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Thursday, June 24, 2021

Report: Barwa Commercial Avenue lower rent; tenants given breaks

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A government-backed landlord has decreased rents at its massive showroom shopping complex on Industrial Area Road and is giving tenants who renew their lease a three-month rent-free period, the Gulf Times reported.

Barwa Commercial Avenue is a 1 million square meter development that opened in stages over the last few years. Real estate services firm DTZ Qatar said there had been “strong initial takeup” in the development and that more than 50 percent of the retail space had been reserved by the end of September, but that vacancy rates were pushing down rents. Local developer Barwa Real Estate sold its 95 percent stake in the project to a subsidiary of the Qatari Diar Real Estate Investment Co. in 2014.

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