In Kyiv, 42 thousand square meters of office space is expected to be commissioned by the end of the year, according to CBRE Ukraine’s office real estate market research.
According to the study, in the first half of 2023, only one small office building Unit.City B4 (13.2 thousand square meters) was commissioned. The total volume of competitive office space remained almost unchanged at 2.22 million sq m.
It is expected that in the second half of 2023, about 42 thousand sq m will be commissioned in four business centers. At the same time, BC Twelve (14 thousand sq m) and BC Heritage (16.8 thousand sq m) account for 73% of the new supply. CBRE Ukraine does not rule out delays in construction and commissioning.
The study states that the full-scale war has reduced development activity in the office segment; the amount of office space under construction has decreased. In particular, several office projects originally scheduled for completion in 2023 have been suspended until at least 2024. At the same time, no new development projects were recorded in 2022, and it is unlikely that they will appear before the end of 2023. Therefore, it is predicted that over the next two to three years, the volume of office real estate can only grow if suspended development projects are restarted.
CBRE, headquartered in Los Angeles (USA), is the world’s largest commercial real estate consulting and investment company, with revenues of $30.8 billion in 2022. According to Fortune, it is one of the world’s 500 largest companies.
CBRE Group Inc. shares are traded on the New York Stock Exchange.
CBRE’s Ukrainian office was opened in January 2008 and is part of the company’s affiliate network.
