Almaty’s office real estate market is facing a pronounced shortage of premium space, particularly in the A+ business center segment, writes Forbes Kazakhstan. What has driven this situation, and when can new top-tier A+ office projects be expected?

Almaty continues to strengthen its position as Kazakhstan’s key business hub; however, the supply structure remains imbalanced. The majority of office stock is concentrated in the B and B+ segments, which together account for around 90% of total supply as of 2025. Higher-quality assets remain limited: Class A represents about 6%, while A+ accounts for only around 5%. Geographically, the market is also concentrated, with most business centers located in Bostandyk, Medeu, and Almaly districts.

The shortage in the premium segment is reflected in occupancy rates. A+ business centers are nearly fully occupied, with vacancy close to zero (around 99% occupancy). In Class A and B segments, occupancy stands at approximately 91%, while in B+ it is about 86%, largely due to the delivery of new supply.

The imbalance is largely driven by development economics. As noted by Zakir Kaliev, Head of Brokerage at Colliers, A+ office projects require significantly higher capital investment, including expensive land in prime locations, complex architectural solutions, advanced engineering systems, and high operating standards. At the same time, demand is limited to a relatively narrow pool of tenants, making such projects more challenging fr om an investment perspective and constraining supply growth.

Against this backdrop, rental rates are increasing across all segments. The strongest growth is observed in the A+ segment, wh ere average rents reached 36,365 tenge per square meter in 2025. Other segments are also seeing upward pressure, reflecting the overall rise in the cost of quality office space.

Demand for premium office space in Almaty remains устойчивым, driven primarily by international companies, financial institutions, and firms in consulting and IT sectors. For these tenants, location, building quality, infrastructure, and compliance with international standards are key decision factors.

In the near term, some expansion of supply is expected, including new A+ projects. Among them are Almaty Business Park and several other developments currently in the pipeline. However, even with new deliveries, the market is unlikely to reach equilibrium in the short term.

Overall, Almaty’s office market remains structurally undersupplied in the premium segment. Limited availability combined with steady demand will continue to support rental growth and enhance the investment appeal of high-quality office assets.