COMMERCIAL, OFFICE SPACES AND DEMAND IN QATAR

Bilal Atout
Head of Leasing
Alfardan Properties

Exciting trends in business and commercial real estate are emerging in the post-pandemic world. The demand for office spaces in Qatar has seen a strong recovery that helped in stabilising office rents. And with the world cup ™ approaching, demand from companies will increase, following the ease of restrictions, the implementation of an open-minded investment policy and economic recovery.

A recent report by the Qatar Central Bank (QCB) in the 11th Financial Stability Report projected a positive outlook for the real estate industry, and the Ministry of Justice has opened a real estate registration and authentication office at Qatar Financial Centre (QFC). This creates an ideal environment for the real estate sector to adapt to trends and create value in an everevolving commercial ecosystem.

Office space is an essential aspect of work culture, and while workers are now back in the office, new consumer preferences have emerged and are being applied by the real estate market.

Prime Location
Most of the demand is expected to be related to office spaces in prime areas such as Lusail, West Bay and Msheireb Downtown. This not only enhances the image and prestige of a brand, but also strengthens the business due to increased footfall and allows collaboration with other successful businesses. The proximity to restaurants, malls and amenities as well as the Doha Metros, plays a huge role in the decision making process of the selected office space. Striking a work-life balance for employees can be essential to boosting productivity and business performance in the long run.

Service and Facilities
Working spaces are now expected to enable business owners or employees to create an environment where they can thrive. Properties that offer ample parking spaces and are equipped with high-end security are in high demand. Buildings are now increasingly being designed to make networking an enjoyable experience, with access to F&B outlets and gyms, as well as tailor-made support from dedicated service staff to create a tenant experience with unique value.

Open Communication Channels
To maintain tenant trust and create a sense of reliability, developers are adopting open and clear communication channels to stay ahead of needs. This builds a feeling of security and shows transparency and accountability, especially if done in line with uniform policies that are clearly stated. Making sure queries and complaints are dealt with in a timely and appropriate manner also proves to be a popular factor for tenants. Visitors and employees alike appreciate the efforts and proceed with ease into the premises of properties they can rely on

Adapting to changing markets and needs, and exceeding expectations by staying ahead of trends prove successful in inspiring tenants’ long-term trust. This service excellence is in line with the core pillars of the Qatar National Vision 2030 – towards economic, social, environmental, and human capital development – providing a high standard of living today and for the future. By working hand in hand in the industry, real estate developers can earn confidence in the minds of the population, while taking advantage of and maintaining leverage in an evolving and growing industry with high potential.

This article was published as part of the eighth edition of Property Finder Qatar’s Trends Report.