Commonwealth Partnership, a consulting firm, analyzed the Tashkent retail real estate market for the second quarter.
In their report, analysts note that the planned opening dates for new retail spaces are being postponed. For example, the Alfraganus shopping mall has moved its opening date from the second quarter to the fourth.
The Tashkent City Mall shopping and entertainment center is officially scheduled to open in the third quarter. It is expected that all tenants will be open by the end of the current year.
Additionally, the Seoul Mun shopping mall plans to complete the remaining sections by the end of the year, despite the partial opening of some areas in January.
The average monthly rental rate in retail properties was $33.5 per square meter, an increase of 20% compared to the first quarter.
In high-quality shopping centers, the rental rate increased by 14% to $40 per square meter.
According to Commonwealth Partnership experts, international brands entering the local market will be able to scale up due to the availability of space in the quality retail segment.
At the end of the second quarter, vacancy in shopping centers was only 2.83%. However, the commissioning of Tashkent City Mall will significantly increase the overall vacancy rate.
The low number of available retail properties is explained by a shortage of quality spaces amidst high demand.
Most retail chains operate with small units, making it difficult for them to attract large tenants.
Source: Spot.uz
Photo: yandex.uz
