The Ukrainian commercial real estate market is like a pendulum. On one side, consumer uncertainty and investor caution, on the other – the return of international brands, local demand spikes, and rising rents. What is happening now?
🔹 Prices are rising despite everything
On average across the country, rental rates have increased by +11% in hryvnias over the year – from ≈ ₴337/m² (Q1’24) to ≈ ₴374/m² (Q1’25). In dollars, the increase is minimal ($8.82 → $9.00), but in Kyiv, it is noticeable: up to $17/m² (₴714), which is +30% year-on-year.
🔹 The capital is becoming more expensive – regions are more cautious
Kharkiv (-14%) and Kherson (-36%) are recording a decline in rental value. The reason is the security situation and a decrease in viable demand. In contrast, Lviv, Chernivtsi, and Lutsk show an increase in rates of 20-25% as they have become new economic hubs for displaced businesses.
🔹 Fewer offers – prices up
The number of active listings has decreased by -22% across the country over the year, while in Kyiv, it has dropped by -42%, which has further fueled prices.
🔹 Format matters
The most expensive are kiosks and roller shutters – up to $18/m², built-in premises – ≈$9.2, shopping centers – $6.9. The highest rates are in locations with intense traffic and small areas (up to 100 m²), where the average price reaches $11.5/m².
🔹 Urban communities are winning
Rates in cities – ≈₴376/m², in rural communities – ≈₴361, and in towns – ≈₴291. But suburban areas near highways and metropolises also show stable demand.
🔹 What's next?
The market is slowly but surely recovering. The return of retailers like Zara, H&M, IKEA sends a positive signal, although risks remain high. Growth is happening selectively, primarily in safer regions.
🔹So,
• The most expensive rent is in Kyiv: $17/m² (₴714)
• Lviv, Odesa, Dnipro – $10–11/m²
• The cheapest areas are Kherson and Donetsk: $3–6/m²
• Urban communities are leaders: $9.1/m²
• Small stores (up to 100 m²) – $11.5/m²
• The most expensive format is kiosks: $18/m²
• The cheapest is shopping centers: $6.9/m²
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Detailed statistics on the partner site's GIS "Uvekone"