Open do not run – where the developer should put a comma?
In the period of instability and uncertainty, all operators in the Ukrainian commercial real estate market have a lot of problems and issues related to the opportunities for survival in business in the current conditions. This applies to both open shopping center and those under construction. Thus, at the beginning of 2022, about 20 shopping centers announced their forthcoming opening. For example, in Kiev, three shopping malls were prepared to open their doors, three more in Odesa and the region and in Khmelnitsky and the region, as well as one in Kharkiv, Ivano-Frankivsk, Lviv, Ternopil, Rivne, Uzhgorod and Zhytomyr. Perhaps it would have been so if it were not for the war. In fact, only nine Pannonia shopping centers in Uzhgorod, the Maidan in Chervonograd of Lviv region and Fabrik in Lviv, Lake Plaza Kiev, Happy Mall-Rivne, Epicenter-Lviv region were opened last year.
The rest, which were even ready to launch, postponed the opening date. Such delay has a logical explanation. “Among the risks of launching the mall in today’s environment, there is first and foremost the opportunity of rocket strikes and destruction through hostilities. Then it is necessary to take into account the work with almost minimal lease income, since virtually all of the shopping center, except for those located in the western part of the country, because of migration of the population, most of their visitors were missing,” – said UTG Director Evgenia Loktionova.
But at the same time, according to the UTG leader, even in the conditions of hostilities in areas where there is no hot phase and risk to the life of visitors and employees, it is necessary to open the shopping mall – especially in the western regions of our country. “Therefore, there are many reasons for both purely economic and social nature. In the case of a simple developer in one way or another, the cost of maintaining the object, not to mention the need to repay interest on loans, if borrowed funds have been used,” – emphasizes Evgenia Loktionova.
Therefore, despite the difficult condition, new shopping malls will open in Ukraine. So, in April this year it is planned for the launch of “Odis” Shopping Center in Izmail. The rent area of the new shopping center is 2 000 square meters, the total is 2 500 square meters. But at the end of 2023, they intend to launch Pokrovsky shopping mall in Izmail (GLA 4500 square meters, GBA 5300 square meters), and a large-scale Planeta Mall project in Kharkiv (GLA 70 000 square meters, GBA 110 000 square meters). At the same time, the opening of the White Lines in Kiev (GLA 27 000 square meters, GBA 40,000 square meters) was moved to the next 2024. A more detailed list of open and planned shopping malls is in the table.
Unfortunately, as the current situation shows, in the near future, due to the activity of hostilities, it is not worth to expect the launch of new shopping malls in the eastern and north-eastern regions of the country. It is clear that developers are not able to plan something if every day the cities can be under fire and the threat of rocket attacks. Therefore, the development in the trade real estate sector correlates with the warfare. But after hostilities, our country should be revived quickly and become even better. “To do this, it is necessary to solve many issues related to infrastructure, and one of the important among them will be the restoration and further development of commercial real estate in Ukraine,” – Evgenia Loktionova emphasizes.
Shopping Center opened and scheduled for opening in 2022-2024
Name | Location | Opening date |
Відкритті 2022 | ||
SEC Pannonia | Uzhgorod | April 2022 |
SOC Fabrik | Lviv | April 2022 |
SEC Laz-695 | Lviv | May 2022 |
SEC Maidan | Chervonograd, Lviv region | June 2022 |
SC Epicentr | Sokilnyk village, Lviv region | September 2022 |
SC Interior House | Sokilnyk village, Lviv region | July 2022 |
SEC Prut | Kolomyia, Ivano-Frankivsk region | July 2022 |
SOC Lake Plaza | Kyiv | November 2022 |
SEC Happy Mall | Rivne | October 2022 |
Planned for 2023-2024 | ||
SC «Odis» | Izmail | April 2023 |
SEC Brigantina | Vinnitsa | 4 quarter 2024 |
SEC Pokrovsky | Izmail | 4 quarter 2023 |
SEC Planeta Mall | Kharkiv | 4 quarter 2023 |
SEC White Lines | Kyiv | 1 quarter 2024 |
SEC Proskyrov Plaza | Khmelnytskyi | 4 quarter 2024 |
SC Aquarelle | Odesa | 4 quarter 2023 |
SC Mercury | Odesa | Not specified |
SEC Veles (2nd turn) | Ivano-Frankivsk | 3 quarter 2023 |
SOC Temp | Khmelnytskyi | 4 quarter 2023 |
SC Vector | Truskavets, Lviv region | 4 quarter 2023 |
SC Park | Drohobych, Lviv region | 4 quarter 2023 |
SEC Ocean Mall | Kyiv | Not known |
SEC April (2nd line) | Kyiv | Not known |
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