RETAIL DRIVING COMMERCIAL REAL ESTATE GROWTH
DTZ Qatar estimates that more than 1.3 million additional square meters of retail space in 12 new shopping malls are currently at various stages of design or construction and may be opened by 2019.
This represents a 220% increase on current supply, and if completed as planned, this will have a major impact on the dynamic of the retail market in Qatar. “Doha's retail market is likely to expand from 700,000 sq. m. to two million sq. m. over the next three years with the completion of 12 new retail malls. The focus will shift to providing high-end retail and restaurant accommodation with international fashion brands as the new target,” said Edd Brookes, General Manager of DTZ Qatar.
The company also announced that it has been hired by two prominent property developments in Doha - Mirqab Mall and Le Boulevard – to lease office space. The Mirqab Mall, situated in central Doha within a well-established residential and commercial area, has a gross leasable area of 70,000 sq. m., with 31,500 sq. m. allocated to commercial offices and medical clinics over three floors. Le Boulevard in Al Sadd is an ideal location for retail outlets and office space. The iconic development consists of 35 ground floor retail spaces, two floors dedicated to banking services, 376 underground parking spaces, 28 office units of varying sizes and one signature restaurant space. The two projects combined have an estimated leasable value of nearly QR80 million per annum.