How much does it cost to rent retail space on the streets of Tashkent?

Taras Shevchenko Street, Shota Rustaveli Street, Amir Temur Avenue, and Tashkent City are the most sought-after and popular locations for street retail in Tashkent, according to a study by Commonwealth Partnership.

The report notes that street retail is gaining popularity among the capital's residents. This is evidenced, in particular, by the extensive growth of commercial premises, both in specialized spaces and on converted ground floors of buildings.

Moreover, the real income of Tashkent's population shows positive dynamics, as confirmed by the high occupancy levels of restaurants and cafes of various price categories in the evenings. In turn, this increases the number of available lots and attracts investors' interest to this market segment.

The CMWP report identifies three main and one potential retail corridor in Tashkent, selected based on an electronic survey of city residents.

Experts highlighted Tashkent City as a potentially successful location for developing street retail due to its large number of commercial lots on the ground floors of buildings.

Excluding Tashkent City, vacant lots in the selected areas account for up to 6% of all real estate. The average monthly rental rate is $21.3 per sq. m.

Tashkent City

Tashkent City has significant potential in terms of transport accessibility due to its proximity to the Boulevard and Gardens Residence residential complexes and the "Friendship of Peoples" metro station. Its central location also ensures accessibility by private transport.

In the Boulevard area, the main tenants are restaurants, clothing stores, and companies offering various services, while in Gardens Residence, major auto dealers dominate.

Currently, 68% of the lots are unoccupied. According to experts, the high vacancy rate will persist until the completion of the main construction projects in Tashkent City.

The price segment for shops and restaurants in Tashkent City ranges from medium to high. Key tenants include Bon!, Kosebasi, Li-Ning, Safia, and Mercedes Benz. The average monthly rental rate is $28.1 per sq. m.

Amir Temur Avenue

The report considers Amir Temur Avenue from Abdullah Qodiri Street to the Small Ring Road. The metro station in the middle of the avenue ensures high pedestrian accessibility.

On weekdays, demand mainly comes from employees of nearby business centers, residents, and students of the Financial University, while on weekends, it comes from people visiting the avenue for shopping and leisure.

Despite the section's length of 1.2 km with 139 lots, the avenue is physically divided by a highway, hindering connectivity between its two parts. As a result, people often use only one side of the street.

One of the main trade directions is clothing and footwear sales. Key tenants in this segment include stores like Timberland, Urban Store, Nike, Adidas, DI Sport, and Ramsey.

The price segment for shops and restaurants ranges from low to medium. There are 6% vacant lots, and the average monthly rental rate is $19.3 per sq. m.

Taras Shevchenko Street

Taras Shevchenko Street is located near the "Ming O'rik" metro station and Tashkent's central railway station. The street has only one active side with a developed sidewalk and resting areas, while movement between the sides is complicated by the limited number of pedestrian crossings.

During the day, office workers and students drive the main demand, while in the evenings and on weekends, the street attracts other city residents due to the abundance of dining establishments.

The price category of restaurants and cafes ranges from low to medium, with some premium-class restaurants. The street has up to 8% vacant lots, with an average monthly rental rate of $25.4 per sq. m.

Key tenants include chain restaurants and cafes of medium size, such as Tanuki, Bamboo Dimsum, Il Patio, Yapona Mama, Socials, and Wendy’s. Cosmetic and perfume stores also occupy a significant share of the spaces.

Branded stores are relatively rare, but notable examples include Urban Store and Stock Centre.

Shota Rustaveli Street

The report considers Shota Rustaveli Street from the Friendship Park and Shakhrisabz Street to the "Oybek" metro station. Due to heavy traffic, the street cannot be considered a standard location for street retail. However, it is popular among city residents and has a high density of retail objects—119 per kilometer.

Local residents, tourists, and visitors to Friendship Park drive the main demand for retail spaces.

The average monthly rental rate on Shota Rustaveli Street is $22.2 per sq. m., with the lowest vacancy rate among the areas—only 5%.

Furthermore, the street lacks a dominant segment, with a wide variety of tenants. Key tenants include Dolce Italia, B&B, ChaiKof, and BrandStore.

Shota Rustaveli Street differs from other locations due to its smaller average lot size.

Source: Spot.uz
Photo: Ilya Semendeev / Spot