国别报告 | 全球工业用地情况分析报告（下）

发布时间：26-04-24　　来源：中国仓储与配送协会

中/英文供稿：贾帙隈 曼彻斯特大学 项目管理专业硕士研究生，国际仓储与物流联盟实习生

校           审：仉一诺 国际仓储与物流联盟秘书长助理

审           核：周武秀 国际仓储与物流联盟副秘书长

全球工业用地情况分析报告

Global Industrial Land Market Analysis Report

四、中亚地区工业用地市场现状

        Central Asian Industrial Land Market

中亚地区工业用地市场呈现出与发达市场截然不同的发展阶段。尽管区域经济增长较快（2025年整体增速超过6%），但现代化工业用地及高标准仓储设施供给严重不足，成为制约产业发展的关键瓶颈。

The Central Asian industrial land market is at a fundamentally different stage of development compared to mature markets. Despite relatively strong regional economic growth (overall growth exceeding 6% in 2025), the supply of modern industrial land and high-specification warehousing facilities is severely inadequate, representing a critical bottleneck for industrial development.

从管理模式来看，中亚工业用地主要由政府主导，通过经济特区及工业区统一规划与招商引资，市场化开发程度相对较低，私人开发商和国际物流地产商参与有限。

In terms of governance, industrial land in Central Asia is primarily managed by governments through Special Economic Zones and Industrial Zones, with relatively low levels of market-driven development. Participation by private developers and international logistics real estate operators remains limited.

从存量情况看，整个中亚地区高质量A级和B级工业仓储总面积仅约230万平方米，规模远低于同等经济体水平。哈萨克斯坦作为区域内最大市场，存量约175万平方米，空置率约6.6%，但A级优质空间可租比例不足1%；乌兹别克斯坦存量约50.3万平方米，空置率约4%–5.2%，其中A级空间空置率同样低于1%。两国核心城市阿拉木图与塔什干构成区域需求最集中的市场，租金水平在新兴市场中处于高位，A级仓储年租金分别约为123-140美元/平方米/年，以及124-139美元/平方米/年。

In terms of existing stock, total high-quality Class A and Class B industrial warehousing across the Central Asian core countries amounts to only approximately 2.3 million square meters, far below the level commensurate with the region's economic scale. Kazakhstan, as the region's largest market, holds approximately 1.75 million sq. m. of stock, with a vacancy rate of approximately 6.6%; however, less than 1% of Class A space is available for lease. Uzbekistan holds approximately 503,000 sq. m. of stock, with a vacancy rate of approximately 4%–5.2%, and Class A vacancy similarly below 1%. The core cities of Almaty and Tashkent represent the most concentrated demand centers in the region, with Class A warehouse rents among the highest in emerging markets, approximately US$123–140 per sq. m. per year in Almaty and US$124–139 per sq. m. per year in Tashkent.

图3:中亚地区A级B级工业仓储各国占比

Share of Class A and Class B Industrial Warehouses by Country in Central Asia

从土地供给看，中亚国家普遍拥有大规模规划用地，例如哈萨克斯坦目前拥有17个经济特区和67个工业区，各经济特区内保留有大量规划用地尚未开发，部分单区规划面积极大（如阿克套海港经济特区规划面积达2,000公顷，“欧亚”工业区面积281公顷）。但具备完善电力、铁路、水务配套的“即用型”地块极度稀缺，是制约投资落地的核心瓶颈。

From a land supply perspective, Central Asian countries hold large volumes of planned industrial land. For example, Kazakhstan currently has 17 special economic zones and 67 industrial zones. A significant amount of land designated for development within these zones remains undeveloped, and some individual zones cover vast areas (for instance, the Aktau Seaport Special Economic Zone spans 2,000 hectares, while the “Eurasia” Industrial Zone covers 281 hectares). However, "ready-to-use" sites equipped with adequate power, rail, and water infrastructure are extremely scarce, and this represents the core bottleneck for investment deployment.

