The average vacancy rate in operating shopping and entertainment centers in Kyiv stood at 12.8% at the end of 2025, down 0.3 percentage points compared to the previous year, according to UTG, a real estate consulting and brokerage company.

"Today, vacancy is around 12.8%. We see that development is not stopping, and most likely new supply will put pressure on vacancy, causing it to gradually increase. However, we are also seeing another trend, where many brands that had paused expansion in Ukraine will gradually return to our domestic market. Therefore, the trend is likely to be positive, and by 2027 we expect a realistic vacancy level of about 11.5%," said Kostiantyn Oliynyk, Head of Strategic Consulting at UTG, at a press conference held at Interfax-Ukraine in Kyiv on Wednesday.

According to him, taking into account properties that are currently not operating, the average vacancy rate stands at 13%. Vacancy levels continue to be affected by wartime restrictions (closures during air raid alerts and curfews), as well as uncertainty surrounding entertainment operators, which has effectively persisted since the COVID-19 quarantine period.

At the same time, the Kyiv's market is seeing a leveling of vacancy rates across different formats. The highest vacancy is recorded in regional-format shopping centers (14.9%) and district-level centers (13.9%). The vacancy rate in specialized shopping centers averages 10.1%. Traditionally, the lowest vacancy is observed in neighborhood shopping centers (6.5%) located near densely populated residential areas.

Oliynyk said that the highest vacancy in Kyiv is typical of large-scale malls and properties currently undergoing reformatting or reconceptualization, including Blockbuster Mall, Promenada Center, Marmelad, and Atmosfera.

"In the largest properties, there is simply a shortage of major tenants to fill the space," the expert explained.

In addition, due to the war, some developers from eastern and southern regions of Ukraine are beginning to consider other regions for development.

Looking ahead, the increase in vacant space in shopping centers will be influenced by the opening of large-format properties amid a limited pool of retailers, as well as the need for post-war reformatting and reconceptualization of retail galleries, including the restoration of damaged assets, the UTG study said.

UTG was established in 2001 and has developed more than 1,300 real estate project concepts. Over the years, with the company's participation, 4.7 million square meters of commercial space have been leased in Ukraine.