Almaty is experiencing the most intense period of industrial and logistics construction in the past 20 years. A shortage of quality warehouse space, growth in transit trade through the Khorgos border crossing, explosive e-commerce growth, and industrial development programmes are creating a unique "window of opportunity" for those who build now rather than wait. Let's look at what is happening in the market and why delay is increasingly costly.
~5%
vacancy rate for quality warehouses in Kazakhstan (class A/B)
per kf.expert and NF Group consulting reports, Q3 2025 — up from ~1% in 2024, but the shortage of modern space persists
+15%
annual growth of the Kazakhstan warehouse market
one of the highest rates in the CIS and Central Asia
5,800–6,200 ₸/m²/mo
class A warehouse rent in Almaty
rates at end of 2025, upward trend — verify current rates with brokers
7–13%
target investment yield in warehouses
benchmark for quality assets; up to 13% for premium logistics projects per 2026 investment guides
Almaty as a Logistics Hub of Central Asia
Almaty occupies a unique geographic position:
- Khorgos border crossing (250 km) — the largest land crossing with China in Central Asia. A significant share of Chinese goods flowing into the CIS and Europe passes through here
- Middle Corridor (China–Kazakhstan–Azerbaijan–Turkey–Europe) — Almaty sits at the crossroads
- Almaty and Almaty Region — 20% of Kazakhstan's GDP, the largest consumer market in the region
- International Airport — the largest in Kazakhstan by cargo turnover
All of this creates sustained demand for warehouse and logistics infrastructure — and it significantly outpaces supply.
Shortage of Quality Warehouses: Market Data
According to consulting reports by kf.expert, NF Group, and AIFC (2024–2025):
- Total quality warehouse space in Kazakhstan: 1.78–2.0 million m²
- Share of Almaty and Almaty Region: approximately 55–60% of total
- Vacancy rate for quality warehouses (class A/B) across Kazakhstan: approximately 5% by end of 2025 (up from ~1% in 2024 on the back of new completions)
- Class A rental rate in Almaty: 5,800–6,200 ₸/m²/month (end of 2025 — verify current rates)
Shortage of modern space persists
| Class | Vacancy (benchmark) | Rental rate (₸/m²/mo) | Demand |
|---|---|---|---|
| A | ~5% (across Kazakhstan) | 5,800–6,200 | High, limited supply |
| B | 8–12% | 3,000–4,500 | Good |
| C | 15–20% | 1,500–2,500 | Moderate |
Key takeaway: good warehouses in Almaty are scarce. Major operators occupy new space well in advance, often signing pre-lease agreements before construction is complete.
Almaty Industrial Zones: Where Construction Is Happening in 2025–2026
Alatau District: The Main Industrial Zone
Alatau district is Almaty's largest industrial zone. It features:
- The main concentration of logistics centres and warehouse complexes
- The "Alatau" Special Economic Zone (SEZ) with tax incentives
- Direct access to the A-2 highway (Almaty–Khorgos)
- Active construction: several large warehouse facilities commissioned in 2024–2025
Land prices: 60,000–130,000 ₸/m² depending on utilities availability and proximity to the highway.
Kaskelen (Karasai District): A Rapidly Growing Zone
Kaskelen is being actively developed with industrial and warehouse facilities. Land is cheaper than in the Alatau district. Several major operators choose Kaskelen because of:
- Lower land costs (30,000–70,000 ₸/m²)
- Convenient access to the A-2 highway
- Less traffic congestion compared to Almaty's inner industrial zones
Turksib District: Railway and Warehouse Zone
Turksib district is traditionally Almaty's warehouse and transport zone. It contains:
- Almaty railway hub
- Container terminals
- Legacy warehouse complexes (some Soviet-era, requiring renovation)
Active renovation of older facilities to modern standards is underway here.
Nauryzbai (Karasai District): New Industrial Zone
A relatively new industrial zone to the south-west of Almaty. Active construction: several industrial parks and logistics complexes. Land is cheaper than in the city.
Demand Drivers for Almaty Warehouses
1. E-Commerce Growth
Kazakhstan's online retail market is growing at 30–40% per year. Almaty is the country's largest market. Kaspi.kz (Kazakhstan's largest marketplace), Wildberries KZ, Ozon KZ, Arbuz.kz, Flip.kz — all of these operators are actively expanding warehouse infrastructure in Almaty and its agglomeration.
E-commerce requires specialised warehouses: high lighting, level floors, mezzanines, numerous dock doors. Conventional Soviet-era facilities are not suitable — the market demands new space.
