Kyiv – February 20, 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 office market strengthened in 2025, despite continued market disruption. Total take-up amounted to approximately 160,000 sqm (+26% y-o-y), while overall leasing activity reached 165,000 sqm, including a meagre share of pre-leases (3%) and renewals (2%).
Despite the stronger headline figures, demand dynamics remained uneven and were only partially underpinned by organic business growth. On the one hand, market-driven activity persisted, with individual occupiers relocating to high-quality premises in response to attractive lease terms and, in some cases, pursuing selective expansions. On the other hand, a substantial portion of activity remained situational. It is estimated that 40% of total take-up was attributable to forced relocations from war-damaged properties, underscoring destabilized character of market activity rather than a return to organic growth patterns.
Leasing demand remained concentrated in ready-to-move-in offices within high-quality business centers, with a clear preference for medium-sized units ranging from 300 to 600 sqm. This trend reflects the prevailing hybrid-work model, under which only 30-40% of employees are present in the office simultaneously, prompting many companies to reduce their office footprint to around 50% of pre-war levels.
IT, High Tech & Telecommunications sector retained leading position, accounting for 26% of take-up and highest number of transactions (35), followed by Banking and Finance (13%), Manufacturing, Industrial & Energy (11%), Coworking & Serviced Offices (8%) and Public Sector (7%). Share of military-related occupiers within the overall demand structure continued to increase throughout 2025. However, more stable and long-term demand from this segment was primarily channeled through real estate acquisitions rather than leasing, reflecting heightened security risks. Overall, while demand volumes strengthened during 2025, market remained heavily influenced by disruption-led factors, with stability driven more by adaptability and necessity than by broad-based normalization of economic activity.
No new office completions were recorded during 2025, reflecting the prolonged standstill in development activity. At the same time, approximately 70,000 sqm of office space was partially damaged or destroyed due to missile attacks, representing 3.4% of competitive office stock. As a result, total stock declined to around 2.10 mln sqm. This rare instance of negative net supply was driven by physical infrastructure losses, which highlighted vulnerability of real estate assets amid ongoing hostilities. Most affected properties sustained partial to severe structural damage, and their reconstruction and potential return to the market are unlikely to occur prior to the end of war.
New development activity remains subdued, with majority of pipelined projects either stalled or progressing slowly, as developers defer market launches until more favorable conditions emerge. Forecast completions for 2026 are expected to reach ca.27,000 sqm in four office schemes. However, delivery delays remain highly likely due to ongoing security risks, limited financing, and cautious pre-leasing activity.
Average vacancy declined to 18.5% (-3.6 pp YTD), driven by both forced relocations and organic leasing activity, especially from small and mid-size companies, with a view to improved quality. Despite some stabilization during the year, tenant behavior remained cautious and efficiency-driven, keeping the market firmly tenant-led.
Prime effective rents for shell & core offices ranged between $14–$18/sqm/month, with ready fit-outs showed resilience and ranging between $19-$25/sqm/month. Asking rents varied between $16-27/sqm/month in A-class properties and $8-18/sqm/month in B-class buildings, depending on location and fit-out condition. The gap between the lower and upper bounds is determined by unit-specific characteristics (fit-out, location, security risks and occupancy level) and overall building vacancy.
Anna Silvestrova, Senior Director of Office Brokerage & Corporate Tenants Representation,EXPANDIA:
The cautious optimism observed in 2025 is expected to persist throughout the year ahead. In the absence of major macroeconomic or geopolitical shifts, occupier behavior is likely to stay measured and efficiency-focused. Leasing decisions will remain cost-conscious, while prioritizing building quality, physical security features, and the ability to operate uninterrupted during disruptions. Demand is expected to be driven primarily by relocations, lease renewals, and selective expansions. At the same time, the growing prevalence of 3–5 year lease renewals indicates increasing tenant confidence in maintaining a physical office presence, albeit within optimized space footprints.
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
