Fixed rental rates for shopping gallery stores with the area of 50-200 square meters for the year increased by 1.3% – to $22.4 in 2025 from $22.1 in 2024, the press service of UTG told the agency “Interfax-Ukraine”.
“Next year we can forecast a slight rent growth from 2 to 5% depending on the region. Further growth of mall maintenance costs (OPEX) and mandatory additional costs for uninterrupted power supply, which will undoubtedly increase the total costs of the tenant. Now there are more significant factors that may influence further increase of rent payments. Among them: growth of demand among tenants to open stores for the development of networks, reduction of offers of quality space and entry of new operators in Ukraine”, – commented the director of UTG Eugenia Loktionova.
She specified that among the factors that stimulate the growth of rates first of all is a stable increase in demand for quality space on the part of retailers.
Regarding individual categories, according to UTG research, as of December 2025 the highest fixed rental rates were for kiosks (1-10 sq. m.) – from $70 to $250 per sq. m/month. (without VAT TA EP), for fashion galleries – up to $32, fashion department stores – up to $18, grocery supermarkets, cafes, restaurants – up to $15, electronics supermarket – $8, children’s entertainment center – $6, cinema – up to $6 sqm/month.
Overall, the market for the end of 2025 shows cautiously optimistic trends. Average daily attendance is growing, although the indicators of the pre-war years have not yet been restored. For example, district format – 680 people per 1,000 sqm GLA in 2025 vs. 660 in 2024 and 760 in 2021. Regional – 318 in 2025, 308 in 2024, and 407 persons per 1,000 square meters of GLA in 2021, respectively.
As of December 2025, 12.8% of space in the capital’s malls was vacant, compared to 13.1% in 2024 and de facto vacancy of 21.4% at the end of 2022. According to UTG estimates, the temporary closure of Gulliver shopping mall had an insignificant short-term negative effect, de facto vacancy was 13%.
In terms of formats, the highest vacancy was in regional malls – 14.9%, in district malls – 13.9% of space was vacant, in specialized malls – 10.1%, in district malls – 6.5%.
UTG company was established in 2001. It has developed more than 1.3 thousand concepts of real estate objects. During the years of work with the company’s participation 4.7 million square meters of commercial space in Ukraine have been leased out.
On the first of the quarantine easing on May 11, nearly 90% of the outlets who got permission to work (except for entertainment and public foodservice areas) opened all over Ukraine, except for Kyiv, Lviv and Chernivtsi region.
“Since May 11, all stores in the shopping centers in Ukraine can operate in all cities except for Kyiv, Lviv and Chernivtsi region.The work of the outlets that do not sell clothes and shoes is permitted in Lviv trade center. Attendance on May 11 was expectedly low. As previously expected, attendance drop rate in the different objects can reach 25-50%. Such indicators have already been demonstrated by the shopping centers in countries where they opened earlier,” Head of Council of Shopping Centers of Ukraine and Chief Operation Officer of the Budhouse Group Maksym Havriushyn said.
According to him, nearly 90% of the outlets, who got permission to work (except for entertainment and public foodservice), opened in the Ukrainian shopping malls. A number of 95% areas and 93% of the outlets among those authorized to work opened in the shopping centers of Budhouse Group (Fabrika in Kherson, Liubava in Cherkasy, and Forum in Lviv).
“Thus, taking into account the areas, which are not permitted to work as for now, 63% of the areas and 80% leaseholders function in our trade centers. Except for Forum Lviv trade center, where 32% of the areas work now,” he said.
He said attendance rate in the shopping mall of Budhouse Group was falling by 25% compared to 2019.
“Attendance in Forum Lviv trade center almost remains at the same level that was before May 11. It is too early to talk about the turnover of stores in our shopping centers on the first day, but some leaseholders note a high conversion and the average check is higher than usual,” he added.
Cypriot Dragon Capital Investments Limited is going to acquire shares of Arricano Real Estate Plc developer’s Cypriot subsidies: Museo Holdings Limited and Sunloop Co limited, which would grant over 50% of the votes in the management body of the companies. According to an agenda of the Antimonopoly Committee of Ukraine (AMCU), the regulator will consider the issue of granting permission for the transaction at a meeting on September 12.
As reported, Arricano Real Estate Plc (Cyprus), managing company and developer of shopping and entertainment malls in Ukraine, is going to sell two its properties: Sun Gallery Mall in Kryvyi Rih (Dnipropetrovsk region) and City Mall in Zaporizhia.
According to the developer, Sun Gallery is currently held in Arricano’s subsidiary, PrJSC Ukrpangroup, a Ukrainian subsidiary of Museo Holdings Limited and City Mall is currently held in in Arricano’s subsidiary, Pryzma Alfa LLC, aUkrainian subsidiary of Sunloop Co Limited.
Arricano is one of the leading real estate developers of shopping centers in Ukraine with European investments. It is listed on the AIM Market of the London Stock Exchange since 2013. Today Arricano Group owns and operates five completed shopping centers and 49,9% shareholding in Sky Mall and land for further three sites currently under development.
Arricano Real Estate Plc (Cyprus), managing company and developer of shopping and entertainment malls in Ukraine, is going to sell two its properties: Sun Gallery Mall in Kryvyi Rih (Dnipropetrovsk region) and City Mall in Zaporizhia.
“Arricano is pleased to announce it has entered into negotiations to sell two of its properties in its property portfolio, Sun Gallery (located in Kryvyi Rih, Ukraine) and City Mall (located in Zaporizhzhia, Ukraine),” reads an announcement of the company posted on London Stock Exchange (LSE) on July 31.
The developer said it has entered into non-binding heads of terms with Dragon Capital Investments Limited and with other parties in relation to such sale.
“A sale of the properties is a part of Arricano Real Estate PLC global strategy, due to which received funds will be meant for the development of portfolio and strengthening of the company’s positions,” Arricano CEO Mykhailo Merkulov told Interfax-Ukraine.
According to the developer, Sun Gallery is currently held in Arricano’s subsidiary, PrJSC Ukrpangroup, a Ukrainian subsidiary of Museo Holdings Limited and City Mall is currently held in in Arricano’s subsidiary, Pryzma Alfa LLC, aUkrainian subsidiary of Sunloop Co Limited.
Arricano is one of the leading real estate developers of shopping centres in Ukraine with European investments. It is listed on the AIM Market of the London Stock Exchange since 2013. Today Arricano Group owns and operates five completed shopping centers and 49,9% shareholding in Sky Mall and land for further three sites currently under development.
