Market Trends of Qatar Flexible Office Space Industry
This section covers the major market trends shaping the Qatar Flexible Office Space Market according to our research experts:
The Supply of Flexible Office Space is Experiencing Growth
The capital of Qatar is emerging as a leader in flexible office space supply. In Q3 2021, total office space supply accounted for approximately 5 million square feet in the country, in which more than 40% of the share is contributed by Doha's prime commercial districts (including West Bay, Lusail, and Msheireb).
Furthermore, the Lusail district contributes a majority of the new office space construction in the city in Q3 2021. Meanwhile, the demand was driven by high specification buildings with attractive rental prices, greater car parking facilities, and modern infrastructure provisions.
In addition, as the vaccine roll-outs continue, many developers and operators in Doha renewed their work strategies regarding flexible office real estate requirements. Despite the pandemic disruption, many sectors intend to maintain a physical work environment for their employees by offering flexible solutions, such as work from home, hybrid working models, etc., when required. The IT sector, on the other hand, is considering reducing its footprint.
The West Bay district supplied a large share of office space, which accounted for more than 1.4 million square feet in the country, in Q3 2021, followed by Lusail, Al Sadd, Salata/Al Hitm, etc.
Co-working Spaces are Witnessing Significant Growth
The pandemic situation affected the office sector with restrictions and social distancing policies, but now, the sector is recovering. Co-working spaces are emerging as the favorite work spots for startups, new entrepreneurs, and small and mid-sized enterprises (SMEs).
Furthermore, co-working spaces facilitate different kinds of interaction, opening opportunities for networking, collaboration, and idea exchanges in a way that cannot necessarily be replicated in a conventional office environment. These factors are driving the growth of the market.
Doha is leading in providing co-working spaces in the country. In addition, co-working spaces in Doha offer well-designed working spaces with modern decors at affordable membership plans. Some of the major co-working spaces in Doha include RAWQ Business Center, which offers co-working spaces ranging from QAR 700-950 per month, followed by Servcorp Commercial Bank Plaza, Servcorp Doha Towers, etc.
