Cover image: Johnny Archer (left), Head of Consulting and Research, DTZ/Cushman & Wakefield; Adam Stewart (centre), Director and Head of Valuation Advisory, Qatar and Richard Rayner, Associate Director, Valuation Advisory and Investment (credit: Mohammad Shoeb - Qatar Peninsula)
2019 will see the expected opening of five new malls in Qatar, and a number of other commercial enterprises. These include Katara Mall in Al Qassar, Doha Mall in Abu Hamour, Doha Souq in Al Mirqab, La Galleria in Msheireb and Northgate Mall (North Doha, reported the Qatar Peninsula.
According to the Qatar market review for the 2018 Q4 released by DTZ/Cushman & Wakefield, these malls will push up the organised supply of retail space to more than 2 million square metres by next year.
The Gulf Times has further reported that, between 2015 and 208, 13 malls opened opened in Doha, Al Wakrah and Al Khor, so organised retail supply has more than doubled in size. The total supply of gross leasable area in Qatar’s retail malls is now over 1.4million square metres. Of this space, approximately 800,000 square metres is made up by its five largest ‘super - regional malls’ which include Doha Festival City and Mall of Qatar.
Organised retail supply in Qatar has more than doubled since 2015 with the opening of 13 new malls in Doha, Al Khor and Al Wakra. Total supply of gross leasable area within retail malls now tops 1.4mn sqm, of which almost 800,000sqm is provided in the country’s five largest ‘super-regional’ malls.
In addition to these already opened malls, outdoor places in Doha like Souq Waqif, Katara Cultural Village, The Pearl Qatar, Porto Arabia and Medina Centrale, which are made up of a high number of food and beverage outlets are providing an additional 200,000 square metres of retail accommodation that is leasable.
DTZ/Cushman & Wakefield also mentioned in their review that ever since new retail commercial space, residential units and hotels have been added to the market combined with certain other factors, there has been a downward pressure in property rents and the revenues of the average room in the hotels in and around Doha. However, with time, these are now getting more and more stabilised.
It is expected that, with time, and as Doha’s main infrastructure projects near completion along with the Government’s programmes to accelerate the private sector, the economy will diversify and will not just be dependent on oil and gas, and the private sector will see a lot more growth and potential.
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