Doha, Qatar: Analysts in the country noted that the demand for office space subsequently grew during the last quarter of 2023. Qatar’s homegrown property platform - Hapondo, remarked that demand in the West Bay area surged with tenants looking for more semi-fitted spaces during Q4 2023.

The rents, however, between the unfitted and semi-fitted spaces remained marginal as the unfitted office space was QR70 per sqm per month, while semi-fitted office space options in the low-end ranges between QR75 and QR130.

On the other hand, the office district for unfitted and semifitted spaces in Lusail remained the most expensive in the fourth quarter. However, the report indicates that it has become one of the most affordable options for smaller tenants who are looking for fully fitted spaces.

“A serviced office, which charges by room or seat, priced their fully fitted space at an average of QR352 per sqm, 20 percent lower than West Bay. Of course, Doha’s downtown such as Al Sadd still provided the most affordable option,” the report said.

Researchers highlighted that beyond the major office districts, the average lease rate of semi-fitted offices in Q4 differed from area to area. Between B ring and C ring roads, average lease rates of available spaces have either fallen marginally or were stagnant.

Meanwhile, the farther commercial areas between C ring road and D ring road marked higher rates quarter on quarter, it stated adding that the office leasing rates in Old Airport and Al Hilal also increased.

Hapondo’s data shows that during Q4 2023, the average leasing rates for unfitted office space in the Lusail, West Bay, and Al Sadd areas were QR105.86, QR95.81, and QR62.5 respectively.

On the other hand, average rental rates for semi-fitted offices in the Lusail, West Bay, and Al Sadd areas are QR113.41, QR100.03, and QR77.87 in Q4 2023. Meanwhile, fully-fitted office spaces in Lusail, West Bay, and Al Sadd showed an average leasing rent of QR352.24, QR427.72, and QR278.89 in the final quarter of 2023.

© Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).