Winter has impacted the restaurant industry: how the commercial real estate market has changed
18 May 14:03
Commercial real estate developers are reporting a decline in rental rates for restaurants and cafes, along with a drop in demand for purchasing such properties. These conclusions were reached by experts at OLX Real Estate after analyzing the market for buying and renting spaces for cafes, coffee shops, and restaurants in April 2026 and changes since the beginning of the year. For comparison, they looked at Ukraine’s largest regional centers, reports "Komersant Ukrainian".
“In the winter of 2025–2026, the hotel and restaurant industry faced significant difficulties due to shelling and prolonged outages of electricity, water, and heat. Against this backdrop, news spread online about the closure of numerous establishments—particularly in Kyiv,” the experts’ analysis states.
The situation with property rentals
Regarding property rentals, experts noted a noticeable increase in supply in some cities. In Kyiv, the number of listings increased by 16% compared to January 2026. A similar trend was observed in Dnipro (33%) and Odesa (25%). In Lviv and Kharkiv, the supply of rental properties remained at the same level as at the beginning of the year.
“Demand for rental space for cafes, coffee shops, and restaurants is also showing positive growth. In April 2026, compared to January, it was 40% higher in Kyiv and 45% higher in Lviv. In Dnipro and Kharkiv, demand remained virtually unchanged, while in Odesa, the number of inquiries since the start of the year decreased by 27%,” the report states.
OLX Real Estate notes that the commercial rental market is showing positive trends: in most cities, supply and demand have been growing or have remained relatively stable since the start of the year.
At the same time, median rental prices for commercial spaces in the cafes, coffee shops, and restaurants segment have decreased since January 2026. Specifically:
– Kyiv: -4% to 50,000 UAH
– Lviv: -39% to 23,500 UAH
– Odesa: -3% to 42,000 UAH
– Kharkiv: -2% to 28,500 UAH
– Dnipro: -47% to 29,000 UAH
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How has demand for property purchases changed?
An analysis of the purchase segment showed that in the largest regional centers, the level of supply has remained virtually unchanged since the beginning of the year: in April 2026, the figures were the same as in January, or an increase of 5–10 listings.
At the same time, demand for commercial properties for cafes, coffee shops, and restaurants has noticeably decreased in some areas compared to January 2026. Specifically, the number of inquiries showed:
– Kyiv: -38%
– Lviv: -52%
– Odesa: -30%
In Kharkiv and Dnipro, the figures remained largely unchanged, though searcher activity here is noticeably lower than, for example, in Kyiv or Lviv.
Overall, compared to the rental segment, searcher activity is lower in the purchase segment. This may indicate that restaurateurs are unwilling to take risks and are opting for rentals instead of long-term investments, according to the company’s experts.
Unlike the rental segment, median purchase prices in some cities have risen compared to January 2026. Specifically, in Kyiv (14%), Lviv (40%), and Odesa (4%). In Dnipro and Kharkiv, however, we are seeing a decline in the median purchase price of premises for cafes, coffee shops, and restaurants: by -10% in Dnipro and -7% in Kharkiv.
How has the situation changed since last year
On an annual basis (April 2026 compared to April 2025), the situation varies by city. In Kyiv, where the issue of business closures was most prevalent, we recorded a year-over-year decrease in both supply (-23%) and demand (-47%) for rentals. Regarding the purchase segment, demand in the capital is notable, having fallen by 24% while supply remained relatively stable.
In Lviv, the situation is similar: in April 2026, compared to 2025, the number of rental listings decreased by 43%, and the number of inquiries by 34%. In the sales segment, activity among sellers and buyers was 2–3 times lower than last year.
“After a difficult winter, the commercial real estate market—specifically for spaces for cafes, coffee shops, and restaurants—has not returned to April 2025 levels, neither in terms of buyer activity nor the number of people looking to rent,” experts note.
However, according to them, the quarterly trend is more positive: from January to April 2026, we see growth in supply and demand in the rental segment. At the same time, median prices are mostly declining in this segment, although there is no clear trend in the sales market.
It was previously reported that rental activity in Kyiv’s office market strengthened throughout 2025, despite ongoing market turbulence and high security risks.
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