The volume of warehouses in Central Asia, Transcaucasia and Belarus increased by 44% over the year

12.06.2024

According to the results of the first quarter of 2024, the total volume of warehouse space in Central Asia, Transcaucasia and Belarus reached 4.1 million square meters. This is a 44% increase compared to the same period in 2023, NF Group analysts estimate. The share of available space in these countries does not exceed 2%. This stimulates the growth of rental rates. Compared to the third quarter of 2023, vacancy rates decreased markedly in Uzbekistan (to 0%) and Azerbaijan (to 1.2%). In Kazakhstan and Armenia, the share of vacant space increased slightly (to 1.6% and 1.1%, respectively) Tashkent has become the leader in the growth of rental rates. There, the index in Class A warehouses increased by 26% compared to the third quarter of 2023. Russian companies continue to actively expand their presence in the CIS markets, especially in Kazakhstan. There is a construction of warehouse complexes for the needs of Russian online retailers, according to NF Group.