The logistics heart of Ukraine is beating again.
In the first half of 2025 companies snapped up roughly 110 000 m² of warehouse space in Kyiv and its 30–40 km‑wide satellite belt, with several single‑deals topping 20 000 m². Total stock has already recovered to 1.5 million m², closing much of the gap left when Russia’s 2022 assault destroyed about 20 % of the region’s warehouses.
Vacancy: lowest among all asset classes
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• 1.5–3 % vacancy vs 15 % in malls and 21 % in offices
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• Tight supply keeps headline rents at US $5 / m² and climbing, yet still under Lviv’s US $6‑6.5 range
New space & who is building it
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107 000 m² of modern facilities were delivered in H1, a level last seen in 2013‑14.
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Construction is dominated by Alfa Development Group (ADG), now running three speculative projects in the region.
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International players are returning: White Star Real Estate has bought 41 ha near Bucha for a logistics park, and other foreign developers are scouting land for 2026‑27 pipelines.
Reconstruction drives additional stock
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West Gate Logistic (100 000 m² destroyed in 2022) is reopening in phases under new owner EVA.
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RLC—Ukraine’s only large multi‑temperature complex—will deliver 44 000 m² after rebuild, restoring key cold‑chain capacity.
Demand trends
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Retailers and 3PLs still account for 80‑90 % of leasing activity; pharma firms add a modest 5 %.
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Much of today’s take‑up comes from companies that rushed into any space they could find in 2022 and now upgrade to larger, higher‑spec premises.
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Tenants overwhelmingly favour right‑bank locations; emotional aversion to the Bucha‑Hostomel axis still suppresses left‑bank deals.
Outlook for H2 2025
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74 % of upcoming deliveries are speculative, showing renewed appetite for risk.
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Land purchasing by both local and foreign developers suggests a more competitive pipeline from 2026 onward.
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With Lviv rents at record highs, some occupiers are pivoting back to Kyiv where quality space is cheaper and new stock is finally arriving.
Bottom line: Kyiv’s warehouse sector is the most resilient slice of commercial real estate in Ukraine—already operating near full capacity and poised for a fresh wave of development as soon as capital and insurance barriers ease.
