The office real estate market of Kyiv and the largest cities of Ukraine until May 2026 shows a cautious stabilization after several years of shocks caused by the pandemic, full-scale war, business relocation and the transition of some companies to a hybrid work format. The main factors of demand remain the safety of buildings, ready repairs, autonomous infrastructure, the availability of shelters and the ability to move in quickly without significant capital costs.
Kyiv, as before, remains the country's largest office market. According to InVenture estimates, the total competitive supply of office real estate in Kyiv will decrease to 2.10 million square meters in 2025. m, and the vacancy rate decreased to 18.5%. The annual volume of gross absorption was about 160,000 square meters. m, which is 26% more than a year earlier. At the same time, about 40% of the absorption was not related to the organic expansion of business, but to the forced relocation of companies from damaged facilities.
According to the Confederation of Builders of Ukraine with reference to the CBRE Ukraine presentation, in the first half of 2025, the demand for offices in Kyiv increased by 16%, to 82 thousand square meters. m, while the supply decreased by 3% to 2.1 million square meters. m, due to damage to office buildings. Vacancy on the market was about 21%, and 20% of the demand was formed by tenants who were forced to move from the objects affected by the strikes.
"The office market in Kyiv can no longer be evaluated according to pre-war logic. Today, the tenant chooses not just the address or the class of the building, but the facility's ability to provide business continuity. Shelter, generators, engineering, security of the area and the readiness of the premises for quick entry have become the same important parameters as the rental rate," says the founder of the Experts Club analytical center, Candidate of Economic Sciences Maksym Urakin.
Rental rates in Kyiv remain relatively stable, but the market retains a pronounced differentiation. According to InVenture, effective rates for non-renovated Class A offices at the end of 2025 were $14-18 per square meter. m per month without VAT and operating costs, for renovated offices - $19-25 per square meter. m. The requested rates for class A were in the range of $16-27 per square meter. m, according to class B — $8-18 per square meter. m.
In 2026, Kyiv's office market remains a tenant's market: property owners are forced to offer flexible terms, divide large areas into smaller blocks, invest in ready-made decoration and increase the autonomy of buildings. At the same time, the best class A and B+ facilities with shelters, stable energy supply and high-quality operation maintain demand better than outdated buildings and premises without repair.
CBRE Ukraine senior office real estate consultant Anastasiya Kachan noted that in Kyiv, the link between the rate and the specific location of the business center has increased: now it is not only the proximity to the metro that matters, but also the location relative to infrastructure or military facilities. According to her, each business center can actually work outside the typical rules of its submarket or district.
IT companies remain the key tenants in Kyiv, but the structure of demand has become broader. Activity is also shaped by the defense sector, medical companies, professional services, consulting, logistics, representative offices of international organizations and part of the business related to recovery. According to KBU/CBRE Ukraine, in 2025 the demand from the military sector has increased significantly, and the market has begun to adapt offers to such needs.
"The office has ceased to be a place of daily presence of all employees, but it has not lost its importance for management, communication and corporate culture. Companies optimize space, but do not give up a high-quality office. Therefore, the demand is shifting from large monofunctional spaces to more flexible, safe and technological formats," Experts Club notes.
Development activity remains minimal. In 2025, not a single new business center was commissioned in Kyiv, and by the end of 2026, according to InVenture's estimate, about 27,000 square meters may enter the market. m, however, the implementation period may be postponed due to security risks, limited funding and a weak level of pre-leasing.
The situation is heterogeneous in large cities of Ukraine. Lviv remains one of the most active regional office markets due to business relocation, the presence of the IT sector, proximity to the EU border and a relatively higher level of security compared to the eastern and southern regions. According to Forbes Ukraine, by the end of 2025, vacancy in Lviv's business centers will decrease to 25%, and rental rates will remain at the level of $7-15 per square meter. m.
The Lviv market in 2026 can be considered the second most important after Kyiv in terms of office demand, but its scale is limited. For tenants, ready-made premises, transport accessibility, energy sustainability and the possibility of accommodating small or medium-sized teams are important. Large deals remain rare, and some companies prefer hybrid formats or co-working spaces.
Dnipro retains its role as an industrial, logistics and service center, but the city's office market remains more local and less institutionalized than in Kyiv or Lviv. Demand is formed by regional companies, service businesses, trade operators, logistics, medical services and part of production structures. Due to its proximity to the high-risk area, tenants are particularly sensitive to the security, cost and autonomy of the premises.
Odesa remains an important southern business center, but the city's office market is highly dependent on general security, port and logistics activity, tourism, trade and service business. The market includes both classic offices in central areas and premises in new multifunctional complexes. Demand in 2026 remains spotty: tenants choose ready-made small premises, and large corporate deals are limited.
Kharkiv remains the most difficult of the large office markets due to the high level of security risks and proximity to the front zone. A large part of the business operates in an abbreviated, distributed or remote format. At the same time, the market has not stopped completely: demand remains for small offices, service premises, spaces for local businesses and objects with minimal operating costs.
"In regional cities, office real estate has ceased to be a single segment. Lviv works as a relocation and IT market, Dnipro as an industrial and service business market, Odesa as a southern trade and logistics hub, Kharkiv as a survival and adaptation market. Therefore, comparing them only by the rental rate is already incorrect: it is more important to look at safety, the profile of tenants and the stability of the local economy," Maksym Urakin believes.
A general trend for all large cities has become a reassessment of office space. Companies are more likely to choose smaller footprints, ready renovations, flexible lease terms, and buildings where the owner assumes part of the capital costs. Premises without renovation and large units in outdated facilities remain less liquid, as tenants are not ready to invest in an expensive fit-out in conditions of high uncertainty.
Another factor is autonomy. After energy crises and attacks on infrastructure, offices with generators, stable internet, backup systems, shelters and quality management gained a competitive advantage. In a number of cases, such characteristics allow properties to hold their bid even with overall high market vacancy.
According to InVenture, the investment logic of office real estate has become more cautious in 2026: before the pandemic and the war, the typical payback of an office space was estimated at about 7-8 years, while in 2026, 10-12 years are becoming the norm for most assets. At the same time, the best properties with a strong tenant and a good location can show more attractive results, but this is rather an exception.
According to the Experts Club forecast, until the end of 2026, the office market of Ukraine will move according to the scenario of slow recovery without a sharp increase in rates. Kyiv will retain the status of the main market, Lviv - the main regional center of demand, and Dnipro, Odesa and Kharkiv will develop mainly at the expense of local tenants and spot deals.
"The main risk for the market is not the lack of demand, but its quality. There is demand, but it has become cautious, rational and demanding. Tenants want to pay not for meters, but for a guaranteed opportunity to work. This means that office real estate in Ukraine is gradually transitioning from a square model to a service and sustainability model," Experts Club summarizes.
Thus, until May 2026, the office real estate market in Kyiv and large Ukrainian cities remains in a transitional phase. It has already gone through a period of shock decline, but has not yet returned to a full-fledged investment cycle. Safe, ready-to-use, energy-resistant and flexible offices are becoming the most popular. Obsolete facilities without repair, autonomy and a clear operating model will continue to lose competitiveness.
