The office real estate market of Kyiv and Ukraine’s largest cities by May 2026 is demonstrating cautious stabilization after several years of shocks caused by the pandemic, the full-scale war, business relocation and the transition of some companies to a hybrid work format. The main demand factors remain building safety, completed renovation, autonomous infrastructure, the availability of shelters and the ability to move in quickly without significant capital expenditures.
Kyiv still remains the country’s largest office market. According to InVenture estimates, the total competitive supply of office real estate in Kyiv in 2025 decreased to 2.10 million sq. m, while the vacancy rate fell to 18.5%. The annual volume of gross take-up amounted to about 160 thousand sq. m, which is 26% more than a year earlier. At the same time, about 40% of take-up was related not to the organic expansion of business, but to the forced relocation of companies from damaged properties.
According to the Confederation of Builders of Ukraine, citing a CBRE Ukraine presentation, in the first half of 2025 demand for offices in Kyiv grew by 16%, to 82 thousand sq. m, while supply decreased by 3%, to 2.1 million sq. m, due to damage to office buildings. Vacancy in the market stood at about 21%, while 20% of demand was formed by tenants forced to relocate from properties affected by strikes.
“The office market in Kyiv can no longer be assessed according to pre-war logic. Today, a tenant chooses not simply an address or a building class, but the ability of a property to ensure business continuity. A shelter, generators, engineering systems, the safety of the district and the readiness of the premises for quick move-in have become parameters as important as the rental rate,” says the founder of the Experts Club analytical center, Candidate of Economic Sciences Maksym Urakin.
Rental rates in Kyiv remain relatively stable, but the market retains pronounced differentiation. According to InVenture, effective rates for class A offices without renovation at the end of 2025 amounted to $14-18 per sq. m per month excluding VAT and operating expenses, while for offices with renovation they amounted to $19-25 per sq. m. Asking rates for class A were in the range of $16-27 per sq. m, and for class B — $8-18 per sq. m.
In 2026, Kyiv’s office market remains a tenant’s market: property owners are forced to offer flexible terms, divide large areas into smaller blocks, invest in ready-made finishing and increase the autonomy of buildings. At the same time, the best class A and B+ properties with shelters, stable power supply and high-quality operation are holding demand better than outdated buildings and premises without renovation.
CBRE Ukraine senior office real estate consultant Anastasiia Kachan noted that in Kyiv the connection between the rate and the specific location of a business center has strengthened: now not only proximity to the metro matters, but also the location relative to infrastructure or military facilities. According to her, each business center can effectively operate outside the typical rules of its submarket or district.
IT companies remain the key tenants in Kyiv, but the structure of demand has become broader. Activity is also being formed by the defense sector, medical companies, professional services, consulting, logistics, representative offices of international organizations and part of the business related to reconstruction. According to CBU/CBRE Ukraine, in 2025 demand from the military sector increased noticeably, and the market began adapting offers to such needs.
“The office has ceased to be a place of daily presence for all employees, but it has not lost its significance for management, communication and corporate culture. Companies are optimizing space, but they are not abandoning a quality office. Therefore, demand is shifting from large monofunctional spaces to more flexible, safe and technological formats,” Experts Club notes.
Development activity remains minimal. In 2025, not a single new business center was commissioned in Kyiv, and by the end of 2026, according to InVenture’s estimate, about 27 thousand sq. m may enter the market, but commissioning deadlines may be postponed due to security risks, limited financing and a weak level of pre-leasing.
The situation in Ukraine’s major cities is heterogeneous. Lviv remains one of the most active regional office markets thanks to business relocation, the presence of the IT sector, proximity to the EU border and a relatively higher level of safety compared with the eastern and southern regions. According to Forbes Ukraine, by the end of 2025 vacancy in Lviv business centers decreased to 25%, while rental rates remained at $7-15 per sq. m.
In 2026, the Lviv market can be considered the second most important after Kyiv in terms of office demand, but its scale is limited. For tenants, ready-made premises, transport accessibility, energy resilience and the possibility of accommodating small or medium-sized teams are important. Large deals remain rare, while some companies prefer hybrid formats or coworking spaces.
