JLL: Doha Office Market November 2011
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The redevelopment of Riyadh’s urban heartland is picking up pace with the emerging King Abdullah Financial District the first in a series of groundbreaking projects redefining the skyline and positioning the city as a world-class financial hub.
The South-East Asian island has seen a number of distinctive developments come to fruition over the past few years as the country further establishes itself.
The announcement that the 2022 FIFA World Cup will be held in Qatar has had significant impact on the country as it prepares to host one of the most anticipated sporting events in the world.
Qatar’s economy continues to see positive growth and is expected to continue to do so as the country benefits from infrastructure spending in advance of the 2022 World Cup.
Despite the strong economic growth, demand for office space in Doha remains limited and the market continues to experience an oversupply. Vacancy has increased significantly as more development projects have reached completion, which has had a compressing effect on rental levels.
Government entities will continue to provide the major proportion of office demand in the short term, however a number of construction and engineering services companies are expanding their regional operations, setting up in Doha to service the infrastructure work being undertaken in advance of the 2022 World Cup. The government has identified the small and medium enterprises (SMEs) sector as a future opportunity for growth with professional and financial services firms also expanding their presence.
This activity, coupled with Qatar’s strong economic fundamentals, should improve Doha’s competitive presence in the regional and international market.
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