Terms
Vacancy (vacancy level, vacancy rate) – the sum (share) of available space. It can be used for a specific object as well as to describe the situation in a sub-market or the market as a whole.
Example
Overall vacancy across all classes (A, B, C) is at a record low of 6.2%.
BTS (built-to-suit) – construction of a facility for a specific client, taking into account their requirements and business specifics.
Example
Warehouse rental offers are very limited; primarily BTS (built-to-suit) facilities are being constructed.
ADR (Average Daily Rate) – the average price per room per night.
It is calculated by dividing the revenue from room sales by the number of rooms sold during the reporting period.
Example
In the "pre-COVID" year of 2019, the operational results of modern quality hotels in Tashkent were quite impressive: the Average Daily Rate (ADR) was in the range of $140-150.
RevPAR (Revenue per available room) – revenue of the room stock per available room.
It is calculated by dividing the revenue from room sales by the total number of available rooms.
Example
The gradual recovery of demand in 2021-2022 allowed the market to return to an occupancy rate of 63% (based on 2022 results). However, this was only possible due to concessions on accommodation rates, partly caused by an increase in the room stock volume. As a result, the Revenue per Available Room (RevPAR) in 2022 ($80) lagged behind the 2019 results by 19%.