Commercial real estate is widely viewed as one of the more resilient investment segments. At the same time, the economic and geopolitical shocks of recent years—most notably the pandemic and the consequences of the war—have significantly reshaped market dynamics, tenant requirements, and the overall investment landscape.
As of 2026, experts increasingly suggest viewing commercial real estate not as a simple “income-generating asset,” but as a segment that requires a strategic approach, adapted to new realities.
By the end of 2025, activity in the commercial real estate segment remained moderate: supply and demand volumes declined, while rental rates increased in certain sub-segments. In particular, the number of rental listings fell, but median rates rose by roughly a quarter year-over-year. Meanwhile, in the market for purchasing commercial space, both demand and supply also decreased, yet prices continued to climb.
This combination of factors indicates that the market has substantially adapted to instability while maintaining interest from businesses and investors.
New 2026 Listings — Commercial Real Estate for Sale
Office Real Estate
Investing in office property in 2026 requires a far more balanced approach than in pre-crisis years. If you are considering purchasing an office to lease out, asset selection becomes a critical success factor.
The pandemic and then the full-scale war have firmly entrenched hybrid work models. Many companies reduced occupied space, shifted parts of their teams to remote or hybrid formats, and began to scrutinize the efficiency of every square meter.
How the office market has changed
Back in 2021, according to CBRE Ukraine, Kyiv’s office market showed only early signs of recovery after the pandemic. Rising leasing activity was combined with smaller average deal sizes as tenants optimized space.
In 2025–2026, these trends shifted from temporary to structural:
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large tenants sign 5,000–10,000 sq m leases less frequently;
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demand has shifted toward smaller, flexible office spaces;
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companies prefer buildings with shelters, autonomous infrastructure, and modern engineering systems;
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high-quality Class A and B+ business centers have strengthened, while outdated stock is losing liquidity.
Demand remains—but it is different
Despite the growth of remote work, the office has not disappeared. Many companies concluded that remote work cannot fully replace an office in terms of team interaction, culture, and management. However, the office is no longer viewed as space “for every employee every day.”
As a result:
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demand remains for high-quality, well-located offices;
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demand for large, mono-functional office space is declining;
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the office is becoming part of an HR strategy, not merely a workplace.
Investment logic in 2026
The core advantage of office investments remains unchanged: the ability to generate rental income with minimal operational involvement. But the risk level has increased significantly.
Key risks include:
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economic cyclicality and the office segment’s sensitivity to crises;
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the risk of acquiring a “problematic” or functionally obsolete asset;
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pressure on rents in weaker locations;
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longer payback periods.
Before the pandemic and war, a typical payback period for office premises was considered 7–8 years. In 2026, 10–12 years is already the standard for most assets. In some cases—given the right location and a strong tenant—returns can be better, but this is the exception rather than the rule.
What investors should focus on
In 2026, a successful office investment stands on three pillars:
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Location: business districts, convenient logistics, transport accessibility;
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Building quality: modern engineering systems, security, autonomy;
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Legal cleanliness: thorough due diligence of ownership, land rights, and lease agreements.
Practical takeaway
Office real estate in 2026 is:
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not a mass-market investment instrument;
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a segment for selective, well-modeled transactions;
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an asset where quality matters more than the mere fact of being “an office.”
For investors, this is less a bet on appreciation and more a disciplined approach to cash flow and risk management. Choosing the wrong office asset today is significantly more costly than it was a few years ago.
Retail Real Estate
Retail property in Ukraine by 2026 has gone through a difficult transformation—from pandemic shock through wartime risks to gradual recovery of consumer activity. Today, this segment is no longer a simple “buy and lease” story, but rather a selective investment where the decisive factors are format, concept, and location.
How the market has changed
If in 2020–2021 the market was driven mostly by the pandemic, then in 2024–2026 the key factors became:
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consumer behavior adapting to wartime and economic risks;
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the rise of omnichannel retail (online + offline);
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concentration of demand in high-quality shopping centers;
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declining interest in outdated and conceptually weak malls.
Retail property now depends not so much on overall consumption, but on an asset’s ability to integrate into the new customer model.
New retail priorities
In 2026, mall owners and retailers focus on:
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the emotional value of space, not only sales;
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ESG elements, energy efficiency, and safety;
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multifunctionality: combining shopping, services, and leisure;
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flexible lease formats.
Omnichannel has stopped being a competitive advantage—it has become a survival requirement. Online sales, click-and-collect, delivery, and dark-format models have organically integrated into physical malls.
Food retail and dark formats
Food retail remains the most resilient segment:
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grocery chains actively develop delivery;
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new players emerge in dark store / dark kitchen formats without classic halls;
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food-format premises remain the most liquid for investors.
Entertainment: less space, more quality
The entertainment segment in malls has changed conceptually:
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operators reduce occupied space;
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the share of “mass” entertainment decreases;
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niche, family, and event-driven formats grow.
Entertainment is not disappearing, but it is no longer the main “anchor” of malls.
