Qatar’s supply of office space amounted to 5.5mn sq m Gross Leasable Area (GLA), researcher ValuStrat said and noted upcoming projects until 2022, currently under development, totalled 1.28mn sq m GLA.
As of Q1, 2021, the supply of office space was 5.5mn sq m Gross Leasable Area (GLA). Moreover, 62% of the existing stock was of ‘Grade-A’ category.
As many as seven office projects were added in the first quarter in Lusail, Ain Khaled (Salwa Road), Fereej Abdul Aziz, Old Airport, Al Muntazah and Msheireb comprising of 145,000 sq m GLA.
Upcoming projects until 2022, currently under development, totalled 1.28mn sq m GLA, 62% of which is located in Lusail (Fox Hills, Energy City, Commercial Boulevard and Marina District) and the remaining mixed amongst Umm Ghuwailina, Al Hitmi and Al Dafna.
Median office asking rents fell 6% YoY and 2% QoQ.
The median monthly office asking rent in West Bay was QR110 per sq m, with quoted rents ranging from QR70 to 190 per sq m.
Offices in Al Sadd experienced the highest quarterly fall in asking rents up to 4%, with rates varying from QR50 to QR110 per sq m.
Secondary office locations saw larger declines this quarter in comparison to prime locations. Offices in Al Wakrah and Al Khor ranged from QR40 to QR60 per sq m.
The average asking price for offices in Lusail and West Bay was QR17,500 per sq m on sellable area.
ValuStrat in its first quarter Qatar real estate review said during the first two months of Q1, 2021, export revenues reduced by 3.8% YoY, and imports contracted by 14% YoY.
During Q1, 2021, the Consumer Price Index (CPI) stood at 97.1 points (the base year 2018) indicating a marginal decrease of 1% annually and increase of 1.1% QoQ. Housing and utility expenses index decreased 5.5% YoY and 1.6% QoQ.
The International Monetary Fund (IMF) had projected the real GDP of Qatar to grow 2.4% during 2021, ValuStrat noted.
As of Q1, 2021, the supply of office space was 5.5mn sq m Gross Leasable Area (GLA). Moreover, 62% of the existing stock was of ‘Grade-A’ category.
As many as seven office projects were added in the first quarter in Lusail, Ain Khaled (Salwa Road), Fereej Abdul Aziz, Old Airport, Al Muntazah and Msheireb comprising of 145,000 sq m GLA.
Upcoming projects until 2022, currently under development, totalled 1.28mn sq m GLA, 62% of which is located in Lusail (Fox Hills, Energy City, Commercial Boulevard and Marina District) and the remaining mixed amongst Umm Ghuwailina, Al Hitmi and Al Dafna.
Median office asking rents fell 6% YoY and 2% QoQ.
The median monthly office asking rent in West Bay was QR110 per sq m, with quoted rents ranging from QR70 to 190 per sq m.
Offices in Al Sadd experienced the highest quarterly fall in asking rents up to 4%, with rates varying from QR50 to QR110 per sq m.
Secondary office locations saw larger declines this quarter in comparison to prime locations. Offices in Al Wakrah and Al Khor ranged from QR40 to QR60 per sq m.
The average asking price for offices in Lusail and West Bay was QR17,500 per sq m on sellable area.
ValuStrat in its first quarter Qatar real estate review said during the first two months of Q1, 2021, export revenues reduced by 3.8% YoY, and imports contracted by 14% YoY.
During Q1, 2021, the Consumer Price Index (CPI) stood at 97.1 points (the base year 2018) indicating a marginal decrease of 1% annually and increase of 1.1% QoQ. Housing and utility expenses index decreased 5.5% YoY and 1.6% QoQ.
The International Monetary Fund (IMF) had projected the real GDP of Qatar to grow 2.4% during 2021, ValuStrat noted.