In the coming years, the volume of warehouse real estate in Uzbekistan may increase by 50 times, according to Russian publication Logirus, citing experts.
Currently, the market size of warehouse real estate in the country is around 207,000 square meters. However, the vacancy rate exceeds 5%, which is higher than in Kazakhstan or Kyrgyzstan.
Uzbekistan is facing a shortage of quality warehouse infrastructure, with only 16% falling under the "Class A" warehouse category.
Major warehouse complexes like Bayer Group (14,000 square meters) and Orient Logistics (10,000 square meters) are seen as isolated speculative projects.
Stanislav Akhmedzyanov, Managing Partner at IBC, notes that Uzbekistan's warehouse market is in a "nascent" state. A potential growth driver could be its advantageous geographical location, especially considering the increasing interest in Asian countries.
"Over the past year, demand has multiplied, but there is virtually no way to meet it. The issue is that the country has a limited number of professional developers. Furthermore, the standards adopted in the country for warehouse facilities—spaces without temperature control and fire suppression—are not suitable for international market giants," explains the specialist.
According to Julia Tokareva, Head of Strategic Consulting at Commonwealth Partnership, the entry of international companies like Fix Price, Merries, Haval, Renault, Magnum, 3M, Arla foods, Bi1, and Wildberries into the Uzbekistan market has increased the demand for warehouses.
Tokareva emphasizes that there is no classification of warehouses by class in the local market, and only properties put into operation after 2017 can be considered among the highest quality.
Spot.uz stated that the monthly rent for a Class "B" warehouse in Tashkent ranges from $3 to $4.6 per square meter, while for Class "A," it ranges from $6 to $8. The price difference is attributed to the increasing cost of construction and land plots.
According to expert Stanislav Akhmedzyanov, warehouse rental rates have increased by 10% since the beginning of the year. However, no further significant price spikes are expected by year-end due to the lack of available locations for development around Tashkent and difficulties with financing and development.
Julia Tokareva anticipates that, starting this year, the annual growth in warehouse space in Uzbekistan will reach 50,000 square meters.
Over the next 10-15 years, the volume of warehouse real estate in the country is expected to increase by 50 times.
The most rapid growth is projected until 2030, driven by the low baseline and active market development. After that, the growth rate is expected to slow down somewhat.
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