TSPM. continues to monitor key developments in Kazakhstan’s commercial real estate market. One of the most notable trends in recent years has been the rising cost of quality office space amid high demand and limited supply. This dynamic has been particularly evident in Almaty’s office segment.

According to Bright Rich | CORFAC International, fr om July 2023 to July 2026, the average rental rate for office space in the city increased by 30.9%, from KZT 15.4 thousand to KZT 20.2 thousand per sq. m per month.

B+ Offices See the Fastest Rental Growth

The highest increase was recorded in B+ class business centers. Over the three-year period, the average rental rate in this segment rose by 37.4%, from KZT 14.1 thousand to KZT 19.4 thousand per sq. m per month.

In Class A business centers, rental rates increased by 34.8%, from KZT 20 thousand to KZT 26.9 thousand per sq. m per month.

More moderate growth was observed in Class B properties, wh ere rental rates increased by 17%, fr om KZT 12.2 thousand to KZT 14.2 thousand per sq. m per month.

Analysts attribute the rise in rental rates to strong business activity and a shortage of quality office space. New construction is currently failing to keep pace with demand, while some properties are being fully leased before construction is even completed.

What Will Happen to Rental Rates by the End of the Year

According to Bright Rich | CORFAC International’s forecast, by the end of 2026, the average office rental rate in Almaty could increase by another 3.5%, reaching KZT 20.9 thousand per sq. m per month.

The most notable growth is once again expected in the B+ segment, wh ere rental rates could rise by 4% to KZT 20.2 thousand per sq. m.

In Class B properties, rental rates are forecast to increase by 3.5%, reaching KZT 14.7 thousand, while Class A business centers could see a 3% increase, bringing rates to KZT 27.8 thousand per sq. m per month.

Businesses Are Moving Toward More Affordable Segments

Amid rising costs for quality office space, medium-sized businesses are increasingly considering premises in B+ and B class business centers. Rental rates in these segments are lower, while the choice of suitable office space in Class A properties remains limited.

Additional pressure on the market is coming from a potential reduction in the actual volume of new office space entering the market. Some properties were fully leased during the construction stage, while others entered the market in the form of small blocks offered for sale. Meanwhile, the completion dates of some business center projects may be postponed until next year.

As a result, the shortage of quality office space is expected to continue supporting rental rate growth, while tenants will need to take a more careful approach to selecting the class, size, and format of their future office.