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.
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