Why is this important
The increase in supply and reduction in vacancies confirm that Tashkent is becoming increasingly attractive for tenants and investors in the “offices” segment. A stable average rental rate of $34.6/m² for class “A” shows that premium offices maintain the price level despite increased supply.
Infrastructure for service offices and coworking spaces is being formed — an important signal for IT, fintech, and hybrid businesses.
Key facts
- According to the CMWP Uzbekistan report, the total volume of “A” class offices in the capital amounted to 300,000 m² (+6.5% year-on-year).
- Market supply increased by 12% compared to 2024.
- Vacancy in segment “A” decreased to 23.3%; excluding the BTS format, the vacancy level was 40.7%.
- The average rental rate is $34.6/m²/month for class “A”; in class “B/B+” the supply volume increased by 9.4%, the average rate is $26.4/m²/month.
- The largest demand is for premises with a size of 100-300 m²; the tenants are trading companies, IT- and financial firms.
- By the end of the year, 91.8 thousand m² of new offices are expected to be commissioned, of which 80.8 thousand m² is “A+” class.
What they say
We are observing a growing interest from tenants in ready-made office spaces with finishing and flexible conditions, especially in the coworking and service office segment, — CMWP analysts note.
Context
The commercial real estate market in Tashkent is in a stage of active growth: according to CMWP, the total volume of commercial areas increased significantly in 2024.
New high-quality business centers such as the “Piramit” complex, as well as the growing IT and financial services sector, are creating demand for premium offices. Challenges remain: competition in the segment, the need for ready-made premises (finishing, engineering), as well as increased supply may create pressure on bids.
