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🏢 The tenant dictates the rules: how the Ukrainian office market is changing in 2026

🏗️ The office real estate segment in Ukraine remains a tenant's market: companies have gained more opportunities to choose high-quality premises and can expect more favorable terms when concluding lease agreements. At the same time, high security risks, vacancy rates, and relatively low rental rates restrain developer activity in the construction of new business centers.

Yaroslav Horbushko, Director of the Capital Markets Department at EXPANDIA, a CBU member, spoke about current trends in office and warehouse real estate during the analytical panel "Construction and Real Estate Market Analytics for H1 2026," organized by the Confederation of Builders of Ukraine.

🔹 The expert identified the competition between old and new generation business centers as one of the key trends in the office market. Tenants are gradually migrating from facilities built back in the 2000s to more modern business centers that meet their current requirements.

📑 Requirements for the condition of premises are also changing. While before 2020 more than half of the offices were leased in a shell & core condition, after which tenants handled the fit-out themselves, today businesses are increasingly focused on fully fitted offices.

📊 At the same time, high security risks, a vacancy rate of about 16%, and relatively low rental rates restrain the emergence of new office supply. Under such conditions, the construction of new facilities remains insufficiently attractive to developers.

Thus, the office market continues to transform under the influence of changing business needs. Competition between facilities of different generations, the availability of equipped bomb shelters, the importance of location, the demand for ready-made offices, and the ability of tenants to secure better terms will determine the future dynamics of the segment.

Read more about the trends in the warehouse real estate market via the link: https://lnkd.in/ddYpWTSK

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