Tashkent, Uzbekistan (UzDaily.com) — According to Q1 2025 data from consulting firm NF GROUP, the warehouse real estate market in Central Asia continues to show dynamic growth and rising rental rates. The study covers key countries in the region — Kazakhstan, Uzbekistan, Kyrgyzstan, and Tajikistan.

The total stock of quality warehouse space (Class A and B) across these countries has reached approximately 2.3 million square meters. Kazakhstan accounts for the largest share with 1.75 million sq. m, followed by Uzbekistan with 503,000 sq. m. Despite having a smaller total area, Uzbekistan now leads the region in Class A warehouse rental rates — reaching US$139 per sq. m per year, ahead of Kazakhstan (US$123) and Kyrgyzstan (US$114).

Kazakhstan, the region’s largest market, has most of its warehouse space concentrated in Almaty (61%), Astana (19%), and Karaganda (8%). Between October 2024 and March 2025, 244,000 sq. m of new warehouse facilities were delivered. However, the rapid pace of development led to a vacancy rate increase to 6.6%. Class A rental rates declined by 6.3%, averaging 5,250 KZT per sq. m per month, although prices in Almaty and Astana remained steady at 5,500–5,600 KZT.

In Uzbekistan, the warehouse sector is largely concentrated in Tashkent and Tashkent Region, accounting for 93% of the country’s total stock. In Q1 2025, 107,000 sq. m of high-quality warehouse space was commissioned, including major projects such as Phase I of the Grand Pharm Logistics Hub (50,000 sq. m) and the InterTerminal complex. Vacancy remains low at 4%, with no significant increase expected in the short term. Despite a 9% decline in Q1, Class A rental rates are the highest in the region at US$139 per sq. m per year. Meanwhile, Class B rates rose 13% to US$81 per sq. m per year.

Kyrgyzstan continues to experience an acute shortage of quality warehouse space, with virtually no available supply. The country’s total warehouse stock stands at 66,000 sq. m, 47% of which is Class A. Average rental rates are US$114 per sq. m per year for Class A and US$72 for Class B.

Tajikistan’s warehouse market is still in the early stages of development, with only around 10,000 sq. m of quality space. However, large-scale government and international projects aimed at enhancing transport and logistics infrastructure are underway.

Konstantin Fomichenko, Partner at NF GROUP, stated:
“Central Asia’s warehouse real estate market is entering a phase of qualitative growth. Kazakhstan remains the leader in terms of total supply and construction pace, forming the region’s logistical backbone. Uzbekistan, meanwhile, commands the highest rental rates, driven by stable demand and limited new supply — particularly in Tashkent, which holds 93% of the country’s warehouse stock. Kyrgyzstan’s zero vacancy rate highlights the urgent need for quality space amid high tenant demand. Tajikistan’s emerging market, supported by state and international agrilogistics projects, shows strong potential for regional integration.”

NF GROUP’s findings confirm Uzbekistan’s position as the regional leader in Class A warehouse rental rates, reflecting solid demand and limited high-quality supply — conditions favorable for investment and further development of the country’s logistics infrastructure.