Lusail has attracted a major portion of office space supply helped by migration of major government and private companies in this area.
The office space supply in Lusail has now exceeded 600,000 square metres, according to a report by Cushman and Wakefield Qatar.
“The most significant increase in new office supply over the past year has been in Lusail, both in the Marina District and in Energy City. Office supply in Lusail now tops 600,000 sqm,” said the fourth quarter report about Qatar’s real estate sector, released recently by Cushman and Wakefield Qatar (CWQ).
There has been a noticeable shift in corporate office demand towards Lusail over the past year, as more buildings complete and the area matures, according to the report.
The migration of government entities and ‘Q-companies’ to the new district and relatively competitive rental levels on offer has also helped attract private-sector companies to high-quality multi-let buildings in the Marina District. Lusail’s Marina district can now offer tenants high specification office buildings, with greater access to parking than is currently available in West Bay, noted the report.
The overall office space supply in Doha is approaching 5 million sqm, of which almost 50 percent is situated in the prime districts of Lusail, West Bay, and Msheireb.
Lusail City is the first and largest sustainable city in Qatar which goes beyond the usual concept of a modern city by encompassing innovative ideas that take the sustainability principles into the core of the city master plan. Created by Lusail Real Estate Development Company on behalf of Qatari Diar, Lusail City is the largest single sustainable development being undertaken in Qatar.
“As we move beyond the pandemic, the establishment of the Qatar Free Zone Authority is expected to help attract inward investment and boost demand for office space,” said the report.
