Analysts in the nation observed that in the final quarter of 2023, there was an increase in demand for office space. Hapondo, a native property platform in Qatar, reported that during Q4 2023, tenant demand for more semi-fitted spaces increased in the West Bay area.
Although semi-fitted office space options ranged from QR75 to QR130, unfitted office space costs QR70 per sqm per month. As a result, the rent difference between the two types of spaces remained negligible.
However, Lusail’s office district for unfitted and semifitted spaces continued to be the priciest during the fourth quarter. Nonetheless, the report suggests that for smaller tenants seeking fully equipped spaces, it has emerged as one of the most cost-effective choices.
“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 found that, outside of the main office districts, regional variations were observed in the average leasing rate of semi-fitted offices in Q4. The average lease rates for available spaces have either stagnated or slightly decreased between B and C ring roads.
According to the report, office leasing rates in Old Airport and Al Hilal also increased, with the farther commercial areas between C and D rings showing higher rates every quarter.
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 in Q4 2023, according to data from Hapondo.
However, in Q4 2023, the average rental prices for semi-fitted offices are QR113.41, QR100.03, and QR77.87 in the Lusail, West Bay, and Al Sadd areas. In the last quarter of 2023, the average leasing rent for fully equipped office spaces in Lusail, West Bay, and Al Sadd was QR352.24, QR427.72, and QR278.89.