The Ukrainian office real estate market is undergoing significant transformation: leadership in shaping demand has shifted from the IT sector to international companies in the defense industry. According to the results of the UTG study for the third quarter of 2025, the number of foreign company representations in Ukraine is gradually decreasing: there are currently 616, compared to 627 in 2021. At the same time, the IT sector is losing ground – its share of GDP has fallen from 5.42% in 2022 to 3.42% in 2024, while the volume of IT service exports has decreased from $7.52 billion in 2022 to $6.38 billion in 2024.
This is reported by Finway
Defense Giants Are Opening Offices and Creating Jobs
In the context of full-scale war, Ukraine has become a unique platform for implementing innovative technologies in the defense sector and testing the latest weapon systems. Leading global defense companies are not only launching production facilities but are also actively negotiating the opening of joint factories, research centers, and offices.
International players involved in entering the Ukrainian market include Rheinmetall and KMW (Germany), Baykar (Turkey), Northrop Grumman (USA), BAE Systems (UK), as well as companies from Norway, Latvia, Denmark, France, Italy, Spain, Poland, and several other countries. By opening new offices, they are creating additional jobs and contributing to the development of the local business environment.
“However, Ukraine is becoming a true testing ground for innovative know-how and advanced modern weapon systems, while global defense giants are launching or negotiating the opening of joint production facilities, factories, research centers, and administrative offices in the country.”
Changing Trends in the Commercial Real Estate Market
The IT sector’s departure from leading positions in the office real estate market is due to a number of economic and geopolitical factors, including a decrease in demand for IT services and a reduction in exports. In contrast, the growing presence of defense companies is stimulating the development of business infrastructure and fostering the formation of new opportunities for the Ukrainian office rental market.