Office Rental Costs in Tashkent in 2025 and the Reasons for Price Increases
The average rate in Class A/A+ business centers has reached $34.6 per sq.m., and in the B/B+ segment, it is $26.4, which is 9.5% higher than at the beginning of the year.
The consulting company Commonwealth Partnership Uzbekistan (CMWP) has presented an overview of Tashkent's office real estate market as of October 2025. Spot has reviewed the study (a copy is available with the editorial office).
Tashkent's office real estate market continues to develop actively in 2025, despite ongoing supply pressure. According to CMWP, the total volume of quality space has reached almost 800 thousand sq.m.Office buildings are divided into Class A/A+ and B/B+ categories, reflecting their quality, amenities, and location:
- Class A/A+: premium buildings with advanced amenities, high-quality construction, and prime locations;
- Class B/B+: good quality buildings with basic amenities, suitable for budget-conscious tenants, located in less central areas.
Class A: Volume Growth, But Not Rates
The total volume of Class A offices (including BTS - Built-to-Suit properties, where buildings are constructed for a specific tenant) has reached 300 thousand sq.m., an increase of 6.5% compared to last year. The main growth was driven by the commissioning of the 15-story Pyramid BC business center with an area of 18.3 thousand sq.m.
Available space, excluding BTS, amounted to 166 thousand sq.m. compared to 148 thousand sq.m. a year earlier. The supply volume has increased by 12% compared to 2024.
The average marketed rate has increased by less than 1% and stands at $34.6 per sq.m. per month.
At the same time, vacancy has decreased to 23.3% (including BTS) and 40.7% (excluding BTS), which is 17.5% lower than the 2024 level. The main limiting factor, according to experts, is the large number of premises in "shell and core" condition requiring additional finishing.
Class B/B+: Active Construction and Rate Growth
The volume of Class B/B+ offices (including BTS) is 508 thousand sq.m., and without BTS, it is 413.4 thousand sq.m. Over the year, 35 thousand sq.m. of new space was commissioned (+9.4%), including Order Plaza, Zarafshan City, Tashkent Business Center, and Prestige Gardens.
Vacancy has increased to 20.7%, which is 8% higher than the previous year's level.
The average marketed rate is $26.4 per sq.m., an increase of 9.5% since the beginning of the year. However, actual transaction rates are often lower than marketed rates, especially for anchor tenants or under long-term contracts.
Parking as a Factor in Office Selection
Underground parking is more common in Class A/A+ business centers. Amidst the increasing number of paid parking lots in the city center, having dedicated parking spaces becomes a significant advantage when choosing an office.
The average ratio is 1 space per 89 sq.m., with a rental cost of approximately $200 per month. Class B buildings predominantly feature open parking, with a ratio of 1 space per 137 sq.m., averaging $100 per month.
Who Rents Offices: IT, Finance, and Retail
The highest demand is for office blocks of 100-300 sq.m., accounting for 81% of all transactions. Larger premises are rented less frequently, although interest in coworking and serviced office formats is steadily growing.
Among the main tenants of Class A and B+ offices are:
- Trade and distribution – 25%,
- IT and Finance – 16% each,
- Pharmaceuticals – approximately 10%.
Examples of current tenants include Infinity Insurance, Yandex, Mitsubishi Power, Commerzbank, and VISA (in Trilliant and Tower 2 business centers).
What's Next
According to CMWP, 91.8 thousand sq.m. of new office space is expected to be commissioned by the end of the year, with 80.8 thousand sq.m. of this being Class A+.
Among the projects are:
- Tashkent City (Lot 6, BOMI) – 40.6 thousand sq.m.;
- Daho Koç Group – 30 thousand sq.m.;
- Infinity Tower 2 (Golden House) – 10.1 thousand sq.m.;
- Korea-Uzbekistan Business Center – 11 thousand sq.m.
The market continues to be predominantly "under construction," with a high proportion of "shell and core" premises. However, more developers are starting to offer offices with ready-made finishes.
A separate trend is the development of serviced offices and coworking spaces. Serviced offices are fully equipped spaces with flexible lease terms and included services (internet, cleaning, security, reception, etc.). Currently, their share in the total stock is small, but demand is growing, and rates are often comparable to or higher than those in Class A.
"It is premature to predict the growth of the serviced office format due to the limited available space and high rates, often higher than in Class A. Nevertheless, this format has the potential for dynamic development," experts note.
CMWP expects this segment to become more prominent by 2026.
Earlier, Spot reported that office rental rates in Tashkent might decrease due to high market competition.
Source: Spot.uz
Photo: Ilya Semendeev / Spot
