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Qatar office rents soar by 20 percent
Office rents in Qatar has been reported to have risen by 20 percent during first half of this year, probably because most businesses shifted their base from Dubai to Qatar, considering the latter to be a cheaper alternative, says CB Richard Ellis, a property firm.
The office occupancy rates in Doha, touched 98 percent during the first half, and rents are expected to see another 10 percent increase this year, with increased business activities in the country, due to the economic boom in the country, said the firm.
The report by the company stated that there was a huge demand for office space in the capital, due to interest shown by international companies towards expanding their businesses in better priced alternatives than Dubai.
The office rents in Dubai, which initiated the real estate boom in Gulf by permitting expatriates to invest in its property market during the year 2002, has tripled towards the year 2005, reported the UAE-based Asteco, another property services firm.
The annual office rents in the West Bay business area in Doha are currently more than $700 per square meter, reveals Richard Ellis data.
Posted on 21/10/2007
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