The vacancy rate in Kyiv's warehouse real estate market declined by 1 percentage point in the first half of 2026 to 2.5%, while the existing supply is unable to satisfy demand for large warehouse facilities, according to Yaroslav Horbushko, Director of Capital Markets at Expandia.
"Demand for warehouse space is currently enormous. Warehouses continue to be destroyed, and virtually all available space has been leased. The 2.5% vacancy rate we see at the end of the first half of 2026 is structural vacancy. In other words, there are no large warehouse blocks available. What remains are scattered units of around 1,000 square meters. If a company enters the market looking to lease, say, 10,000 square meters, that space simply does not exist," Horbushko said during the analytical panel 'Construction and Real Estate Market Analysis: 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 take-up increased by 46% in the first half of 2026, reaching 160,000 square meters.
The primary drivers of demand remain logistics operators and the wholesale and retail trade sectors. However, an additional source of demand has emerged from companies forced to relocate after their warehouses were damaged.
During January-June 2026, 98,000 square meters of new warehouse space entered the market, which was 54% less than in the previous six months and 16% lower year-on-year.
Nevertheless, developer optimism remains strong. In 2026, developers plan to deliver an additional approximately 21,000 square meters of speculative warehouse space.
"Leasing activity and commissioning volumes in recent years have reached their highest levels, even compared with the pre-war period," Horbushko said.
At the same time, market losses remain substantial. According to Expandia, excluding the large-scale Russian attack on warehouse facilities in early August, Ukraine has lost approximately 950,000 square meters of warehouse stock since the start of the full-scale invasion.
In the Kyiv region alone, losses exceeded 650,000 square meters, or more than one-third of the region's total warehouse inventory.
According to Expandia, future demand for warehouse real estate is likely to center on build-to-suit facilities, distribution centers, and multi-temperature warehouses.
In addition, the market's geographic footprint is gradually diversifying, with increasing activity in Ukraine's western and central regions.
Expandia is Ukraine's largest commercial real estate company. It was established in January 2008 under the CBRE Ukraine brand as part of the affiliated CBRE network.
Since August 2025, the company has operated under its own Expandia brand and serves as the exclusive official representative of CBRE in Ukraine and Moldova.
Its managed portfolio comprises more than 1 million square meters of property across more than 20 regions of Ukraine and Moldova.
