Kyiv – September 16, 2026 – 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, leasing activity in Kyiv’s office market strengthened during H1 2026 despite continued market disruption. Bi-annual take-up amounted to approximately 104,000 sqm (+33% y-o-y), driven mainly by relocation deals (40%). However, nearly 20%–30% of take-up was driven by forced relocations from war-damaged properties, highlighting the continued influence of war-related displacement on leasing activity.
Source: EXPANDIA, 2026
IT, High Tech & Telecommunications generated the strongest demand, accounting for 48% of total take-up, followed by Manufacturing, Industrial & Energy at 14%. Healthcare & Pharmaceuticals maintained a stable share at 6%, continuing the trend observed in recent years. Increased activity among medical and rehabilitation service providers points to the emergence of a distinct war-driven niche within office demand. The share of defense-related occupiers also continued to increase during H1 2026. However, this demand was spread across several industry sectors rather than forming a standalone occupier category and remained largely driven by wartime economy needs.
Security risks remained one of the key factors shaping the market. The increased intensity of missile attacks and continued damage to commercial properties affected both available supply and occupier decision-making. Overall, leasing activity remained highly selective, with decisions continuing to balance operational requirements, security considerations and cost efficiency rather than being driven by broad-based business expansion.
By the end of Q2 2026, Kyiv’s total competitive office stock stood at approximately 2.08 million sqm. Around 50,000 sqm of office space was damaged or partially destroyed by missile attacks during H1 2026, equivalent to around 2% of competitive stock. New supply added approximately 15,000 sqm of new space to the market during H1 2026, following no new deliveries in 2025. However, new supply offset only around 30% of office space affected by missile attacks during the period. As a result, the market continued to experience a net contraction in available stock.
Average vacancy declined to 16% (-2.5 pp YTD), nearing the 14.5% level recorded at the end of 2021. Vacancy drop was driven by both forced relocations and organic leasing activity, particularly among small and mid-sized occupiers. Tightening availability in prime buildings, combined with a very limited development pipeline, provided occupancy support to quality properties. However, overall vacancy remained elevated, maintaining tenant leverage across much of the market.
Prime effective rent remained broadly unchanged YTD and ranged between $14–$18/sqm/month for shell & core offices and $19–$25/sqm/month for ready fit-outs offices. Asking rents in A-class properties, including shell & core and fitted-out offices, ranged between $16–$27/sqm/month. Asking rents in B-class properties, including shell & core and fit-out offices, varied between $8-$18/sqm/month. Gap between the lower and upper bounds determined by unit-specific characteristics (fit-out, location, security risks and occupancy level). Nevertheless, rental performance remained highly asset-specific, with quality buildings proving more resilient while lower-quality assets continued to face pressure.
Source: EXPANDIA, 2026
Anna Silvestrova, Senior Director of Office Brokerage & Corporate Tenants Representation, EXPANDIA:
“Kyiv office market is expected to remain broadly stable through the remainder of 2026, with leasing activity continuing to be selective and driven primarily by relocations, renewals and targeted expansions. Despite increased take-up in H1 2026, a material share of activity remains disruption-led. Broad-based organic demand is expected to remain subdued in the near term.
The limited development pipeline is expected to support further gradual vacancy compression, particularly in quality buildings. Rents are expected to remain broadly stable through the remainder of 2026. Across the board, without a material improvement in the operating environment, the market is likely to remain relatively stable, with performance increasingly differentiated by asset quality, location and operational resilience”.
About EXPANDIA:
EXPANDIA is the largest commercial real estate company in Ukraine. Founded in January 2008, it operated under the brand CBRE Ukraine as part of the CBRE affiliate network. Since August 2025, company has been operating under its own brand, EXPANDIA, and continue to serve as a Country Service Partner for CBRE in Ukraine and Moldova.
Company has more than 350 professionals, including on-site staff at properties under management in Ukraine and Moldova. Its management portfolio covers over 1,000,000 sqm of commercial real estate across more than 20 regions. EXPANDIA provides a wide range of services in the commercial real estate sector: advisory and transaction; capital markets; integrated facility management; valuation and advisory; project management and building consultancy; corporate facility management services. Please visit our website at www.expandia-ukraine.com
