Vacancy rate in Kyiv’s warehouse real estate market is at a minimum – Expandia
The vacancy rate in Kyiv’s warehouse real estate market fell by 1 percentage point in the first half of 2026 to 2.5%, and the available supply is unable to meet the demand for large spaces, said Yaroslav Gorbushko, director of Expandia’s capital markets department.
“Demand for warehouses is currently enormous. They continue to be demolished, and all available space is leased out. The 2.5% vacancy rate we see based on the results of the first half of 2026 is structural vacancy. In other words, there isn’t a single large block available. These are leftover spaces of about 1,000 square meters each. If a company enters the market and wants to lease, say, 10,000 square meters, such spaces are not available,” Gorbushko said during the analytical panel “Market Analytics for Construction and Real Estate: First Half of 2026” organized by the Confederation of Builders of Ukraine (CBU).
According to him, demand for warehouse space in Kyiv continues to grow: gross absorption in the market increased by 46% in the first half of 2026, reaching 160,000 square meters. Logistics operators and the wholesale and retail trade segment remain the main drivers of demand, although the forced relocation of companies from damaged warehouses is an additional driver of demand.
In January–June 2026, 98,000 square meters of new supply entered the market, which is 54% less than in the previous half-year and 16% less year-over-year. However, developers remain optimistic about the warehouse market: in 2026, an additional approximately 21,000 square meters of new speculative space is planned to be brought to market.
“Leasing activity and new completions in recent years have been at their highest levels, even compared to the pre-war years,” noted Gorbushko.
However, the losses are also significant. According to Expandia, excluding the large-scale enemy attack on warehouse real estate in early August, Ukraine’s total loss of warehouse supply since the start of the full-scale invasion amounts to approximately 950,000 square meters. In the Kyiv region alone, losses accounted for more than a third of the total supply—650,000 square meters.
According to Expandia, demand for warehouse real estate is likely to center on build-to-suit projects, distribution centers, and multi-temperature warehouses.
In addition, the market’s geographic reach is gradually diversifying to include the western and central regions of the country.
Expandia is the largest commercial real estate company in Ukraine. It was founded in January 2008 under the CBRE Ukraine brand as part of the CBRE affiliate network. Since August 2025, the company has been operating under its own brand, Expandia, and is the sole official representative of CBRE in Ukraine and Moldova. Its portfolio of managed properties totals over 1 million square meters across more than 20 regions of Ukraine and Moldova.
