Lviv · Real Estate
Lviv office vacancy holds at 6.2% as IDP-driven relocation continues
Office vacancy in Lviv's business districts held at 6.2% in the first quarter of 2026, according to Cushman & Wakefield Ukraine. The figure is marginally above the 5.8% recorded in Q4 2025 but below the 7.4% vacancy of Q1 2025. The stability reflects two offsetting forces: continued absorption by relocated companies and IT employers, and new supply entering the market from buildings completed in 2025.
Prime rents in Lviv rose to $18 per square meter per month in Q1 2026, up from $14 in Q1 2024. The rent increase is driven by a shortage of Class A buildings meeting international certification standards. There are approximately 180,000 square meters of Class A office space in Lviv — compared to 2.1 million square meters in Kyiv — limiting supply response to increased demand.