The ready-made warehouse market in Almaty in 2026 is in surplus. After record delivery of 320,000 m² in 2025, the vacancy rate reached 15.1%. Sellers and landlords are under pressure, creating opportunities for buyers. But high vacancy also means something else: properties that can't be leased are coming to market — and their owners are trying to sell them. Here's how to avoid buying a problem instead of an asset.
15.1%
warehouse vacancy in Almaty, January 2026
8.6x increase year-on-year — market pressure. Buyers are in a strong negotiating position
4,700 ₸/m²/mo
class A rental rate in Almaty
15% decline year-on-year — market benchmark for assessing the investment potential of a property
from 60,000 ₸/m²
land in Alatau district industrial zones
Almaty 2026 — land often accounts for 50–65% of the total property value
mandatory
technical survey before purchase
Soviet or post-Soviet construction without survey — high risk of hidden defects
Why Now Is a Good Time to Buy
A vacancy rate of 15.1% is not only a risk for investors but also an opportunity for buyers:
- Owners of properties they can't lease are willing to negotiate on price
- Wide selection on the market — you can find a property with the parameters you need
- Contractors compete for renovation projects — upgrades are cheaper
- Mortgage and leasing rates are under pressure from banks looking for borrowers
Property Inspection Stages (Due Diligence)
Step 1: Legal Review (Legal Due Diligence)
Before a technical inspection, verify legal clean title:
| What to Check | How to Check |
|---|---|
| Ownership title | Certificate of State Registration extract (egov.kz) — current rightsholder |
| Encumbrances (mortgages, injunctions) | EGRN extract — presence of mortgage, court prohibitions |
| Land purpose designation | Cadastral extract — must be "industrial" or "commercial" |
| Commissioning documents | Commissioning act — confirms legality of construction |
| Permitting documentation | Were the construction permit and project reviewed? |
| Tax debts | Tax clearance certificate from the seller legal entity |
Commissioning act — a critically important document
Step 2: Technical Survey
Hire an independent qualified engineer — not a representative of the seller. For Almaty, the key inspection items:
Foundation and load-bearing structures:
- Foundation cracks (horizontal — critical, vertical with opening >3 mm — critical)
- Reinforcement corrosion in reinforced concrete structures (checked by endoscope or Schmidt hammer)
- Condition of column-to-foundation connection nodes (anti-seismic anchors)
- Column verticality deviation (permissible up to 1/500 of height)
Roof:
- Leaks (inspect after rain or with a thermal camera)
- Roof covering condition — deflections, punctures, panel displacement
- Drainage operability
Engineering systems:
- Condition of electrical panels and wiring (year of installation, load compliance)
- Heating — boiler, pipework, radiators. When were they last replaced?
- Ventilation — operability, sanitary condition
- Fire alarm — check the maintenance log, date of last inspection
Floors:
- Cracks, potholes, spalling — scale and location
- Expansion joints — fill, sealing
- Flatness (if important for racking)
Gates and doors:
- Sectional gate operation, spring and drive condition
- Seals — preserved at top and sides?
Step 3: Compliance Assessment Against Current Standards
Buildings constructed before 2017 almost certainly have not been reviewed against SP RK 2.03-30-2017 (current edition with amendments 12.08.2025). For Almaty this means:
- Seismic reinforcement may not meet current standards
- During reconstruction or major overhaul it will be necessary to bring into compliance — this is an additional cost
Assess: how much will it cost to bring the property into compliance with current standards, and factor this into the purchase price.
Red Flags — Do Not Buy Without Additional Expert Review
| Sign | Risk |
|---|---|
| No commissioning act | Unlawful construction |
| Horizontal cracks in reinforced concrete columns | Emergency condition |
| Rust on load-bearing steel structures covering more than 30% of area | Requires major repair |
| Soviet-era wiring (aluminium) | Fire hazard, full replacement required |
| Sale at more than 30–40% below market price without obvious reason | Hidden encumbrances or defects |
| Land leased from the state with a short remaining term | Risk of non-renewal |
Market Price Benchmarks in Almaty (Early 2026)
| Property Type | Price ₸/m² of building | Notes |
|---|---|---|
| Class A, built 2022–2025 | 350,000–500,000 ₸/m² | With land, Alatau district |
| Class B, built 2015–2020 | 250,000–380,000 ₸/m² | With land |
| Soviet construction (brick, reinforced concrete) | 80,000–180,000 ₸/m² | Without land, repair required |
| Metal structure hangar 2005–2015 | 150,000–280,000 ₸/m² | Condition-dependent |
Indicative data. Actual prices — on kr1sha.kz, cremap.kz, kn.kz.
Negotiating Position in 2026
With a vacancy rate of 15.1%, you have real leverage:
- Request a 10–20% reduction below the asking price
- Ask for staged payment or a seller's installment plan
- Require repair of identified defects at the seller's expense before the transaction
- Or — a price reduction equal to the cost of the repair
StroyHub conducts technical surveys of warehouses before purchase in Almaty
Independent assessment of structural condition, engineering systems, and standards compliance — get a report before signing the contract.