Kyiv office real estate market may expand by one third in five years – UTG
KYIV. Feb 9 (Interfax-Ukraine) – In the next five years, the Kyiv office real estate market may expand by a third; developers are announcing plans to commission about 800,000 square meters in the business centers, the UTG company reported.
"Objects that were at a high stage of readiness are being gradually put into operation by developers. In 2022-2023, almost 140,000 square meters were put into operation, which increased the capital's high-quality office real estate market to 2.55 million square meeters, by 5% compared to the pre-war period," head of the UTG strategic consulting department Kostiantyn Oliynyk said at a press conference at Interfax-Ukraine on Thursday.
In particular, in 2022, the Magnett business center (139 V. Vasylkivska Street, GLA ≈ 43,000 square meters), the Aria business center (15a Druzhby Narodiv Blvd., 3,000 square meters), the Hlybochytsky shopping center (44 Hlybochytska Street, 6,000 square meters), TAS Podol (23 Olenivska Street, 18,000 square meters), the business center on 151 Bazhana Avenue (13,000 square meters,) the Lake Plaza shopping center (12 M. Malynovskoho Street, 5,000 square meters), and Pixel Hub (1 Obolon Ave., 2,200 square meters) were commissioned.
In 2023, the Twelve business center (12 Novokostiantynivska Street, 13,300 square meters), the GRADIENT.Business Center (4-6 Korolenkivska Street, 20,000 square meters), the Business Center on 96 V. Lobanovskoho Street (2,000 square meters) were commissioned, and the business center Nivki City (67 Peremohy Ave., GLA ≈ 8,600 square meters) was completed.
"If you look at the announced development, these are more than thirty projects (with commissioning plans in 2024-2030) with a total area of almost 800,000 square meters. Among them are entire cities that were designed not just for a potentially key IT tenant, and constitute a whole new layer of modern real estate format, combining residential and office and retail functions. One of them is the project of a business center on Protasiv Yar/Yamska Street with an office component of 327,000 square meters," Oliynyk said.
