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Kyiv short of offices

Eurobuild CEE 14 March 2018
UKRAINE Over 2017 the office vacancy rate in Kyiv fell by 6.1 percentage points from 19.3 to 13.2 pct, according to JLL.

“The vacancy level in the Ukrainian capital has been steadily decreasing since mid-2015 and is currently lower than in Moscow (13.8 pct) and Helsinki (14.1 pct). We estimate that if the trend continues, by the end of the year, there will be 8.5-9 pct office space vacant in Kyiv,” says Aleksandra Głobina, the director of the office space department at JLL, commenting on the figures. Demand is growing with a take-up of 65,700 sqm of office space in the last quarter of 2017. Over 200,000 sqm was leased over the whole year, up by 11 pct y-o-y. Net absorption for the year came to 130,700 sqm (including 40,300 sqm in Q4), up by 22 pct y-o-y.

“The supply of office space is not keeping up with the high level of demand. In Q4 2017, only 6,000 sqm of new space came onto the market with 44,100 sqm over the entire year. That's 21 pct more than in 2016 but four times less than in the pre-crisis years 2011-2013,” says Darina Kułaga, an analyst at JLL. New supply for 2018 is not expected to exceed 40,000 sqm. Monthly rents range between USD 16 and USD 28 per sqm for class A buildings and USD 9 and USD 17 for class B. JLL predicts rents will rise by around 3.5 pct this year.

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