Vacancy and rents: a new balance
After peak vacancy levels in 2020–2022, the market reached relative balance in 2025–2026:
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vacancy in high-quality malls remains moderate;
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weaker assets continue losing tenants;
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the market has become two-speed.
Examples such as Blockbuster Mall and Retroville show how assets can move from low occupancy to gradual tenant growth. This experience taught landlords and tenants to make decisions faster and revise cooperation terms more flexibly.
Rental rates in 2026
In 2026:
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rental growth is observed primarily in high-quality malls/retail centers;
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average growth in top assets is about 5–10% annually;
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rates on prime high streets and in the best malls stabilized after sharp swings in prior years.
At the same time, individualized tenant terms became the norm: rent is increasingly linked to turnover, format, and the efficiency of a specific business.
Investment logic in 2026
For investors today, retail property is:
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not a bet on mass growth;
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a segment highly dependent on management quality;
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a tool for selective deals in strong assets.
Practical takeaway
Retail property remains investable in 2026 only with the right concept and location. The market no longer forgives mistakes:
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weak malls become distressed assets;
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strong assets retain liquidity and rental cash flow;
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the key value is traffic quality, not just traffic volume.
For investors, this is a more complex segment—yet one that can deliver stable income if the asset is chosen wisely.
Logistics and Industrial Real Estate (2026 Outlook)
In 2026, logistics and industrial real estate remains one of the most resilient and promising investment segments in Ukraine. Paradoxically, recent crises—pandemic, war, and disruptions in global supply chains—have not weakened but strengthened structural demand for warehouses and production facilities.
Why demand holds and continues to grow
In 2020–2021 the warehouse market received a strong push from e-commerce. In 2024–2026, additional drivers emerged:
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business relocation to central and western regions of Ukraine;
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growing importance of fast and regional logistics;
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continued growth of e-commerce, food delivery, and FMCG;
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localization of manufacturing and inventory storage;
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reorientation of logistics toward EU land corridors.
As a result, high-quality logistics assets remain scarce, especially near major cities and transport hubs.
Vacancy and the warehouse market
Even before the full-scale war, warehouse vacancy in the Kyiv region was critically low. According to Cushman & Wakefield, vacancy fell to minimal levels in pre-crisis periods—evidence of a structural shortage of quality space.
In 2025–2026 the situation remains similar:
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Class A and B+ warehouses are absorbed quickly;
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new construction lags behind demand;
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tenants are willing to sign longer leases if the asset is reliable.
CBRE Ukraine also notes that logistics property remains one of the segments with the lowest vacancy rates among all commercial asset types.
Rental rates and project economics
In 2026:
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rents for quality logistics facilities are stable or moderately rising;
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the most demanded are warehouses with 10–12 m clear height, loading docks, and autonomous energy supply;
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tenants increasingly prioritize energy efficiency and safety.
At the same time, development remains constrained due to:
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high CAPEX;
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long payback periods;
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elevated country and wartime risks.
As before the pandemic, the average payback period for a large logistics complex remains 12–15 years, filtering out speculative investors and leaving primarily strategic capital.
Investors and risks
Investors are traditionally deterred by:
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macroeconomic and political volatility;
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wartime risks;
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limited access to long-term financing.
However, crises have shown that logistics property is among the most protected segments in terms of cash flow. This is why it is increasingly viewed as a foundation for long-term portfolio investments.
A few years ago, CBRE Ukraine analysts forecast a potential investment boom in warehouses over a 5–7-year horizon. Recent events have only reinforced the structural logic of that scenario—although it is unfolding under more difficult conditions.
Industrial real estate and manufacturing localization
Industrial property deserves separate attention. After disruptions in global supply chains and rising logistics costs, large companies began to:
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localize production;
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move capacity closer to sales markets;
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search for ready or semi-ready industrial facilities.
This created additional demand for:
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industrial parks;
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production-warehouse complexes;
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light industrial assets.
Practical takeaway
Logistics and industrial real estate in 2026 is:
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structurally strong;
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characterized by a shortage of quality supply;
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a long-term investment focused on stable cash flow rather than quick resale.
For investors, it is one of the few segments where risks are balanced by fundamental demand rather than market sentiment. That is why logistics and industrial assets are increasingly becoming anchors of investment portfolios in Ukraine’s commercial real estate market.
Conclusion
Each segment of commercial real estate has its own investment logic, risk profile, and management requirements. Office, retail, logistics, and industrial properties respond differently to economic cycles, shifts in consumer behavior, and structural changes in the economy.
The investment attractiveness of a particular asset is determined less by the overall state of the market and more by the investor’s profile—investment horizon, risk tolerance, return expectations, and willingness to participate in asset management.
In 2026, commercial real estate in Ukraine is no longer a universal solution “for everyone.” It is a market of selective, well-calculated deals, where the key roles are played by asset quality, location, rental cash flow, and legal clarity. Mistakes in asset assessment are more expensive today than in pre-crisis years, while properly chosen assets can deliver stable cash flow and capital preservation even in challenging macroeconomic conditions.
That is why the answer to the question “is it time to invest in commercial real estate” depends not on the calendar, but on the investor’s strategy, asset quality, and ability to manage risks.
