Kyiv · Real Estate
Central Kyiv office vacancy at 4.2% — tightest since the invasion began
Prime office vacancy in Kyiv's central business district fell to 4.2% in the first quarter of 2026, according to data from CBRE Ukraine and Cushman & Wakefield Kyiv. The reading is the lowest since before the full-scale invasion began in February 2022, when vacancy stood at 3.8%. The tightening reflects two demand drivers: displaced companies that relocated from eastern Ukraine seeking permanent space, and international financial institutions and bilateral missions expanding their Kyiv footprints.
EBRD, IFC, and USAID each expanded their Kyiv office space in 2025. EBRD's Kyiv office increased its headcount from 85 to 140 staff between 2023 and Q1 2026, requiring larger premises. The World Bank local office has similarly grown from 90 to 128 staff over the same period.
## Reconstruction-driven demand
Engineering and project management firms have been the largest new office tenants. Strabag Ukraine, Hochtief Ukraine, and WSP Global each signed new or expanded leases in central Kyiv in 2025 and early 2026. Average prime rents have risen to $25 per square meter per month, up from $18 in Q1 2024, driven by supply constraints and increased demand.