With the ongoing FIFA World Cup Qatar 2022, several new companies have entered in the local market and the demand for office space is growing evident by the rise of transactions in the third quarter (Q3) of this year, noted a report released by the real estate consultancy firm ValuStrat.
During the third quarter of 2022, the total office stock was estimated to be nearly 5.8 million square metres (sqm) Gross Leasable Area (GLA), including an additional 70,000 sqm GLA added this quarter. “Al Janoub Square in Al Wakrah and Concord Qatar’s new office building in Rawdat Al Khail, among other projects, were completed this quarter; the two projects added 12,400 sqm GLA to total supply. Nearly 1.5 million sqm GLA is in the pipeline till 2023; 800,000 sqm GLA is expected till the end of 2022 while the rest is due to be completed during 2023,” the report stated.
Regarding the office performance in the third quarter the real estate market report noted that Q3, 2022 experienced a trend reversal as the citywide median asking rent for offices increased quarterly for the first time since 2016. It is 1.4 percent higher than previous quarter but lower by 2.7 percent year on year (Y-o-Y).
It added that the median asking rents for offices in West Bay, Lusail and Salwa Road grew up to 2.9 percent, with Salwa Road increasing the most (to QR70 per sqm). However, rates for offices along Grand Hamad Street & C/D Ring Road fell by 1.5 percent & 2.7 percent, respectively.
