Analytics

The CMWP team of analysts has analyzed the key aspects of Tashkent's development and prepared a report on urban planning, reflecting the trends that influence the transformation of the capital's landscape

CMWP analysts have released a report on retail real estate, reflecting rental rates and vacancy rates in the second quarter of this year

CMWP Uzbekistan team has prepared a report on office real estate, which includes an analysis of the main indicators and market trends for the second quarter

A team of analysts from CMWP Uzbekistan has prepared a classification of office real estate in order to improve the quality of services in the commercial real estate market. The material contains detailed criteria by which objects are typed.

We continue to publish sections from the first quarterly report. In this release, we consider the retail real estate sector, the report shows the main trends, the dynamics of rates, as well as changes in the supply structure.

CMWP analysts have prepared the first quarterly report with an overview of all segments of commercial real estate in Tashkent. In this release, we consider the office segment, which reflects the dynamics of rates and areas, the commisioning of new objects.

Tashkent’s central role within the national context of Uzbekistan (largest metropolis, main gateway to the world, political and business hub of the republic) drives visitation and creates constant demand for hotel services. Unlike the ancient cities of the historic Silk Road (Samarkand, Bukhara, Khiva), popular with leisure visitors across the world, Tashkent tends to offer far less in terms of history and culture, serving mostly as the ‘gateway’ city, the transit point, with the busiest and largest international airport of the country. Therefore, Tashkent hotels on average do generate high volumes of business-related (including governmental) demand, particularly, when it comes to higher-grade hotels.

The territory of Uzbekistan is a promising option in terms of locating production facilities in various sectors of the economy, while maintaining lower costs, in comparison with developed markets, and a high level of human capital. In recent years, more international companies are starting to consider Uzbekistan as an alternative platform for locating and expanding their business. For example, in 2020-2022 the following companies entered the market of Uzbekistan: Fix price, Merries, Haval, Renault, Magnum, 3m , Arla foods, Bi1, Wildberries. The leadership of Uzbekistan actively supports the development of small and medium-sized businesses in the country, encourages the creation of jobs, which is a positive factor for the development of warehouse and production functions.

We will notice the emergence of new formats after the opening of Tashkent City Mall, which is, to a large extent, a pioneer in the retail real estate industry. Representatives of the new business will see the results, they will be able to analyze consumer preferences and make the right decision.

Office market is still in the initial stage of development. New properties, delivered to the market, are constructed in line with international standards. However, the market of institutional owners and professional property management companies is not formed yet. Most developers sell out their properties before completion/at the construction stage. As a result, these office premises are offered for rent already on the secondary market. There is a lack of fitted-out premises for rent, as the majority of vacancies are shell&core.

The development of a new Foreign Direct Investment (FDI) Strategy for Uzbekistan comes at an important moment to support Uzbekistan’s new development objectives. Uzbekistan has recently launched the Development Strategy of the New Uzbekistan for 2022-2026 (or New Uzbekistan Strategy), which outlines transformational priorities to advance the development of the country and increase economic growth. The New Uzbekistan Strategy calls for the attraction of US$ 70 billion of foreign investment over the next five years, highlighting the critical importance of developing and adopting an effective FDI strategy. The following report provides core inputs and elements for the government of Uzbekistan to develop a new FDI strategy and roadmap to unlock new sources of growth. It leverages an assessment of Uzbekistan’s historical FDI performance and policy context and provides an analysis of current megatrends affecting the global landscape for FDI to identify sectors with high growth potential for FDI attraction in Uzbekistan. It articulates a vision and specific objectives related to FDI attraction for Uzbekistan and proposes explicit, quantifiable objectives and targets to help maximize the contribution of foreign direct investment to Uzbekistan’s overall economic development goals. It considers relevant historical FDI trends as well as regional and global FDI trends and provides in-depth analysis of the feasibility and desirability of key sectors for FDI attraction that were selected with guidance from the government. To support effective implementation, the proposed strategy should be underpinned by a detailed reform action plan and roadmap and a comprehensive monitoring and evaluation framework that can be applied by the government to monitor progress with implementing the FDI Strategy