Doha 04th September 2013 :Qatar will get 10 new malls, four-five shopping centres and three-four hyper markets within the next four years, Al Asmakh Real Estate Development (Aredc) valuation and research wing’s latest update says.
Reports say that according to Aredc, there will be no immediate changes in occupancy and rents in malls in Qatar in the near future as the expected supply of new malls will be delivered over next 2-5 years.
New malls provide improved positioning, rents, and leasing terms which open choices for the tenants. It is observed that the maximum demand for existing and new outlets has been coming from the garment segment and luxury brand stores.
Doha and connected areas of Al Rayyan and Umm Salal have 13 functional commercial malls, and 8-10 hyper markets. Around 3.16 million sqm retails are available for providing to around 1 million people.
About 1.05 million sqm net leasable area can be delivered only in mall segment. It is approximately twice the current net leasable area inside malls. About 550,000 sqm net leasable area is likely to be delivered on and near Al Shamal Road. It is 53% of the expected supply and 96% of existing net leasable area among 13 functional malls.
Traditional souqs and scattered shopping areas continue as the main contributors within retails segment which dominates by around 75% of the current supply.
The malls in Qatar, City Centre, Landmark, Centrepoint, The Mall, Royal Plaza, and Villaggio have occupancies up to 90%. Rest of the malls has on an average of 65% occupancy. The average rent per month in City Center, Landmark, and Villaggio malls is QAR 280 per sqm. Remaining malls will obtain monthly rents within the range of QAR 200 to QAR 270 per sqm.
Now malls are not intended for shopping only. It found that the new advertisements of malls include details of food court along with shopping outlets.
Photo Credit: 123ref