The CIS region's warehousing real estate market continues to grapple with a persistent shortage, as noted in NF Group's recent analysis. Even in nations with the largest warehouse supplies, available spaces have shrunk significantly.
According to Spot.uz, by 2025, the collective demand for warehousing in Belarus, Central Asia, and the South Caucasus is anticipated to reach at least 1.1 million square meters.
As a result, the costs of renting warehouse spaces are steadily on the rise. Central Asian nations, in particular, experience the highest rental rates, averaging between $124 and $140 per square meter annually, excluding VAT.
Uzbekistan stands out with one of the highest vacancy rates in the region, accounting for 5.2% of the total speculative space. However, the availability of high-quality spaces is limited to no more than 1%.
Rental prices for Class A spaces have decreased by 1.6% compared to the first quarter, currently priced at $124 per square meter. Class B spaces have seen a more substantial reduction, with rates dropping to $55, marking a 14% decrease.
Analysts predict further price increases due to the diminishing availability of spaces. The average requested rate is projected to reach $130 per square meter by 2024.
Uzbekistan is currently witnessing the development of two relatively substantial logistics projects: Tashkent Index, covering an area of 20,000 square meters, and Bayer Group's facility spanning 10,000 square meters. Furthermore, e-commerce companies are actively pursuing long-term warehousing plans.
For example, Uzum Market aims to launch the initial phase of its logistics center, with a total area of 112,000 square meters, as early as February 2024. Meanwhile, the Chinese corporation Alibaba is planning to establish a warehousing complex in Namangan.
Kazakhstan leads in Central Asia with a significant volume of quality warehouse space, amounting to 1.3 million square meters, with 51% designated as Class A. However, the availability for rent is minimal, accounting for less than 1%, primarily comprising properties under construction, and the rental rate reaches $140 per square meter.
Kyrgyzstan's warehouse space totals around 46,000 square meters, with no vacant areas available for lease. Tajikistan faces an even more challenging situation, with only 10,000 square meters primarily used by owners for food and customs cargo.
Azerbaijan boasts the largest volume of available warehouse spaces, exceeding 23,000 square meters, which represents 5.8% of the total quantity. The rental rates in this region are among the most affordable, with prices of $60 for Class A and $52 for Class B.
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