Uzbekistan has one of the highest warehouse vacancy rates in Central Asia, comprising 5.2% of the total supply of speculative space. Overall, though, there is a regional shortage of warehouse space, according to NG Group analysts.
In Uzbekistan, renting space in Class A has become cheaper by 1.6% compared to the first quarter and now costs $124 per square metre. Rentals for Class B blocks have fallen by 14% to $55 per sqm. Vacant space of the highest category is less than 1% of the total.
The analysts expect rental costs to rise as vacancy rates decline. In 2024, the average asking rate may reach $130 per sqm.
Currently, two relatively large logistics projects are being built in Uzbekistan: Tashkent Index (20,000 sqm) and the Bayer Group building (10,000 sqm).
In addition, online retailers are working on long-term plans in the warehouse sector. Uzum Market expects to accept the first stage of its 112,000 sqm logistics centre in February 2024, while Chinese Alibaba plans to build a warehouse complex in Namangan.
Kazakhstan ranks first in Central Asia in terms of high-quality warehouses, with a total of 1.3mn sqm, with Class A accounting for 51%. However, no more than 1% is offered for rent, mainly projects under construction, and the rental rate reaches $140 per sqm.
Uzbekistan’s central bank has said that the high dollarisation of deposits, loans and liabilities in the banking system and the practice of concessional lending are hindering the effectiveness ... more
Kazakhstan has initiated the construction of a new 152-kilometre Darbaza-Maktaaral railway line on the border with Uzbekistan, the press service of the Kazakh prime minister has announced. Since ... more
Uzbekistan’s President Shavkat Mirziyoyev on November 27 attended the launch ceremony for a 1.5-GW thermal power plant in Syrdarya region and the production of green hydrogen in Tashkent region. ... more