The consulting company Commonwealth Partnership analyzed the retail real estate market in Tashkent based on the results of the second quarter.
In their report, analysts note that the planned delivery dates for new retail spaces have been postponed. For example, the Alfraganus shopping center has shifted its opening from the second quarter to the fourth quarter.
The Tashkent City Mall is scheduled to officially open in the third quarter, with all tenants expected to be operational by the end of this year.
Additionally, the Seoul Mun shopping center plans to complete its remaining sections by the end of the year, despite partial openings in January.
The average monthly rental rate in retail properties reached $33.5 per square meter, marking a 20% increase compared to the first quarter.
In high-quality shopping centers, rental rates rose by 14%, reaching $40 per square meter.
According to Commonwealth Partnership experts, international brands entering the local market will have opportunities to scale due to the availability of space in high-quality retail segments.
As of the end of the second quarter, the vacancy rate in shopping centers was only 2.83%. However, the commissioning of Tashkent City Mall is expected to significantly increase the overall vacancy rate.
The low number of available retail spaces is attributed to a shortage of high-quality properties amid high demand.
Most retail chains operate with small lots, making it difficult for them to attract large tenants.
Source: Spot.uz
Photo: yandex.uz