CMWP analysts forecast the introduction of 137 thousand sq. m of offices, retail expansion, and increased demand for warehouses.

The analytical team of the consulting company Commonwealth Partnership Uzbekistan (CMWP) has presented its forecast for the Tashkent commercial real estate market for 2025. The press release is available to the Kapital.uz editorial office.

Office Real Estate

In 2025, the market will continue to adapt to new conditions, showing signs of correction after active growth in previous years. The commissioning of 137.3 thousand sq. m of office space (GLA) is expected. The primary demand will be for high-class properties with ready-to-use finishes.

Increased competition among owners may lead to a revision of rental rates and terms to attract long-term tenants. If an owner is interested in a quick deal, they may offer a discount of 10% to 15% from the established market rate.

Further growth in the popularity of flexible offices is expected, leading to an increase in their number on the market. This format will remain particularly in demand among technology companies and online retailers.

Retail Market

It is forecasted that the total volume of retail space in 2025 will increase by 89 thousand sq. m, reaching 567.7 thousand sq. m (GLA). However, risks remain regarding the postponement of the commissioning of several facilities planned for opening in 2025 to 2026.

An increase in requests for the reconceptualization of retail facilities commissioned between 2010 and 2016 is also expected. Some of these have already begun renovation work on their retail spaces.

No increase in rental rates in Tashkent shopping centers is anticipated, considering the introduction of new spaces in 2025 and their gradual occupancy by tenants. At the same time, the vacancy rate, which remains significant in a number of new facilities, is expected to decrease.

Warehouses and Logistics

In 2025, the warehouse space market in Tashkent will continue to grow, with high interest from international companies in Class A properties. Vacancy in these facilities is expected to be minimized.

Due to limited availability of vacant space, a moderate increase in rental rates for Class B and C warehouses is anticipated, as demand for affordable options grows. By the end of 2026, the introduction of over 100 thousand sq. m of warehouse real estate is planned for the Tashkent market, including both BTS facilities and privately managed properties.


Source: Kapital.uz

Photo: Abdumavlon Madmusayev / Kapital.uz