Research

Over the past period, CMWP Uzbekistan has conducted a comprehensive update of the Tashkent office property database. The database has been supplemented with previously unaccounted-for properties and now covers 138 existing, under construction, and undergoing reconstruction business centers. For a more accurate interpretation of local market changes in the analysis of Tashkent's office stock, experts have introduced the "Prime" category, previously identified in CMWP Uzbekistan's classification as A+. The database update has significantly expanded market coverage and improved the accuracy of key performance indicator assessments.

Key findings and market insights highlighting the latest developments, emerging trends, and growth drivers of Central Asia's hospitality and tourism sector in 2025.

The CMWP Uzbekistan team is pleased to present an overview of a new segment within the hospitality industry — glamping.

Tashkent's commercial streets have expanded their boundaries and evolved into retail clusters within a few years. A new market overview of Tashkent's street retail by CMWP Uzbekistan

The CMWP Uzbekistan team is proud to present its first analytical review of the boutique hotel segment in Central Asia for 2025. The study examines the key development indicators of the independent hospitality market and explores the distinctive features shaping concept-driven accommodation formats. Particular attention is given to the market in Uzbekistan, as well as to other countries across the region, including Kazakhstan, Kyrgyzstan, and Tajikistan.

The CMWP Uzbekistan team is releasing its first overview of the hospitality industry market for the Central Asian region. The overview examines data on the presence and development of international hotel chains. Special attention is given to Uzbekistan, along with neighboring countries (Kazakhstan, Kyrgyzstan, Tajikistan).

The CMWP Uzbekistan team is releasing its first overview of the hospitality industry market for the Central Asian region. The overview examines data on the presence and development of international hotel chains. Special attention is given to Uzbekistan, along with neighboring countries (Kazakhstan, Kyrgyzstan, Tajikistan).

The CMWP Uzbekistan team has prepared a general overview of the Uzbekistan real estate market segments for 2025.

The CMWP Uzbekistan team conducted a planned monitoring of office real estate in Tashkent and presents an industry overview.

The CMWP Uzbekistan team has completed its monitoring of the Tashkent residential real estate market and summarized the results for the first half of 2025. We present the key findings of CMWP Uzbekistan analysts, based on the research results and a comparison of housing market indicators for the first half of 2025 and 2024.

The CMWP Uzbekistan analytical group, while studying Central Asian markets, dedicated its recent review to the coworking market. The analysts in the review provide a separate section for each country in the region, presenting data on the main cities of Kazakhstan, Uzbekistan, Kyrgyzstan, Turkmenistan, and Tajikistan: • market saturation, • market volume growth rates, • average rental rates.

The CMWP Uzbekistan team conducted a market research on one of the youngest industries in the Central Asian region – the fitness industry. The fitness industry overview presents and consolidates key figures for each country in the region: Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan, and Turkmenistan.

The CMWP team, in collaboration with Atlas Global bureau, has released a unique review showcasing the city's dynamic changes from the early 20th century to the present day. IQ Tashkent’25. City Development Dynamics 1930-2025. The distinctiveness and uniqueness of the IQ Tashkent’25 review lie in its systematic structuring of city data into a single document, presenting various aspects of the city in retrospect.

CMWP has released a new commercial real estate market review! The review summarizes the updated results for 2024, based on which analysts provide a forecast for 2025. The review traditionally covers the status and trends of office, retail, and warehouse real estate. CMWP's new review is particularly "tasty" as this time it is built on culinary and gastronomic metaphors of the Uzbekistan real estate "kitchen." Enjoy your reading!

The overview reveals key trends impacting the capital's residential real estate market, including demographic shifts, buyer preferences, and economic factors.

The CMWP analytics team has prepared an overview of the main commercial real estate segments for the period since the beginning of the year: offices, warehouses, retail, and hotels. Key parameters of the segments have been analyzed.

The CMWP Uzbekistan analytics team conducted a detailed walkthrough of Tashkent's most popular shopping streets and zones to analyze key parameters such as vacancy rates, rental rates, and tenant categories.

