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More than 1 million square meters of retail space are currently under construction in Ukraine

The retail real estate market is recovering: dozens of shopping centers under construction account for about 1 million square meters, investors are focusing on smaller projects, and capitalization rates have surpassed 2021 levels.

Tetiana Suchkova-Ladik

By Tetiana Suchkova-Ladik

December 4, 2025 · 1 min read

More than 1 million square meters of retail space are currently under construction in Ukraine

Over the next two years, activity in the construction of shopping centres could return to pre-war levels.

This was stated by Maksym Havryushyn, head of the Ukrainian Council of Shopping Centres and operational director of Budhouse Group.

Forecasts for recovery

In his assessment, 2025 was a successful year for shopping centre construction: the market is gradually recovering, and the pace of project completions and vacancy levels are comparable with 2024 figures.

For 2026–2027 the expert predicts a further increase in the number of projects — a possible return to activity comparable to 2009, when many shopping centres were built in the country.

Locations and scale

Dozens of new shopping centres are currently in active construction phases with a total area of approximately 1 million square metres; some projects are already preparing to launch, and frozen projects are not included in the count.

– Maksym Havryushyn, head of the Ukrainian Council of Shopping Centres and operational director of Budhouse Group

Most projects are small to medium in size and have started mainly in western regions, which are considered safer for investment and construction.

Investment and capitalization

There is a noticeable availability of capital in the market: investors are interested in small projects with investments of around $5–10 million, while demand for large shopping centres and the large-scale deals that existed before the war is still absent.

– Maksym Havryushyn, head of the Ukrainian Council of Shopping Centres and operational director of Budhouse Group

Havryushyn also noted that capitalization rates in commercial real estate have already surpassed 2021 levels.

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