Quarterly Report Qatar Q1 2024: Office Market Overview – Cushman & Wakefield Qatar

Press Releases

May 12, 2024

Quarterly Report Qatar Q1 2024: Office Market Overview

Increasing occupancy in Doha’s prime office locations

There was reduced office leasing activity in Q1 following a strong take-up of office space towards the end of 2023. More than 70,000 sq m of Grade A office space has been leased or reserved by various government sectors over the past six months, which has reduced availability in the prime office locations of West Bay, Msheireb Downtown, and Lusail Marina.

Cushman and Wakefield understand that the majority of the commercial space in the Msheireb Downtown District is leased or under offer, with limited options for new tenants now available. Government and private sector companies have been attracted by the development’s LEED certification for sustainability as well as access to amenities on the doorstep.

Various office lease transactions in West Bay throughout Q1 have seen the amount of available space fall by approx. 8,000 sq m with just 13% of all office accommodation now available to lease. Vacancy rates are currently higher in Lusail; however, we expect an increase in the number of entities re-locating to Lusail in the coming years.

There have been no significant additions to the supply of office space in Qatar in Q1. We estimate that the overall supply of purpose-built office accommodation in Qatar is now approx. 5.4 million sq m. West Bay has the largest concentration of supply with approx. 1.8 million sq m of gross leasable area, followed by Lusail which has more than 850,000 sq m.

Office vacancy rates remain considerably higher in the older commercial districts around Doha. Older office buildings of lower specification find it increasingly challenging to secure new tenants, with the majority of occupiers favouring newer buildings in Lusail or West Bay. Many buildings are experiencing prolonged periods of vacancy. This may encourage redevelopment of refurbishment projects to bring the buildings to levels that meet modern energy efficiency and sustainability standards.

With demand focussed on Grade A accommodation and reduced availability in these areas, we are now seeing signs of upward pressure on rents for selected prime buildings. While overall supply and vacancy is high, we expect the gap to widen in rental values between prime and secondary stock over the coming year.

Grade A stock is now typically available to lease for between QAR 100 and QAR 130 per sqm per month, exclusive of service charges. Office spaces leased as ‘shell and core’ can be secured for QAR 50 – 60 per sq m per month in some of Doha’s office districts.

Cushman & Wakefield Quarterly Report Qatar Q1 2024

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