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Friday, April 9, 2021
Poland’s BGK Bank has agreed to fund 60% of the first phase of Lviv’s Innovation District IT Park,

the technology park has reported. The State-owned Bank, Gospodarstwa Krajowego, will loan €81.5 million for the €136 million first phase of development. With a first phase expected to be completed by of end 2023, the general contractor will be Unibep, one of Poland’s largest construction companies. Spreading over a 10-hectare site which is located 4 km south of Rynok Square, the Park will feature research laboratories and offices for 10,000 IT workers and students. Companies that have already reserved space include: GlobalLogic, N-iX, Intellias, SoftServe and Perfectial.

Friday, April 9, 2021
In Lviv, the continuing investment in property development includes the construction of a business and city administrative center on a prime 7-hectare lot which had previously been a military base,

 the Lviv City Council has announced. The triangular lot which is located 1.7 kilometerss west of Rynok Square, is to become a mixed use area.  The project will include a park, a business center, a congress hall and a new administrative building for the City Council, (Interfax-Ukraine).  On the site, bounded by Horodotska, Taras Shevchenko and Yaroslav Mudry streets, City Architect Anton Kolomiytsev has proposed to repurpose the site’s historic, Hapsburg-era buildings to new uses.

Friday, April 9, 2021
While shopping malls close in the US, they have a future in Ukraine, said

 Sergiy Sergiyenko, Managing Partner of CBRE Ukraine, (Kyiv Post). “Living in Kyiv and Ukraine, in general, there are no quality public spaces in winter…So, people go out and go to a mall,” he said adding that in Kyiv residents travel to malls using mass transit. “Malls are places for hanging out, for window-shopping or for trying on clothes. They may not be so profitable, but they still continue to be used…Rental rates in shopping malls did get hammered, but they will recover gradually.”

Friday, April 9, 2021
During the pandemic year, online shopping increased by 26% and shopping mall rents softened. Despite these conditions 20 new malls are expected to open across Ukraine by the end of next year.

This will add a total of 1.8 million square meters of leasable area, reported the Kyiv Post. This year, Kyiv is to see the openings of Ocean Mall with 100,000 square meters and Blockbuster Phase 3, with 55,000 square meters. Next year, if construction plans hold up, five new malls are to open in Kyiv, adding 173,000 square meters of retail space.

Friday, April 9, 2021
The e-commerce boom pushed Kyiv warehouse vacancy rates down from 30% to 2%, according to a new report

 by Cushman & Wakefield, the real estate consultancy. Although 85,000 square meters of new space were commissioned last year, rates have increased to $5.5 per square meter. “It is not enough to satisfy existing occupier demand,” said the report. This year, an additional 60,000 square meters are pipeline for 2021.

Friday, April 9, 2021
Retailers from neighboring Poland and Turkey aggressively court Ukrainian consumers

, introducing their brands and opening stores, said Konstantin Oliynyk, UTG (Interfax-Ukraine). Brands from Poland include:  LPP, Sinsay, CROPP, House, MOHITO, Reserved. Turkish retail brands include: DeFacto, LC Waikiki, and FLO.

Friday, April 9, 2021
Remote working will cause a 25% shrinkage of Kyiv’s ‘office footprint’ by 2024, predicted

 Sergiyenko of CBRE, (Kyiv Post). “In other words, if there are 2 million square meters in total supply — 400,000 to 500,000 square meters will be vacated,” he says. However, he cautions:Offices are not going away. They are places for ideas, collaboration, socializing. A company is a social entity.”

Friday, April 9, 2021
Kyiv’s office vacancy rate doubled last year, to 11%,

the highest level since 2014. In turn, rents fell by 10 to 20%, reported the Kyiv Post. Faced with uncertainty in the pandemic year, CBRE Ukraine said that developers offered only 125,000 square meters of new office space — half the initial plan. This year, Cushman & Wakefield has predicted that 160,000 square meters in new office space will come on the market in Kyiv. Total current supply is 2 million square meters.

Friday, April 9, 2021
Rents are softening during the April lockdown, with discounts up to 30% expected,

said Yuri Pita, President of the Association of Realtors of Ukraine, (Interfax-Ukraine). Assuming the coronavirus pandemic ebbs in May, rents will stabilize. However, he adds: “In the face of accelerating inflation, the cost of rent can increase by an average of 5-7%.”

Friday, April 9, 2021
Ukraine’s real estate magnates were recently ranked by Forbes Ukraine. The top eight are:
  1. Viktor Polishchuk, owner of Gulliver and the Eldorado retail chain. $70 million
  2. Vagif Aliyev, developer of Blockbuster Mall, Lavina Mall, and Mandarin Plaza. $61 million
  3. Tomas Fiala, founder/CEO of Dragon Capital, which owns six shopping centers, 10 warehouse complexes and 13 office buildings. $54 million
  4. Alexander Yaroslavsky, owner of Caravan shopping mall chain and Kharkiv Palace Hotel. $46 million
  5. Adnan Kivan, owner Kadorr Group. $45 million.
  6. Roman Lunin, Equator shopping malls. $35 million
  7. Rinat Akhmetov, TSUM, Leonardo Business Center, Opera Hotel, Ukrtelecom real estate. $32 million.
  8. Garik Korogodsky and Oleksandr Melamud, owners Dream Town malls. $32 million