Almaty’s office real estate market continues to demonstrate strong fundamentals and remains one of the most attractive segments of Kazakhstan’s commercial property sector. Despite an increase in development activity and a growing volume of available space, businesses continue to face a shortage of high-quality office premises, particularly large office blocks.

These market dynamics were discussed by industry leaders at the Bright Rich Forum held in Almaty on May 20–21.

According to Artemiy Pestovskiy, Partner and Director of Bright Rich | CORFAC International Kazakhstan, approximately 98,300 square meters of new office space were delivered between the beginning of 2024 and May 2026. During the same period, the volume of vacant space increased fr om 13,800 to 62,100 square meters, while the vacancy rate rose from 1.25% to 3.6%.

However, growing supply has not led to lower rental rates. On the contrary, Class A office rents increased by 5.6% over the past two years, rising from KZT 21,300 to KZT 22,500 per square meter per month.

According to Pestovskiy, the market still faces a shortage of high-quality office space.

“Despite rising vacancy levels, Almaty continues to experience a deficit of quality office premises and a lack of large office blocks, which supports rental rates at a high level. At the same time, owners of older properties should already be investing in modernization and improving property management standards to remain competitive in the future,” he noted.

Building infrastructure is becoming increasingly important. According to Sergeeva, mature real estate markets widely embrace deep renovation strategies, wh ere internal engineering systems are completely upgraded while preserving the building’s existing façade.

Strong business demand is reflected in market performance indicators. According to Bright Rich | CORFAC International, office leasing activity reached 119,200 square meters in 2024 and increased further to 125,000 square meters in 2025.

Against the backdrop of sustained demand, residential developers are also beginning to show greater interest in office projects. According to Kairat Daniyev, CEO of Saba Group, several factors are contributing to this trend.

Almaty is home to approximately 70% of the country’s largest companies, while both population growth and business activity continue to accelerate. In addition, recent changes in tax regulation have made investments in commercial real estate comparatively more attractive than residential properties intended for rental income.

At the same time, future market growth is constrained by a shortage of development land and rising construction costs. Industry estimates suggest that the cost of developing a modern office building with full fit-out has already exceeded USD 5,000 per square meter.

Despite these challenges, experts remain optimistic about the sector’s outlook. A high concentration of businesses, the continued expansion of Almaty’s economy, and the ongoing shortage of premium office space are expected to support demand for modern office developments and encourage the launch of new projects in the years ahead.