Qatar's private sector to benefit from new availability of 45,000 sqm of commercial property in Doha's central districts
Doha, Qatar: With Doha's non-hydrocarbon sectors driving growth, commercial space totalling 45,000 sqm is now available for lease in Qatar's central districts. DTZ Qatar, the leading global real estate advisory in Qatar, has been hired by two prominent property developments in Doha: Mirqab Mall and Le Boulevard. The two projects combined have an estimated leasable value of nearly QAR 80 million per annum.
Commenting on DTZ's appointment, Mark Proudley, Commercial Agency Director at DTZ Qatar said:
"The Mirqab Mall and Le Boulevard add a combined total of 45,000 sqm of office space for lease to our commercial portfolio and we are very proud to have been selected as their agents. They are two world-class mixed-use properties that bring together commercial space and lifestyle accommodation in proximity to popular residential neighbourhoods. Given the nature of the developments, both locales will experience substantial footfall during the day and evenings - this is beneficial to businesses that desire that visibility and ease of access, in particular."
The Mirqab Mall is situated on Doha's Al Mirqab Al Jadeed in central Doha offering excellent access to the whole city including; Hamad International Airport, the West Bay Business District and Salwa Road. Located within a well-established residential and commercial area, Mirqab Mall has a gross leasable area of 70,000 sqm, with 31,500 sqm allocated to commercial offices and medical clinics over three floors. With the remaining area allocated to retail, food and beverage and cinemas ensuring Mirqab Mall becomes one of Doha's favourite shopping and lifestyle destinations. Easy access from the residential quarters of Al Sadd, Al Waab, Al Azzizya and Al Muntazah is likely to increase its popularity among residents of Doha.
Le Boulevard in Al Sadd offers atmosphere and elegance and is an ideal location for retail outlets and office space. The iconic development consists of 35 ground floor retail spaces, two floors dedicated to banking services, 376 underground parking spaces, 28 office units of varying sizes and one signature restaurant space. Its architecture is modern and appealing and it is in a prime location for consumers, retailers and office tenants.
Edd Brookes, General Manager of DTZ Qatar, added:
"Despite the softening of oil prices, which were a feature of the market during the last two previous quarters, the Qatari real estate market continues to provide both landlords and occupiers with significant opportunities. Our previous quarter's report highlighted the impact that the government's spending plan revisions has had on Qatar's real estate market in the past six months, particularly the commercial and prime residential markets. Regarding the possibility of rent controls, we feel that a greater transparency in the market place allowing the market to find its own equilibrium would be far more effective, and reduce the possibility of market corrections in the future. One way to implement this would be to bring in regulations to the brokerage market ensuring that all brokers and their firms are probably regulated and registered with the appropriate Ministry. This would also ensure a higher standard of service to both landlords and tenants."
DTZ's 2015 Q3 market report indicated promise for the retail real estate market sector in 2016. There is currently strong demand for retail accommodation from both local and international retailers looking to either enter or expand in the local market.
Brookes continued:
"We expect strong demand from retailers as the retail occupancy levels in existing shopping malls surge. Although there are hints of the market experiencing some difficulties, there seems to be a steady increase in rental levels on lease renewals in the busier malls. With the addition of Barwa Commercial Avenue, the showroom retail market has already experienced 50% reservation by various retailers. Doha's retail market is likely to expand from 700,000 sqm to two million sqm over the next three years with the completion of 12 new retail malls. The focus will shift to providing high-end retail and restaurant accommodation with international fashion brands as the new target."
DTZ estimates that more than 1.3 million additional square meters of retail space in 12 new shopping malls is currently at various stages of design or construction and may be opened by 2019. This represents a 220% increase on current supply, and if completed as planned, this will have a major impact on the dynamic of the retail market in Qatar.
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About DTZ Qatar:
DTZ Qatar is a member of the global real estate services business, Cushman & Wakefield. DTZ Qatar brings international best practice and local expertise to the market. With a long standing track record in the Qatari market, our aim is to play an integral role in the country's vision of sustainable growth.
DTZ Qatar operates to international best practice standards, providing consistent and responsible service to our clients. Our offering includes: residential agency; commercial agency; property and facility management; consultancy and research; valuation; and local and global investment opportunities. For more information please visit: www.dtzqatar.com or visit our Facebook page at: https://www.facebook.com/DTZQatar.
© Press Release 2016