Dnipro retains the role of an industrial, logistics and service center, but the city’s office market remains more local and less institutionalized than in Kyiv or Lviv. Demand is formed by regional companies, service businesses, retail operators, logistics, medical services and part of production structures. Due to proximity to an area of increased risks, tenants are especially sensitive to the safety, cost and autonomy of premises.
Odesa remains an important southern business center, but the city’s office market is strongly dependent on the overall security situation, port and logistics activity, tourism, trade and service business. The market includes both classic offices in central districts and premises in new multifunctional complexes. Demand in 2026 remains selective: tenants choose ready-made small premises, while large corporate deals are limited.
Kharkiv remains the most difficult of the large office markets due to the high level of security risks and proximity to the frontline zone. A significant part of business operates in a reduced, distributed or remote format. Nevertheless, the market has not stopped completely: demand remains for small offices, service premises, spaces for local business and properties with minimal operating costs.
“In regional cities, office real estate has ceased to be a single segment. Lviv operates as a market of relocation and IT, Dnipro as a market of industrial and service business, Odesa as a southern trade and logistics hub, and Kharkiv as a market of survival and adaptation. Therefore, comparing them only by rental rate is no longer correct: it is more important to look at safety, the tenant profile and the resilience of the local economy,” Maksym Urakin believes.
A common trend for all major cities has been the reassessment of office space. Companies more often choose smaller areas, completed renovation, flexible lease terms and buildings where the owner assumes part of the capital expenditures. Premises without renovation and large blocks in outdated properties remain less liquid, since tenants are not ready to invest in expensive fit-out amid high uncertainty.
Another factor is autonomy. After energy crises and attacks on infrastructure, offices with generators, stable internet, backup systems, shelters and high-quality management gained a competitive advantage. In some cases, such characteristics allow properties to maintain their rate even with overall high market vacancy.
According to InVenture’s assessment, the investment logic of office real estate in 2026 has become more cautious: before the pandemic and the war, the typical payback period for office premises was estimated at about 7-8 years, whereas in 2026, 10-12 years is already becoming the norm for most assets. At the same time, the best properties with a strong tenant and a successful location may show more attractive results, but this is rather an exception.
According to Experts Club’s forecast, by the end of 2026 Ukraine’s office market will move according to a scenario of slow recovery without a sharp increase in rates. Kyiv will retain the status of the main market, Lviv the status of the main regional center of demand, while Dnipro, Odesa and Kharkiv will develop mainly at the expense of local tenants and selective deals.
“The main risk for the market is not the absence of demand, but its quality. Demand exists, but it has become cautious, rational and demanding. Tenants want to pay not for meters, but for a guaranteed ability to work. This means that office real estate in Ukraine is gradually moving from a space model to a service and resilience model,” Experts Club summarizes.
Thus, by May 2026, the office real estate market of Kyiv and major Ukrainian cities remains in a transitional phase. It has already passed through the period of a shock decline, but has not yet returned to a full-fledged investment cycle. The most sought-after offices are becoming safe, ready-to-use, energy-resilient and flexible ones. Outdated properties without renovation, autonomy and a clear operational model will continue to lose competitiveness.
The information and analytical center Experts Club presented a video analysis of the dynamics of wheat cultivation worldwide for the period from 1990 to 2026, prepared on the basis of comparative data on wheat production in the main producing countries.
According to available data, global wheat production in the countries included in the analysis increased from about 591.3 million tonnes in 1990 to an estimated 816.4 million tonnes in 2026. Thus, over 36 years, the volume of production increased by approximately 225 million tonnes, or by 38%.
At the same time, the highest indicator in the available data set was recorded in 2025 — about 831.9 million tonnes. The forecast indicator for 2026 is lower — 816.4 million tonnes, which may indicate a partial correction after the high harvest of the previous year, but the overall long-term trend remains upward.
