The new supply of offices in Lviv to be commissioned in 2019-2021 will be 176,100 square meters, which is almost comparable to the current offer, UTG consulting company (Kyiv) has told Interfax-Ukraine. “By mid-2019, the growing demand for office space, triggered mainly by favorable conditions for the development of the IT sector, led to a shortage of quality space in the market and, as a consequence, to a decrease in vacancy to 2.2%, an increase in rental rates and a surge in developer activity,” UTG analyst Oksana Havrylevych said.
According to her, office premises with a leased area of 56,400 square meters are expected to be commissioned in 2019 (33.6% of A class, 66.4% of B class), 31,500 square meters in 2020, and 88,200 square meters in 2021.
“With the timely commissioning of the declared facilities by the end of 2021, the total leased office space will be about 378,000 square meters, which corresponds to 500.8 square meters per 1,000 citizens, which may bring the Lviv office market to the phase of oversupply,” she said.
