Kyiv – March 6, 2026. – Despite the full-scale invasion and elevated security risks, investment in commercial real estate in Ukraine is gradually recovering. Following a near standstill in 2022, the market has adapted to the new environment, while investors are once again showing interest in selected real estate segments – particularly assets with predictable cash flows and long-term growth potential.
Key trends in investment activity, as well as performance of office and warehouse segments in 2025, were highlighted by Yaroslav Gorbushko, Director of Capital Markets of EXPANDIA, Country Service Partner of CBRE in Ukraine and Moldova and the largest commercial real estate company in Ukraine, during the webinar “Risks as Reality and Opportunities: What 2025 Meant for the Real Estate Market and What to Expect in 2026,” organised by ARZINGER and EXPANDIA.
Commercial Real Estate Investment Market in 2025
Based on EXPANDIA market analysis, investment volume in commercial real estate in Ukraine totalled approximately $250 million in 2025. This represents a slight decrease compared with 2024, when investment volume reached approximately $300 million. Nevertheless, the market demonstrates a relative stabilisation of investment activity, considering wartime risks and limited access to financing.
Ukraine’s commercial real estate investment market has gradually adapted to the new reality. While virtually no significant transactions took place in 2022, investment activity began to recover from late 2023 and stabilised during 2024–2025, demonstrating relatively stable levels. Importantly, the market did not experience a decline as deep as after the 2014–2015 crisis, when discounts on certain assets could reach 50% or more.
Yaroslav Gorbushko, Director of Capital Markets, EXPANDIA
At the same time, the structure of investment transactions has shifted. While warehouse and industrial properties accounted for a significant share of deals in previous years, investors in 2025 focused on office and retail real estate.
According to EXPANDIA:
- office real estate attracted approximately $87m in investment, 2.5 times higher than in 2024;
- retail segment accounted for around $81m (+35% y-o-y);
- approximately $46m of investment was allocated to other types of real estate, including specialised assets;
- at the same time, investment in warehouse and industrial real estate declined to approximately $31m (-55% y-o-y).
One of the key factors was elevated security risks for industrial infrastructure. Attacks on logistics and industrial facilities throughout the year led to the postponement of several investment projects, as potential buyers became more cautious when assessing risks associated with industrial assets.
Among the most notable transactions in 2025 were the acquisition of the first phase of the Leonardo ВС and TRC Ukraina by City Capital Group, the purchase of the Golf Club complex by the Kyiv School of Economics, comprising approximately 15,000 sqm of real estate and a 6 ha land plot, as well as the acquisition of the SkyPark shopping center in Vinnytsia by the investment fund Inzhur.
Industrial Land as an Emerging Investment Theme
Growing demand for industrial land plots emerged as a notable investment trend in 2025. Demand is driven by a broad range of market players, including building materials producers, FMCG companies, logistics operators, light industry businesses and other manufacturers expanding production capacity or relocating operations to safer regions.
In current environment, land is often perceived as a relatively safe asset. Unlike buildings, it cannot be physically destroyed, which makes it a store of value for investors.
Yaroslav Gorbushko, Director of Capital Markets, EXPANDIA
Demand is also supported by international companies establishing new production facilities or relocating part of their manufacturing operations to Ukraine, including Unilever, Kingspan, Peikko Group, Saint-Gobain and Onur Group.
At the same time, companies are strategically positioning themselves for Ukraine’s future rebuilding and are actively entering the land market. Alongside manufacturers of essential construction materials, demand also comes from infrastructure and development companies. Many of these companies are already acquiring industrial land or assembling land portfolios for future production and logistics projects. Investors are particularly focused on land plots located along key logistics corridors, primarily in central and western Ukraine, including Vinnytsia, Zhytomyr, Ivano-Frankivsk, Kyiv, Lviv, Odesa and Rivne regions.
Meanwhile, demand is further supported by ongoing relocation of businesses from frontline regions. According to Opendatabot, more than 19,000 companies changed their registered address during 2024–2025, further stimulating demand for industrial land in safer regions.Land demand differs by investor profile.. Manufacturing companies typically consider land plots starting from 1 ha, while logistics developers tend to seek larger sites of 5–10 ha or more suitable for warehouse or industrial park developments.
Retail Real Estate Attracts Investor Attention in 2025
Investor interest in retail real estate is gradually recovering, as evidenced by several investment transactions in this segment completed during 2025. Most shopping centres are demonstrating an improvement in operating performance, with key indicators approaching pre-war levels, strengthening their investment appeal.
We are seeing a gradual recovery in retail real estate. Assuming no significant macroeconomic changes, investor interest in quality shopping centres with predictable cash flows is likely to persist.
Yaroslav Gorbushko, Director of Capital Markets, EXPANDIA
Outlook for Commercial Real Estate Investment in Ukraine
Despite ongoing wartime risks, investment in commercial real estate in Ukraine is showing gradual recovery, while market has already adapted to the new environment and developed new risk-assessment criteria based on security, energy and operational factors. Following the sharp decline in activity in 2022, investment market stabilised in 2024–2025, with a new pattern of demand and investment geography emerging.
Investor activity is increasingly focused on high-quality assets with predictable cash flows, as well as on projects linked to manufacturing, logistics and Ukraine’s future rebuilding. As the security situation stabilises and access to capital improves, investment activity may gradually increase.
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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