Experts Club notes that the video format makes it possible to visually trace not only the growth of global wheat production, but also the change in the geography of the main producers. If in the early 1990s the largest producers included the USSR, China, the United States, India, France and Canada, then in the current structure the leading positions are occupied by China, India, Russia, the United States, France, Canada, Australia, Pakistan and Ukraine.
According to FAO and USDA data, in 1990 the largest volume of wheat production was accounted for by the USSR — about 101.9 million tonnes, China — 98.2 million tonnes, the United States — 74.3 million tonnes, India — 49.8 million tonnes, France — 33.3 million tonnes and Canada — 32.1 million tonnes. The combined share of the ten largest producers at that time was about 77% of the global indicator.
In 2026, according to available data, China remains the largest wheat producer — about 141 million tonnes. India ranks second — 121 million tonnes, and Russia ranks third — 86 million tonnes. They are followed by the United States — 42.5 million tonnes, France — 36 million tonnes, Canada — 35 million tonnes, Australia and Pakistan — 30 million tonnes each, Ukraine — 23 million tonnes, and Germany — 21.5 million tonnes.
The share of China and India in global wheat production increased significantly during this period. If in 1990 these two countries accounted for about 25% of global production, then in 2026 they already account for more than 32%. This reflects the long-term strengthening of Asia’s role in the global food system.
“Wheat remains one of the basic indicators of food security. Over the past decades, we have seen not only an increase in global production, but also a gradual shift in the centers of agricultural weight. China and India have become key producers, while the countries of the Black Sea region have significantly strengthened their influence on the international grain market,” said Maksym Urakin, founder of the information and analytical center Experts Club and Candidate of Economic Sciences.
Ukraine plays a separate role in the modern production structure. According to available data, after Ukraine appeared as a separate statistical unit in the early 1990s, wheat production amounted to about 19.5 million tonnes in 1992. In 2021, the indicator reached more than 32 million tonnes, after which it declined due to the war, logistical restrictions, mined territories, changes in the structure of sown areas and the loss of part of production capacity.
In 2024, wheat production in Ukraine was estimated at approximately 23.4 million tonnes, in 2025 — 24.1 million tonnes, and in 2026 — about 23 million tonnes. Despite difficult conditions, Ukraine remains among the ten largest wheat producers in the world and retains strategic importance for the global grain market.
The data also indicate changes in the position of the United States. In 1990, the United States produced more than 74 million tonnes of wheat and was one of the three largest producers in the world. In 2026, its indicator stands at about 42.5 million tonnes. This does not mean a loss of U.S. agricultural potential as a whole, but reflects structural changes in agriculture, competition with other crops and a change in the global production balance.
Russia, which has been reflected separately in statistics after the collapse of the USSR, has become one of the key wheat producers in the 21st century. According to available data, in 2025 its production was estimated at approximately 90.3 million tonnes, and in 2026 — 86 million tonnes. At the same time, the countries of the former USSR as a whole remain an important center of global grain production.
“The global wheat market has become much more multipolar. If previously several major producers played the key role, now several regions at once are critically important for food stability — Asia, North America, Europe, the Black Sea basin and Australia. Any climatic, logistical or military-political risks in one of these regions quickly affect global prices,” Urakin emphasized.
Experts Club draws attention to the fact that when analyzing wheat, it is important to distinguish between absolute production volumes, export potential and domestic consumption. China and India are the largest producers, but a significant part of their harvest is used on the domestic market. Instead, Ukraine, Russia, Canada, Australia, the United States and France have a significant influence specifically on international wheat trade.
The center’s analysts note that the further dynamics of wheat production will depend on several key factors: climatic conditions, access to fertilizers and seeds, energy costs, the state of logistics infrastructure, trade restrictions, war risks and state policy to support the agricultural sector.
According to Experts Club’s assessment, long-term visualization of wheat cultivation indicators makes it possible to better understand how the global food system has changed since 1990, which countries have strengthened their positions and why grain production remains one of the key elements of economic and political security.
