Kyiv – March 26, 2026 – According to the latest research of EXPANDIA, Country Service Partner for CBRE in Ukraine and Moldova and the largest commercial real estate company in Ukraine, 2025 marked the strongest year for Kyiv’s warehouse market in more than a decade, despite ongoing war-related challenges. Annual take-up reached approximately 217,000 sqm, representing a 30% year-on-year increase. Demand growth was largely driven by leasing activity in newly delivered warehouses, reflecting both the deferred demand for large-format units and occupiers’ efforts to rebuild business footprints following wartime damage.
Overall, despite a surge in take-up, tenant sentiment remained cautiously proactive. The spike in transaction volume happened after a long lull in supply and was primarily opportunistic in nature. Wholesale & Retail Trade led leasing activity with 51% of total take-up, followed by 3PL & Transportation (44%) and Healthcare & Pharmaceuticals (5%).
E-commerce operators remained the primary demand driver, as continued shifts in consumer behavior and wartime adjustments increased reliance on online sales and distribution networks. Healthcare & Pharmaceuticals also showed steady growth, supported by expansion of distributors and pharmacy chains. Over 2022-2025, the pharma sector accounted for 10-15% of annual gross absorption. However, as the supply of ready-to-use pharmaceutical warehouses remains limited, occupiers lease ambient warehouses and do soft conversions to meet regulatory and technical standards.
2025 became a record year for new deliveries. Annual completions totaled ca. 216,000 sqm, marking it the highest annual supply since 2008. As a result, total competitive stock grew to ca. 1.57 mln sqm (+12% y-o-y), fully recovering to its pre-war level. Key completions included Oleksandrivskyi Logistic Complex III-IV (145,000 sqm) and Chaiky Logistic Complex V (32,000 sqm). In addition, 11,000 sqm of RLC warehouse space, previously damaged in 2022, was rebuilt and returned to stock. Pipeline level for 2026 remains healthy and is expected to reach ca. 90,000 sqm. Additional development activity will be driven by build-to-suit projects, in particular, two phases of 26,000 sqm in a BTS project from a major domestic 3PL operator.
Despite the recent supply surge, vacancy declined to 3.5% (-0.3 pp YTD), underscoring the market’s strong absorption capacity. Marginal compression occurred even amid record development volumes, as most of the newly delivered schemes entered the market largely pre-leased, with the remainder of the space absorbed soon upon completion. As a result, availability of modern, large-format units remains limited.
Prime effective rent remained stable at $5.3/sqm/month (net of VAT and OPEX), in line with the pre-war peak period of 2019–2021. Leasing transactions continue to be denominated in the national currency, reflecting the ongoing macroeconomic realities and hryvnia volatility. Asking rents in UAH terms for ambient warehouses recorded an average increase of 9% YTD, ranging between 200–250 UAH/sqm/month ($4.8–$5.5).
Nataliia Sokyrko, Head of Industrial & Logistics Brokerage, EXPANDIA:
“We expect the Kyiv warehouse market to remain stable in 2026, supported by resilient occupier demand, gradually strengthening prime rents, and continued absorption of newly delivered space. Scarcity of high-quality stock and moderate stabilization of rents create preconditions for further build-to-suit activity, particularly for large retailers and 3PL operators requiring tailored solutions. In addition, developers are increasingly focusing on undersupplied formats, including multi-temperature warehouses, where demand continues to outpace available stock. Nevertheless, increased security risks and macroeconomic uncertainty will continue to shape the near-term decision-making”.
About EXPANDIA:
EXPANDIA is the largest commercial real estate company in Ukraine. Founded in January 2008, it operated under the brand CBRE Ukraine as part of the CBRE affiliate network. Since August 2025, company has been operating under its own brand, EXPANDIA, and continue to serve as a Country Service Partner for CBRE in Ukraine and Moldova.
Company has more than 350 professionals, including on-site staff at properties under management in Ukraine and Moldova. Its management portfolio covers over 1,000,000 sqm of commercial real estate across more than 20 regions. EXPANDIA provides a wide range of services in the commercial real estate sector: advisory and transaction; capital markets; integrated facility management; valuation and advisory; project management and building consultancy; corporate facility management services. Please visit our website at www.expandia-ukraine.com.
