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Investment Attractiveness of Retail Real Estate Development Projects in Conditions of High Volatility
Vysochyn I. V.

Vysochyn, Iryna V. (2025) “Investment Attractiveness of Retail Real Estate Development Projects in Conditions of High Volatility.” Business Inform 8:164–171.
https://doi.org/10.32983/2222-4459-2025-8-164-171

Section: Investment Processes

UDC 330.332:[339:658.2

Abstract:
The aim of the article is to study the investment attractiveness of retail real estate development projects in conditions of high volatility caused by the wartime and post-war transformational environment in Ukraine. Special attention is given to investing in full-cycle development projects – from planning and resource mobilization to property operation, asset management, and creation of long-term value. The study systematizes scientific approaches to assessing the investment attractiveness of real estate assets, conducts a multifactor risk analysis, compares the format-functional characteristics of properties, their market positioning, as well as their sensitivity to macroeconomic, demographic, and institutional factors. The research methodology is based on a combination of literature review, analytical modeling, comparison of real estate types by investment parameters, and empirical analysis of market dynamics for the period 2022–2025. A comparative assessment of commercial, residential, and office real estate was conducted according to criteria such as capital intensity, adaptability, dependence on population mobility, and complexity of management and marketing support. The study substantiates the relevance of changing developer strategies: reducing the focus on large shopping centers and shifting to street retail formats, retail parks, flexible mixed-use complexes, and daily needs facilities. Key tools for enhancing investment attractiveness have been identified as follows: co-financing, strata-sale, flexible lease models, participatory planning, and institutional support (grants, infrastructure compensation, pay-for-performance). Future research directions in this area include the development of phased models for evaluating investment efficiency, the creation of a system of performance indicators for support, as well as the study of the long-term effects of involving local communities in the process of commercial real estate development.

Keywords: commercial real estate development, investment attractiveness, financial planning, rental income, market volatility, project-based investing, types of commercial properties.

Tabl.: 2. Bibl.: 16.

Vysochyn Iryna V. – Doctor of Sciences (Economics), Professor, Professor, Department of Economics and Finance Company, Kyiv National University of Trade and Economics (19 Kіoto Str., Kyiv, 02156, Ukraine)
Email: [email protected]

List of references in article

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Andrieieva, V. (2020). Finansuvannia developerskykh proiektiv yak mekhanizm funktsionuvannia rynku nerukhomosti [Financing of development projects as a mechanism for the functioning of the real estate market]. Vcheni zapysky Universytetu «KROK», 3(59), 24–29. https://doi.org/10.31732/2663-2209-2020-59-24-29
Bilokon, A. I., & Kyslytsia, L. V. (2024). Orhanizatsiia proiektiv developmentu nerukhomosti [Organization of real estate development projects]. Ukrainskyi zhurnal budivnytstva ta arkhitektury, 1(019), 45–55. http://uajcea.pgasa.dp.ua/article/view/302425/294443
Bilokon, A., Kovtun-Horbachova, T., & Kotsiuba, T. (2021). Obgruntuvannia zmistu i mezh proektiv developmentu na osnovi yedynoi systemy tsilei [Substantiation of the content and boundaries of development projects based on a unified system of goals]. Ukrainskyi zhurnal budivnytstva ta arkhitektury, 3(003), 27-38. http://uajcea.pgasa.dp.ua/article/view/239171/237661
Ciaramella, G., & Celani, A. (2023). Minimizing Risk in Real Estate Development – An Industrial Approach. https://www.researchgate.net/publication/373532225_Perspective_Chapter_Minimizing_Risk_in_Real_Estate_Development_An_Industrial_Approach
Commercial vs. Residential Real Estate Market Cycles: Key Differences. https://www.har.com/ri/3668/commercial-vs-residential-real-estate-market-cycles-key-differences
Indeksy tsin na budivelni roboty [Construction Work Price Indices]. (2025). https://index.minfin.com.ua/ua/economy/index/buildprice/
Miles, M. E., Netherton, L. M., & Schmitz, A. (2015). Real estate development: Principles and process (5th ed.). Urban Land Institute.
Nastych, I. (2025, March 3). Rynok torhovelnoi nerukhomosti u 2024 rotsi: vyklyky, adaptatsiia ta perspektyvy [Retail real estate market in 2024: challenges, adaptation and prospects]. https://propertytimes.com.ua/retail_property/rinok_torgovelnoyi_neruhomosti_u_2024_rotsi_vikliki_adaptatsiya_ta_perspektivi
Nekrasova, L. A., & Stepanenko, M. V. (2019). Osnovni aspekty investytsiinoho analizu proektiv rozvytku nerukhomosti [Main aspects of investment analysis of real estate development projects]. Problemy systemnoho pidkhodu v ekonomitsi, 1(69), 12–18. http://www.psae-jrnl.nau.in.ua/journal/1_69_2_2019_ukr/2.pdf
Ostapenko, T., Arefieva, O., Zhyliaiev, I., Ponomarov, O., & Hrashchenko, I. (2025). Formuvannia investytsiinoi pryvablyvosti upravlinskykh proektiv [Forming the investment attractiveness of management projects]. Tekhnolohichnyi audyt ta rezervy vyrobnytstva, 3(4(83)), 14–25. https://journals.uran.ua/tarp/article/view/329981/319823
Rynok komertsiinoi nerukhomosti Ukrainy u 2025 rotsi: holovni tendentsii ta perspektyvy [The commercial real estate market in Ukraine in 2025: main trends and prospects]. https://toprealty.com.ua/ru/articles/rynok-kommercheskoj-nedvizhimosti-ukrainy-v-2025-godu-glavnye-tendentsii-i-perspektivy
Symonenko, K. (2025, July 3). RAU Expo 2025: novi trendy komertsiinoi nerukhomosti [RAU Expo 2025: new trends in commercial real estate]. https://rau.ua/personalii/rda-trendi-komercijnoji-neruhomosti/
Understanding the Importance of a Shopping Center’s Tenant Mix. (2021, January 25). https://fnrpusa.com/blog/understanding-the-importance-of-a-shopping-centers-tenant-mix/?utm_source=chatgpt.com&utm_term=blog%2Bunderstanding-the-importance-of-a-shopping-centers-tenant-mix
Walia, S., Pal, S., Kumra, R., Sarkar, S., Mohanty, B., & Singh, S. (2025, May 29). Exploring Current Research and Future Directions in Commercial Real Estate Investment. Journal of Real Estate Literature. https://doi.org/10.1080/09277544.2025.2496119
Zaichuk, S. V. (2023). Vyznachalni komponenty metodolohichnoi platformy formuvannia hospodarskoho portfelia pidpryiemstva v onovlenomu formati suchasnoho developmentu [Determining components of the methodological platform for the formation of the enterprises economic portfolio in the updated format of modern development]. Budivelne vyrobnytstvo, 76, 85–92.

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