West Bay area expected to remain at epicenter of office market
Prime rentals for grade A office space in Qatar remained steady during the second half of the year with monthly rates ranging from QR 220 – 280 ($60 – $79) per square meter, says CBRE.
According the commercial property adviser’s latest report on the Qatar real estate market, the majority of commercial occupiers will also pay a service charge in addition to the headline costs which ranges between 20 – 25% of the annual base rentals.
In terms of areas of interest, the West Bay/Diplomatic area remains the primary choice for the majority of international and local office occupiers, comprising of roughly 60% of the total office stock.
The report notes that the West Bay area is expected to remain at the epicenter of the commercial office market in the short to medium term.
Meanwhile, price-sensitive occupiers centered around the C/D Ring Roads, where rentals are more affordable, ranging from QR 120 – 220 ($32 – $60) per square meter per month.
In terms of the future office supply pipeline, Mat Green, head of Research & Consulting UAE, CBRE Middle East said, “Over 32% of all office space set to be completed over the next five years will be completed in the Lusail area, versus around 29% in West Bay.”