CMWP analysts summarized the year's results in the Tashkent commercial real estate market

This report has been prepared to analyze the residential real estate market in Tashkent. The key question of the report is: "Who is buying housing in the city?". Our team has answered this and other questions related to buying and selling housing in Tashkent.

The report has been prepared in response to numerous inquiries regarding the office rental market in Tashkent. The primary objective of this report is to enhance market transparency and to share the company's experience, terminology, and rental conditions as applied in global practice.

CMWP analysts have released a report on commercial real estate, reflecting rental rates and vacancy rates for the second quarter of the current year.

The CMWP Uzbekistan team has prepared a report on office real estate, including analytics of key indicators and market trends for the second quarter.

CMWP Uzbekistan analysts have prepared a report on Tashkent's street retail. The report contains information on the capital's most popular shopping streets, considering the average exposure rate and tenant structure. The material analyzes the industries represented in each shopping corridor and concludes on the attractiveness of the real estate within them for different owners.

The report includes a brief overview of Uzbekistan's current economic situation, detailed information on the dynamics of rates and areas, the introduction of new facilities in the office, retail, and warehouse real estate sectors, an assessment of the tourism and hospitality market, as well as an analysis of investment activities and forecasts for the coming months.

The CMWP analytics team has prepared a report on Tashkent City, which contains detailed information about all facilities located within the business cluster.

The CMWP Uzbekistan analytics team has prepared a classification of office real estate with the aim of improving the quality of services in the commercial real estate market. The material contains detailed criteria for object typification.

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.

Uzbekistan's territory presents a promising option for establishing production facilities across various economic sectors. It offers lower costs compared to developed markets while maintaining a high level of human capital. In recent years, an increasing number of international companies have begun to consider Uzbekistan as an alternative platform for locating and expanding their businesses. For instance, between 2020 and 2022, the following companies entered the Uzbek market: Fix Price, Merries, Haval, Renault, Magnum, 3M, Arla Foods, Bi1, and Wildberries. The leadership of Uzbekistan actively supports the development of small and medium-sized businesses within the country and encourages job creation, which serves as a positive factor for the growth of warehouse and production operations.

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.

The office market is still in its nascent stage of development. New properties entering the market are constructed to international standards. However, the market for institutional owners and professional property management companies has not yet fully formed. Most developers sell their properties before completion or during the construction phase. Consequently, these office spaces are offered for rent on the secondary market. There is a shortage of fitted-out premises available for rent, as the majority of vacancies are shell and core.

Uzbekistan's market offers opportunities for companies to implement investment strategies. This is supported by excellent forecasts for GDP per capita growth and an increase in real incomes. However, the country is also ideally suited for establishing production facilities across various economic sectors, maintaining relatively low salaries by developed country standards alongside a high level of human capital. Currently, many economic segments of the market are unsaturated, as evidenced by the interest in Uzbekistan from global companies across diverse fields of activity. The window of opportunity is open right now. According to company forecasts, the market's extensive growth will be followed by stabilization, which will increase competition and reduce returns on invested capital, but also lower investment risks.

A widely accepted practice in the global commercial real estate market is the designation of a special segment for high-class offices – the prime segment. Properties are categorized into a separate group based on key characteristics: • Location • Construction Quality • Building Management • Commercial Terms In the early stages of market development, due to limited supply of premium properties, the range of rental rates may be wider. The highest quality offerings in developing markets can be conditionally classified as "pre-prime," meaning properties offer the highest level of service for the market but do not yet meet the "prime" class in some parameters. An important parameter for classifying office buildings is the form of property ownership. Effective building management and the provision of a high level of services to tenants are possible when all premises remain under the owner's control, i.e., the premises are leased rather than sold as individual units. Such properties form an investment offering that is in demand by international institutional investors.

The CMWP analytics team analyzed the key aspects of Tashkent's development and prepared a report on urban planning, reflecting the trends that are influencing the transformation of the capital's appearance.