The segment of retail real estate in Ukraine is showing positive dynamics: consumer activity is increasing, foot traffic to shopping and entertainment centers has risen, and turnover is growing, which positively impacts the income of shopping center landlords. The fixed component of rental rates is also rising in response to increased demand for retail space.
This is reported by Business • Media
Challenges for Shopping Centers and Office Real Estate
“However, not all shopping centers are equally successful: in the capital, there are several shopping centers with high vacancy rates, which are determined by shortcomings in their business models. Nevertheless, despite the market’s vibrancy, developers have almost no plans for the construction and opening of new shopping centers,” noted the National Bank of Ukraine.
In the office real estate market, vacancy rates remain high, although there has been a slight decrease over the past year, especially in premium-class business centers. Due to low rental rates, companies are moving to more modern offices with quality renovations. At the same time, new office projects are not being launched: only those that were nearly completed at the beginning of the full-scale war were put into operation in 2024–2025.
Warehouse Segment: Demand Exceeds Supply
The warehouse real estate market appears to be the most stable: there is high demand for the rental of warehouses and logistics facilities, and the vacancy rate remains low. Rental rates in this segment have stabilized, but supply still lags behind market needs.
Overall, despite some positive trends, the development of commercial real estate in Ukraine is hindered by military risks and limited developer activity in new projects.