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Kyiv \u2013 March <\/strong>2<\/strong>6, 2026<\/strong> \u2013<\/strong> 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\u2019s 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\u2019 efforts to rebuild business footprints following wartime damage.<\/p>\n 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%).<\/p>\n 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.<\/p>\n Source: EXPANDIA, 2026\u00a0<\/em><\/p>\n 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.<\/p>\n Source: EXPANDIA, 2026\u00a0<\/em><\/p>\n Despite the recent supply surge, vacancy declined to 3.5% (-0.3 pp YTD), underscoring the market\u2019s 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.<\/p>\n 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\u20132021. 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\u2013250 UAH\/sqm\/month ($4.8\u2013$5.5).<\/p>\n![\"\"](\"https:\/\/eba.com.ua\/wp-content\/uploads\/2026\/03\/CBRE_4_27032026.png\")
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