Global stainless steel production in January–March of this year increased by 2.5% compared to the same period last year—rising to 15.774 million tons from 15.387 million tons. Production increased in the U.S., Asia, and China specifically, while it declined in Europe.
These figures are cited in a press release from The World Stainless Association (formerly the International Stainless Steel Forum, ISSF).
According to the information, stainless steel production in Europe decreased by 4.6% in the first quarter of 2026, to 1.468 million tons. In the U.S., production increased by 2.3%, to 566,000 tons.
In Asia, stainless steel production rose by 3.3% to 13.435 million tons, while in China it increased by 4.3% to 9.842 million tons.
In other regions (Brazil, Russia, South Africa, Ukraine, and the UK), production increased by 6.7% to 305,000 tons.
As reported, global stainless steel production in 2025 increased by 2.1% compared to the previous year—to 64.157 million tons from 62.821 million tons. At the same time, stainless steel production in Europe in 2025 decreased by 1.9% to 5.659 million tons. In the U.S., production increased by 7.6% to 2.099 million tons. In Asia (excluding China and South Korea), stainless steel production last year rose by 2.7% to 55.313 million tons, while in China it increased by 3.6% to 40.868 million tons. In other regions (Brazil, Russia, South Africa, the UK, and Ukraine), production fell by 11.3% to 1.086 million tons.
Global stainless steel production in 2024 increased by 7% compared to 2023—to 62.621 million tons from 58.539 million tons, with production rising in all major regions. In 2023, production of this type of steel increased by 4.6% compared to 2022—to 58.444 million tons; in 2022, it decreased by 5.2% compared to 2021—to 55.255 million tons.
Earlier, the information and analytical center Experts Club released a video dedicated to global steel production and leading producing countries – https://www.youtube.com/shorts/VgUU9MEMosE
Spain ranked first among European countries in terms of the number of tourist overnight stays in 2025, confirming its status as one of the world’s leading tourist destinations. According to data from the Experts Club information and analysis centre, tourists spent 329.7 million nights in hotels and other accommodation facilities in Spain last year.
Italy took second place with 264.7 million overnight stays, and Turkey came third with 154.8 million. Next came France with 150.8 million overnight stays and the United Kingdom with 149.8 million, although the figures for the UK are for 2024.
The top ten also included Greece with 130.9 million overnight stays, Austria with 97 million, Croatia with 85.6 million, Germany with 83.6 million and the Netherlands with 64.3 million. Thus, the European tourism market continues to be shaped not only by the largest EU countries but also by medium-sized destinations with a strong focus on resorts and culture.
Spain remains the leader thanks to a combination of beach tourism, major city destinations, a well-developed hotel infrastructure and high demand from travellers from Europe and other regions. Despite protests against overtourism in certain regions of Spain and Italy, tourist flows to these countries remain high.
France maintains a strong position not only thanks to Paris. In summer, tourists are drawn to the Côte d’Azur and Provence, and in winter to the Alpine resorts. Austria and Croatia also demonstrate that countries with smaller populations can rank among the leaders by specialising in mountain, cultural and seaside tourism.
Europe as a whole remains the most visited region in the world. According to the data cited in the article, travellers spent over 1.5 billion nights in European accommodation, whereas in 1950 this figure stood at just around 25 million.
For the travel market, this confirms the steady recovery and growth of the tourism industry following the pandemic. According to estimates by the World Travel and Tourism Council, the travel and tourism sector could grow by 3.2% in 2026, and the industry will support 376 million jobs worldwide, or roughly one in nine jobs.
Ukraine’s economy at the end of 2025 demonstrated a more stable conclusion to the year than had been expected in the autumn, although it is still premature to speak of a full-fledged recovery. This conclusion follows from an analytical review of key macroeconomic indicators of Ukraine and the world, prepared on the basis of data from the State Statistics Service, the NBU, the IMF, the World Bank, and leading international statistical agencies.
