Office market overview 2021

Office market overview 2021

According to experts from Colliers International Kazakhstan, who shared an overview of the office real estate market, by the end of 2021, the total number of office premises is expected to increase by 5%.

At the moment, the total volume of the rental market for class A and B offices for the 1st quarter of 2021 in Nur-Sultan is estimated at 10.9 billion tenge. Average market occupancy is 90%.

The average market occupancy rate increased by 2.9% compared to the 4th quarter of 2020, however, the weighted average rental rate remained practically unchanged and amounted to 8,620 tenge per sq.m.

The growth in demand for class A and A+ offices contributed to an increase in rental rates: by 3.8% for class A and by 2.5% for class A+ compared to Q4 2020. The positive dynamics of occupancy combined with the relaxation of quarantine requirements with the gradual return of tenants to their offices may lead to a further increase in occupancy.

Rental rates in Saryarka and Baikonur regions increased by 3.4% and 4.2%, respectively, with an increase in occupancy by 2% and 4%.

The Unity Plaza office building is expected to be completed by the end of the year, increasing the total office space in Nur-Sultan by 5%.