrat.
There were no additions during the second quarter according to ValuStrat said in a report. Until May, visitor arrivals reached 922,132, up by 11% compared to the same period last year.
Hotel operators continue to reduce room rates to attract more guests. Average Daily Rate (ADR) across all star categories on average declined 6% YoY for the first five months of 2019, a result of which led to hotel occupancy increasing to 66% from 60% last year, ValuStrat said.
Qatar’s organised retail stock reached 1.81mn sq m Gross leasable area (GLA) as of Q2, 2019, owing to new additions of neighbourhood retail centres in Lusail. Galeries Lafayette (4,350 sq m GLA) announced a soft opening of its flagship store within Katara Cultural Village.
“Amid competition from newly opened super regional malls, relatively older shopping centres have reduced asking rents by an estimated 5% YoY in order to maintain occupancy. Median monthly asking rent among street retail units in Doha stood at QR195 per sq m and outside Doha at QR180 per sq m,” ValuStrat said.
An estimated 500,000 sq m GLA of warehousing space is projected to be completed by end of 2019. Median monthly asking rents for dry storage fell to QR34 per sq m, down 5% QoQ and 12% YoY.
Average asking rents for temperature-controlled warehouses intended for food and chemical storage fell by 3% QoQ and 11% YoY, ValuStrat noted.