RETAIL DRIV­ING COM­MER­CIAL REAL ES­TATE GROWTH

Qatar Today - - BUSINESS -

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.

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