此外，吉尔吉斯斯坦与塔吉克斯坦工业地产市场仍处于极早期阶段，整体存量极小，缺乏系统性统计数据，现代化设施基本缺失，政府主导的工业园区建设尚处于起步阶段。市场长期处于“一铺难求”状态，空置率接近0%。这一现象本质上反映的是供给端尚未形成规模化开发能力，而非需求高度成熟，进一步印证了中亚地区“土地存在但难以转化为有效供给”的整体特征。

Kyrgyzstan and Tajikistanremain at an extremely early stage of industrial real estate development. Total stock is minimal, systematic data is largely unavailable, modern facilities are essentially absent, and government-led industrial park construction is still in its infancy. The market has long been in a state where retail spaces are in short supply, with vacancy rates approaching 0%. This phenomenon essentially reflects the fact that the supply side has not yet developed the capacity for large-scale development, rather than indicating highly mature demand; it further underscores the overall characteristic of the Central Asian region, where “land is available but difficult to convert into effective supply.”

五、高加索地区工业用地市场现状

Caucasus Industrial Land Market

高加索地区（包括格鲁吉亚、阿塞拜疆及亚美尼亚）工业用地市场整体仍处早期发展阶段，市场规模较小，结构相对分散。区域工业用地开发主要依赖政府主导的自由经济区及工业园区，市场化程度较低，国际物流地产商尚未大规模进入。

The industrial land market in the Caucasus region (including Georgia, Azerbaijan, and Armenia) remains largely in its early stages of development, with a small market size and a relatively fragmented structure. Industrial land development in the region relies primarily on government-led free economic zones and industrial parks; the market is not yet highly commercialized, and international logistics real estate developers have not yet entered the market on a large scale.

从市场情况来看，格鲁吉亚2025年整体工业地产空置率约为6.6%，在第比利斯及波季港等核心区域，优质工业用地通常在建成前即被预租，反映出高标准资产供给仍然不足。高质量A级仓储租金通常在4.5-7美元/平方米/月。格鲁吉亚自由工业区内仍保留一定规模规划用地，随着黑海港口及配套基础设施逐步升级，相关土地价值持续提升，但具体在建规模及可开发体量缺乏系统性统计。

Georgia recorded an overall industrial real estate vacancy rate of approximately 6.6% in early 2025. In core areas such as Tbilisi and the Port of Poti, high-quality industrial space is typically pre-leased before completion, reflecting a persistent undersupply of premium assets. Class A warehouse rents generally range from US$4.5 to US$7 per sq. m. per month. Georgia's Free Industrial Zones retain a certain volume of planned land for future development, and as Black Sea port infrastructure continues to be upgraded, the value of related land parcels is steadily appreciating. However, systematic data on the scale of construction pipelines and developable land is not publicly available.

阿塞拜疆方面，政府依托阿拉特自由经济区推动工业多元化发展。该区域提供税收减免等政策支持，已吸引多个跨国合资项目入驻。当前阿拉特FEZ已开发区域基本被大型项目消化，优质工业空间供给紧张；其整体规划面积约724公顷，剩余地块仍在持续招商。此外，巴库工业园等园区亦持有一定规模的土地储备，可用于后续开发。巴库周边成熟工业区租金水平约为6–9美元/平方米/月。

Azerbaijan is leveraging the Alat Free Economic Zone (Alat FEZ) to drive industrial diversification. The zone offers tax exemptions and other policy incentives, attracting multiple multinational joint ventures. The developed portions of the Alat FEZ have been substantially absorbed by large-scale projects, and quality industrial space supply is tight. The zone's total planned area is approximately 724 hectares, with remaining parcels continuing to be marketed to investors. The Baku Industrial Park and similar facilities also hold land reserves for future phases of development. Rents in established industrial areas around Baku are approximately US$6–9 per sq. m. per month.

