Despite the full-scale war, the Ukrainian commercial real estate market is showing signs of growth, particularly in Kyiv and the western regions of the country. Western Ukraine remains relatively safer, which encourages investors to engage more actively in the construction and purchase of commercial properties. There is also an increased demand in the capital, although the pace of development has somewhat slowed compared to previous years, but overall the industry is gradually recovering.
This is reported by Finway
Recovery of Rental and Market Prices
Experts note that the rental of retail spaces has already returned to pre-crisis levels. The cost of renting commercial real estate remains dependent on demand and location, ranging from 10 to 50 US dollars per square meter. This indicates a sustained interest from businesses in opening new locations and expanding existing spaces.
“Member of the Ukrainian Real Estate Professionals Association, Yaroslav Burykh, stated that despite the full-scale war, the demand for commercial real estate in Ukraine is increasing, with the highest rates of investment in such construction observed in the western regions of the country, which are relatively safer. There is also active demand in the capital. Although the pace has slowed, the industry is gradually recovering.”
Official Statistics: Structure of New Commercial Real Estate
According to data from the State Statistics Service of Ukraine, in the first quarter of 2025, 617,916 square meters of non-residential properties were put into operation across the country. The largest portion of these consists of industrial and warehouse buildings — 271,302 square meters. Other non-residential buildings account for 180,460 square meters, while wholesale and retail trade occupies 111,008 square meters. Office spaces totaled 26,467 square meters, and hotel and similar properties amounted to 8,549 square meters.
Thus, the demand for commercial real estate in Ukraine continues to grow, and the market demonstrates gradual recovery even under conditions of martial law.