Growth of rental rates for warehouses in Ukraine: prices have increased by 20-25%

In 2024, the warehouse rental market in Ukraine has undergone significant changes. Rental rates for logistics facilities have increased significantly, which was a consequence of the economic losses associated with the war, as well as the increase in the cost of construction. According to the commercial director of Dragon Capital Property Management, Dmytro Kalinichev, the average rent per square meter for quality warehouse space reached $4.9 per month (excluding VAT and operating costs).

Compared to 2023, the rent of warehouses has become more expensive on average by 20-25%, and, according to experts' forecasts, this trend may continue. Kalinichev calls the shortage of class A warehouses on the market as the main reasons for this growth, as well as an increase in the cost of maintaining facilities, including an increase in the cost of service services.

In addition, the devaluation of the national currency became an important factor that influenced the increase in rental rates. This factor further increases the pressure on tenants, forcing them to spend more to maintain their logistics chains.

Kyiv's warehouse market remains the most significant in the country, and it is in the capital that the greatest demand for quality warehouse space is observed. However, in addition to Kyiv, Lviv, Dnipro and Odesa also remain important logistics centers, where the demand for warehouse space has recently increased after the restoration of maritime logistics.

Given the current trends, market participants expect a further increase in rental rates, which forces both landlords and tenants to adapt their strategies to new realities.