Snapshot: Kyiv office property market, Q2 2019
Due to relatively robust occupier demand, decreasing vacancy and rental uplift, developers are becoming more confident about the market fundamentals and its potential. Development activity in Kyiv has gradually recommenced with around 48,500 sq m GLA of offices commissioned in Q1 2019 plus 11,000 sq m in Q2 2019, meaning that new supply in H1 2019 more than doubled the figure for H1 2018. Additional 50,000 sq m GLA of offices is scheduled for completion during the following 6 months of the year.
In Q2 2019, primary vacancy in the office property sector in Kyiv decreased to 6.2%, as new office space delivered in Q1 2019 has been comparatively quickly absorbed by the market.