Office market sees increase in occupancy rates in Q3

Doha, Qatar: Qatar s office space is currently witnessing a surge in demand as occupancy rates mount up across core prime localities during the third...

Doha, Qatar: Qatar’s office space is currently witnessing a surge in demand as occupancy rates mount up across core prime localities during the third quarter.

A report by Cushman and Wakefield signals that the market experiencing its highest level since 2015 in areas such as West Bay following a series of government or government-related lease agreements this year.

Market experts estimate that nearly 130,000 sq m of gross leasable office space has been leased or reserved in 2024 to date, with take-up mainly split between Msheireb Downtown Doha and the West Bay.

The report states that recent activity indicates that there is minimal availability in Msheireb Downtown, while the available office space in West Bay is expected to fall to around 160,000 sq m, which is less than 10 percent of the total supply.

Researchers stress that availability in Lusail’s Marina District for office spaces is anticipated to have nearly 130,000 sq m.