Qatar’s office market expands in Q1 2023

Qatar’s office market expands in Q1 2023

Doha, Qatar: The country’s major business hubs including Lusail, The Pearl, and Msheireb Downtown Doha witnessed an increase in office spaces during the first quarter of the year.

Speaking to The Peninsula in an interview, Alexander Hartmann, Managing Partner, The Loft Bureau Real Estate emphasised the newly developed financial districts as a stable market for office space.

He said: “Office spaces especially in Lusail Marina are in demand and are operating on high occupancy rates. It’s different because it is one market and if you go deeper inside, you will find higher occupancy rates with mesmerising infrastructures in Lusail.

“Also, you have a great mix of residential and office towers. This is one of the hottest (high-demand) markets at the moment, especially for expatriates so I think Lusail Marina is at the top.”

However, several reports elucidate that Lusail is set to become Qatar’s ‘de-facto’ financial district in the forthcoming years with surging projects and business activities. A report by Cushman and Wakefield notes that most of the office activities however took place in Lusal over the past year. It explained “In February, the QFC and Qatari Diar announced that the former has acquired more than 6,000 sq m of office space in Lusail