2. Growth in Transit Trade Through Khorgos
Trade through Khorgos is growing: per Kazakhstan's Ministry of National Economy, Kazakhstan-China trade turnover exceeded $30 billion in 2024. Almaty is the first major logistics node on the path of Chinese goods from Khorgos to the CIS countries and Europe.
This creates sustained demand for cross-docking facilities, temporary storage warehouses, and distribution centres.
3. Pharmaceutical Market Growth
Kazakhstan's pharmaceutical market grows at 8–12% per year. Almaty is the distribution hub for pharmaceuticals. New GDP storage requirements are making outdated pharmaceutical warehouses non-compliant — companies are forced to build new or modernise existing facilities.
4. FMCG and Retail Chains
Kazakhstan's largest retail chains (Magnum, Coop, Small, RiMall, Maria) continue to expand. New formats (dark stores, quick-commerce, one-hour delivery) require distributed warehouse infrastructure across different parts of Almaty.
5. Kazakhstan's Industrial Programmes
The national industrial development programme provides for the creation of industrial parks and zones. The "Khorgos–Eastern Gate" SEZ, the "Alatau" industrial zone in Almaty, and other facilities are receiving infrastructure investment.
Why Build Now, Not Later
Argument 1: Rising Construction Costs
The cost of construction materials in Kazakhstan rose 40–70% between 2022 and 2024 (rolled steel, sandwich panels). The pace has slowed, but the base level remains high. Analysts forecast that, given inflation and tenge exchange rates, construction costs in 2027–2028 will be 15–25% higher than in 2025–2026.
Argument 2: Shortage of Quality Space Drives Rental Rate Growth
With a 5.4% vacancy for class A, rental rates continue to rise. A warehouse built now will generate income or save on rent from day one of operation.
If you currently rent 2,000 m² of class A at 6,000 ₸/m²/month:
- Rental expenses: 12,000,000 ₸/month = 144,000,000 ₸/year
- Cost of building your own 2,000 m² warehouse: ~160–200 million ₸
Payback period for building instead of renting — less than 2 years (bearing in mind that an owned warehouse can be sold or leased if needed).
Own warehouse in Almaty: payback in 1.5–3 years instead of renting
Argument 3: Land Prices Are Rising
Land in Almaty's industrial zones (Alatau district, Kaskelen) is appreciating faster than inflation. Serviced plots in good locations are becoming scarce. The current supply of available plots is limited.
Argument 4: Regulatory Changes
Kazakhstan is tightening requirements for warehouse infrastructure:
- Pharmaceuticals: GDP requirements are now mandatory for all distributors (transition period has ended)
- Food products: strengthened KZPP oversight for SanPiN compliance
- Fire safety: a new fire safety standard for warehouses entered into force in 2023 (SN RK 2.02-01-2023)
Building to new requirements from the outset is cheaper than retrofitting later.
Almaty vs Other Investment Markets: Why Here
| Parameter | Almaty | Almaty Region (Kaskelen) | Other Kazakhstan cities |
|---|---|---|---|
| Target rental yield | 9–13% p.a. | 8–11% | 7–9% |
| Rental rate growth | +8–12%/yr | +7–10%/yr | +5–8%/yr |
| Liquidity | High | Medium | Low–medium |
| Labour availability | Good | Good | City-dependent |
| Transport accessibility | Excellent | Good | Medium |
| Access to major clients | Maximum | High | Limited |
Build a warehouse in Almaty while rates are still reasonable
StroyHub delivers projects in the Alatau district, Kaskelen, and Nauryzbai. Start with a free consultation and conceptual estimate — no obligation.
FAQ
Which district of Almaty is best for building a warehouse?
It depends on your business: Alatau district — maximum proximity to the Khorgos highway and the concentration of major operators. Kaskelen — cheaper land, actively growing. Turksib — railway logistics. For e-commerce and city delivery — closer to the centre (but expensive).
Are there incentives for building in the Alatau SEZ?
Yes. SEZ "Alatau" residents receive exemption from corporate income tax, VAT on imported equipment, and land tax for 25 years. Requirements: manufacturing or innovation activities, job creation. Warehouse facilities may qualify if they include a production component.
Can I build a warehouse and immediately lease it?
Yes, this is a common model. Under a build-to-suit agreement (with a specific tenant), the lease is signed before construction begins. Without a specific tenant, the average marketing time for class A space in Almaty is 2–4 months.