亚美尼亚的工业地产市场规模较小，大多属于缺乏现代物流配套的旧厂房，符合国际标准的现代化工业空间非常稀缺。埃里温周边普通厂房约为3-5.5美元/平方米/月，受限于基础设施与物业标准，难以承载高附加值产业需求。整体来看，亚美尼亚工业用地虽存在一定存量，但质量较低，缺乏系统性升级与开发。

Armenia's industrial real estate market is relatively small in scale, consisting largely of older facilities that lack modern logistics infrastructure. Modern industrial space meeting international standards is extremely scarce. Rents for standard factory space in the Yerevan area are approximately US$3–5.5 per sq. m. per month — constrained by the quality of existing infrastructure and property standards, which limits the market's ability to accommodate high-value-added industries. Overall, while Armenia holds a certain volume of industrial land stock, asset quality is low, and systematic upgrading and development efforts remain limited.

从土地供给结构看，高加索地区普遍存在一定规模的规划工业用地储备，但大多处于早期开发阶段，基础设施与开发体系尚不完善，导致土地难以快速转化为可使用的工业资产。同时，市场参与主体以政府及少量本地开发商为主，开发能力与资金实力相对有限，进一步加剧了供给碎片化特征。尽管如此，随着区域物流地位提升及政策推动，中长期工业用地需求具备增长潜力。

From a land supply structure perspective, the Caucasus region broadly holds a certain scale of planned industrial land reserves, but most parcels remain at an early stage of development, with incomplete infrastructure and development frameworks, making it difficult to rapidly convert land into usable industrial assets. Market participants are predominantly government entities and a small number of local developers, whose development capacity and financial resources are relatively limited, further exacerbating the fragmented nature of supply. Nonetheless, as the region's logistics significance grows and policy support strengthens, medium- to long-term industrial land demand holds meaningful growth potential.

六、总结

Conclusion

全球工业用地市场的现状与发展趋势反映出一个深层的结构性特征：并非土地总量的绝对不足，而是“可开发、可使用土地供给的结构性错配”。这一核心洞察贯穿于本报告所分析的所有地域与市场。

The current state and development trends of the global industrial land market reveal a fundamental structural characteristic: not an absolute shortage of total land supply, but rather a structural mismatch in the availability of developable and immediately usable land. This core insight threads through all the geographic regions and markets analyzed in this report.

总体而言，全球工业用地市场的未来属于那些既拥有土地资源、又具备基础设施与开发能力、且政策环境相对稳定的地区。投资者与开发商的成功，将取决于对"结构性机会"的准确识别，以及在合适的地域与周期内，以合适的伙伴模式进行布局。

In summary, the future of the global industrial land market belongs to regions that possess land resources, infrastructure and development capacity, and a relatively stable policy environment. The success of investors and developers will depend on accurate identification of "structural opportunities" and strategic positioning with appropriate partners at the right time and location.

数据来源：

Inside Kazakhstan’s 16 Special Economic Zones: Projects and Jobs in 2025：https://astanatimes.com/2025/12/inside-kazakhstans-16-special-economic-zones-projects-and-jobs-in-2025/

Uzbekistan surpasses Kazakhstan in class A warehouse rental rates — NF GROUP report https://www.uzdaily.uz/en/uzbekistan-surpasses-kazakhstan-in-class-a-warehouse-rental-rates-nf-group-report/

NF GROUP: Kazakhstan and Uzbekistan drive growth in CIS warehouse market in early 2025 https://www.uzdaily.uz/en/nf-group-kazakhstan-and-uzbekistan-drive-growth-in-cis-warehouse-market-in-early-2025/

Marketbeat Central & Eastern Europe Industrial Q3 2025 https://cwechinox.com/app/uploads/2025/12/2025_q3_cee_industrial-marketbeat.pdf

中国仓协保税、跨境电商与海外仓分会

 Bonded,Cross-Border E-Commerce and Overseas Hub Branch

 China Association of Warehousing and Distribution