By the end of 2025, the office real estate market in Tashkent demonstrated significant growth. The total office space in the capital reached 754,400 square meters. Out of this, 591,200 square meters are classified as leasable properties. This figure is 10.2 percent higher compared to the previous year.
This information is derived from the annual analytical report prepared by CMWP Uzbekistan. According to the report, by the end of 2025, approximately 95,000 square meters of office space in Tashkent remained vacant, accounting for 16 percent of the total office market. In comparison, at the end of 2024, the volume of vacant office space was 137,000 square meters.
Rental prices are increasing
Analysts noted that by the end of the current year, the average net rental price for A and A+ class office spaces reached $34.6 per square meter. Meanwhile, B and B+ class offices were being rented out at an average price of $27.3 per square meter.
Over the span of a year, average rental prices across the capital rose by nearly 7 percent. Experts attribute this to the reduction in available spaces on the market and the increasing demands landlords are placing on lease agreements.
Which class dominates the market?
The majority of the office market is comprised of B and B+ class buildings, which account for 69 percent of the total leasable space. A and A+ class offices represent 22 percent of the market.
Notably, over the course of the year, the share of vacant B/B+ class offices decreased by approximately 9 percent. Meanwhile, the share of vacant A/A+ class spaces saw a significant 45 percent reduction. This highlights a sharp increase in demand for high-quality office spaces.
Conclusion
In summary, 2025 was an active and dynamic year for Tashkent's office market. Vacancies are decreasing, rental prices are rising, and demand remains stable. This trend reflects the growing business activity in the capital and highlights office infrastructure as an increasingly valuable asset.
Users of Меҳмон are not allowed to comment this publication.
