Brought to you by the Global Business Growth Group, with support from the SIOR Foundation
SIOR recently hosted a webinar, “CRE in a Time of Conflict,” offering a clear look at what it means to operate, invest, and rebuild within the Ukrainian real estate market during an ongoing conflict. The session featured three experienced Ukraine-based real estate professionals—Olena Podolska, Ganna Koryagina, and Sergiy But—and included remarks from Igor Raikov, an Unmanned Systems Officer with the 13th Brigade of the Ukrainian National Guard “Khartiia.”
Together, the speakers described a market facing significant challenges but also showing resilience, adaptability, and forward momentum. The discussion highlighted several key themes.
The Market Continues—Even Under Strain
An overarching message from the webinar was that daily life and business activity in Ukraine continue despite difficult circumstances. Companies are still operating, relocating, rebuilding, and expanding. Industrial production, logistics activity, and service sectors remain functional. Ukrainians continue to work, shop, study, and launch new businesses, demonstrating a strong culture of perseverance.
The commercial real estate market, while smaller in scale than before the conflict, remains active. Leasing in safer regions is steady; industrial users continue to move goods; and companies are pursuing solutions that allow them to serve customers both within Ukraine and across Europe.
Financing Is Present—Driven Largely by Local Capital
While many international investors remain cautious, Ukrainian private capital and small investment groups are continuing to deploy funds. Domestic banks have also expanded financing options, providing loans for small and mid-sized companies, including programs supported indirectly by European institutions. These programs have enabled businesses to relocate, purchase facilities, and maintain growth plans in challenging conditions.
This mix of local investors, bank programs, and targeted incentives is helping to lay the foundation for future reconstruction financing.
Companies Are Adapting Through Relocation and Market Diversification
Businesses across Ukraine are adjusting operations in several ways:
Healthcare and Mixed-Use Development Are Expanding
Certain sectors continue to grow despite the conflict. Private healthcare has seen notable development, with new clinics opening in both major cities and regions closer to active zones. Investors view healthcare as a stable and necessary service.
Looking ahead, mixed-use developments are expected to play an important role in reconstruction, incorporating flexible spaces, essential services, and modern planning concepts that align with evolving community needs.
Large-Scale Reconstruction Is Expected—and Early Preparation Matters
Although the timing of long-term recovery remains uncertain, many anticipate that rebuilding efforts in Ukraine will be extensive. The scale of reconstruction is expected to be significant, likely comparable to other large post-conflict redevelopment efforts across modern history.
Speakers noted that organizations and investors building relationships and gaining on-the-ground understanding today may be better positioned once large-scale reconstruction officially begins. Many projects are already planned or partially designed but are awaiting conditions that allow full implementation.
Ukraine Represents Long-Term Potential—and an Opportunity to Contribute
Ukraine remains closely connected to European markets and is home to a population of more than 30 million people, creating a strong foundation for long-term rebuilding and future growth. Many property values are currently lower than that of their long-term potential, creating opportunities for investors who are prepared to navigate the challenges and take a long-view approach.
The message to global commercial real estate professionals was clear: Ukraine continues to conduct business, remains committed to recovery, and welcomes collaboration with international partners interested in supporting its future.
Watch the Full Webinar
To hear the full discussion—including firsthand perspectives from the speakers—watch the recorded session here:
https://vimeo.com/1128282788?share=copy