Doha: Lusail will have a major share in the new office space supply that will be delivered over the next year. Nearly 65 percent of the new workspace stock, expected to be delivered over the next 15 months, is earmarked for Lusail, according to real estate consultancy firm ValuStrat.
“During the third quarter total office stock in the country amounted to 5.6 million sqm Gross Leasable Area (GLA). Nearly 1.26 million sqm is projected to be delivered in the next 15 months with 65 percent concentrated in Lusail and remaining distributed in Msheireb Downtown, Al Dafna, Onaiza, Umm Ghuwailina and Salata,” Pawel Banach, General Manager, ValuStrat told The Peninsula.
“As of third quarter of this year, 60 percent of office stock is located in primary locations and is of premium quality,” he added.
Lusail extends across an area of 38 square kilometers and includes four exclusive islands and 19 multi-purpose residential, mixed-use, entertainment and commercial districts. Featuring 22 hotels with international star ratings, Lusail’s vibrant, multicultural hodgepodge promises a boon for hospitality, tourism and investments in Qatar.
Lusail City is the largest single sustainable development being undertaken in Qatar. Located just over 20 kilometres from Doha, Lusail City has been designed to offer residents and visitors an enhanced quality of life. It is also home to the 80,000-capacity Lusail Stadium.
The stadium will host the final of the FIFA World Cup Qatar 2022.
Companies in the financial services sector, entertainment and administrative support activities are driving the demand of office space.
“New demand for office space has been dominated by companies working in financial and insurance activities, administrative and support services and arts, entertainment and recreation,” said Banach. “An estimated 76,000 sqm Gross Leasable Area was completed during the second quarter of this year, bringing the total workspace stock to 5.6 million sqm,” he added.
During the third quarter offices along Al Sadd and Salwa Road experienced the highest quarterly depreciation of up to 3 percent.