According to the review, Ukraine’s real GDP growth in 2025 was estimated at 1.8%, while inflation in December slowed to 8% year-on-year. At the same time, core inflationary pressure also weakened: core inflation in December also slowed to 8%, compared with 11% in September. This allowed the economy to end the year with formally positive dynamics even against the backdrop of war, losses of energy infrastructure, a labor shortage, and high budgetary pressure.
At the same time, the structure of growth remained uneven. The consumer segment and part of investment activity looked resilient: in the fourth quarter of 2025, growth in retail trade accelerated on average to 13.6% year-on-year, while construction activity was supported by housing repairs and the restoration of the logistics, infrastructure, and energy base. In the second half of the year, wages in the private sector, according to estimates based on banking data, grew by more than 20% in annual terms. At the same time, industry remained weak: in the fourth quarter, industrial production was on average declining by 4.8% year-on-year, primarily due to a downturn in the energy sector and the extractive industry.
As noted by the founder of the information and analytical center Experts Club, Maksym Urakin, this is not a phase of classical economic upswing, but rather the preservation of macro-resilience in wartime conditions.
“The result of 2025 for Ukraine can be called moderately positive, but without grounds for complacency. Yes, inflation turned out to be lower than had been expected back in the autumn, core price pressure also weakened noticeably, reserves became record-high, and the economy did not slide into recession even despite harsh wartime conditions. At the same time, this is not a sign of a full-fledged upswing,” he emphasized.
Change in real GDP at actual prices relative to the previous period in 2014–2024
According to Maksym Urakin, the current model of the Ukrainian economy rests on a combination of external financing, high budget expenditures, business adaptation, and the resilience of domestic demand. “In fact, we see an economic model that rests on a combination of external financing, high budget expenditures, business adaptation, and the resilience of domestic demand. But without a more large-scale inflow of investment into production, energy, logistics, and technological renewal, this growth will remain limited and very sensitive to any new external or military shock,” he noted.
External assistance remained the most important pillar of macro-financial stability. In the fourth quarter, its inflow increased sharply, and overall in 2025 Ukraine received $52.4 billion in official financing, including $32.7 billion from the EU and $12 billion from the United States. This made it possible to increase international reserves to a historical maximum of $57.3 billion at the end of the year. But at the same time, imbalances also intensified: the current account deficit for January–November reached $30.6 billion, while the consolidated budget deficit excluding grants amounted to UAH 2.209 trillion, or 24.8% of GDP. The NBU also indicated that public and publicly guaranteed debt would remain at a level of more than 100% of GDP over the forecast horizon.
Geographical structure of international assistance to Ukraine in 2022–2025, EUR billion
Urakin believes that 2026 will be decisive for Ukraine. “The key conclusion of 2025 for Ukraine is very simple: external assistance bought the state time, but by itself it does not solve the problem of the weak structure of the economy. Record reserves, large official financing, and even slowing inflation do not yet mean that the economy has become self-sufficient. On the contrary, if we look at the current account deficit, the scale of the budget gap, and the debt burden, it is clear that macro-resilience still rests to a large extent on external resources,” he emphasized.
He added that without an inflow of investment into production, infrastructure, energy, and export processing, the current stability risks remaining only a mode of maintaining the system. “That is why 2026 will be critical: if it does not bring an increase in investment into production, infrastructure, energy, and export processing, then the current stability will remain only a mode of maintaining the system, and not a transition to genuine economic recovery,” Urakin summarized.
Against the global backdrop, the situation looked moderately weak, but not crisis-like. According to the review, the world economy was slowing at the end of 2025; however, the United States maintained resilient growth, the eurozone demonstrated weak but positive dynamics, and China ended the year with formally strong GDP growth of 5%, although against the backdrop of weak domestic demand. For Ukraine, this means that the external environment remains heterogeneous: without a sharp collapse, but also without a powerful external impulse that could automatically accelerate domestic recovery.
Experts Club is a Ukrainian information and analytical center engaged in the preparation of studies, reviews, and expert materials on the economy, international relations, markets, and long-term development trends of Ukraine and the world. The center also regularly serves as a platform for public comments and discussions involving specialized experts.
