According to UTG (Ukrainian Trade Guild), nine more shopping centers including Respublika Park mall, BaltcSky and Olympic Park are expected to open in 2021-2022 in Kyiv with a total rental area of 267,000 sqm. As of April 1, Ukraine has already 268 malls mainly located in Kyiv.
Due to lockdowns and a continuous increase in supply, vacancy rates for retail space increased from 6.5% to 11% in Kyiv in 2020 during the pandemic. As a result, the monthly rental prices charged in the main malls of Kyiv were $55-$77 per sqm in 2020 compared to $85-$115 per sqm the previous year.
Despite the context, shopping malls are very popular and frequented in Ukraine. For theirs developers, the return on investment remains very profitable.