Office space in Lviv can double over the next 3 years

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Driven by IT demand, Class A and B office space in Lviv will nearly double over the next three years, hitting 378,000 square meters, calculates UTG, the real estate consultancy.

“Growing office space demand, triggered mainly by the IT sector has led to a shortage of quality space in the market, a decrease in vacancies to 2.2%, an increase in rental rates, and, unthinkable years earlier, a surge in developer activity,” writes Oksana Gavrilevich, a UTG analyst.

Reviewing projects nearing completion and in the pipeline, she gives these figures: 2019 – 56,400 square meters; 2020 – 31,500; and 2021 – 88,200 .

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