Doha, Qatar: The second quarter of 2023 witnessed a booming demand for shops and showrooms within Doha municipality noted ValuStrat in its quarterly report adding that vacancies in street retail in Umm Salal and Al Rayyan municipalities also surged significantly.
The report stated that “The organised retail stock increased after The Pearl Island marked the launch of 04 Mall (6,000 sq m GLA) in La Plage East, with no remaining shopping centres projected for 2023.”
Earlier, Ezdan Mall in Al Gharaffa announced the opening of an entertainment hub, namely 360 PLAY, in addition to a new branch of Daiso Japan.
Q2 2023 also witnessed the opening of Home Box and Daiso Japan branches in Abu Sidra Mall whereas Monoprix launched its 7th branch in the West Walk development.
Meanwhile various Food & Beverage shops like the Cinnabon, Subway, Caribou Coffee, and Wendy’s commenced operations in 04 Mall in The Pearl Island, along with the opening of the gymnasium and a salon in the
During the same period, Al-Futtaim Automotive unveiled a new three-story showroom and service centre for Honda and GAC Motors spanning over a total area of 22,700 sq m in the Doha Industrial Area.
The quarter also witnessed the median monthly rent for shopping centers remaining stable at QR200 per sq m, which eventuated a decline of 7 percent compared to Q2 2022.
“Although there was no noticeable change in shop rents within malls, anecdotal evidence points towards landlords employing at least six months of a fit-out or grace-free period and various turnover arrangements to attract retailers”, ValuStrat remarked.
The Doha municipality also saw the median monthly asking rent for street retail softening by 1.3 percent to QR152 per sq m as compared to the first quarter of its previous year and recorded a reduction of 6.2 percent year on year.
Meanwhile, the median monthly asking rent for street retail outside Doha municipality declined by 2.7 percent Quarter on Quarter to QR142 per sq m, and 5.9 percent as compared to the second quarter of 2022.
For a detailed perspective on the property market, visit: Qatar - Real Estate Review Q2 2023