In 2025, Kyiv’s warehouse market recorded its highest level of activity in the past decade: gross take-up reached 217,000 square meters, new supply totaled 216,000 square meters, and total stock returned to its pre-war level of 1.57 million square meters.
Despite ongoing wartime risks, Kyiv emerged as the main center of warehouse real estate recovery in 2025. According to EXPANDIA, demand was driven primarily by major retailers, e-commerce companies, and 3PL operators, which generated a sharp increase in leasing activity. The main drivers were transactions in newly delivered properties, as well as the replacement of space damaged after 2022.
Demand structure showed the clear dominance of large-format leases: 36% of all deals accounted for transactions above 10,000 square meters, yet these represented 72% of total take-up. The wholesale and retail trade segment generated 51% of gross demand, logistics operators accounted for 44%, and the remaining 5% came from pharmaceuticals and healthcare. Among the year’s largest transactions were the lease of 40,000 square meters in the Oleksandrivskyi logistics complex and 19,000 square meters in the Chaiky complex.
On the supply side, 2025 also became a record year. Around 216,000 square meters of new space entered the market, marking the highest figure since 2008. Key completions included Oleksandrivskyi III–IV with 145,000 square meters and Chaiky IV with 32,400 square meters. Another 11,000 square meters of restored space at the RLC complex returned to competitive supply. At the same time, 78% of new completions were concentrated in the left-bank logistics corridor along the M-03 highway.
Despite the substantial increase in new supply, the vacancy rate declined to 3.5%, indicating rapid absorption of newly delivered space and an ongoing shortage of high-quality large-scale warehouses. Prime rent for dry warehouses remained stable at $5.3 per square meter per month, excluding VAT and OPEX, while asking rents in hryvnia increased by an average of 9% to UAH 200–250 per square meter. For cold storage facilities, rents ranged between UAH 390–440 per square meter, while the prime rent stood at $9.1 per square meter per month.
In 2026, the market is expected to move into a more balanced phase. New competitive supply is forecast at around 90,000 square meters, which would be 58% lower than in 2025. The largest upcoming projects include Chaiky V with 57,000 square meters and JOULe II–III with 10,400 square meters. At the same time, the shortage of quality space and stable rental levels are expected to sustain developer interest in build-to-suit formats, particularly from major retailers and logistics operators.
The results of the Kyiv warehouse real estate market research are available via the link.
