GLOBAL COMMERCIAL REAL ESTATE DEVELOPMENT MARKET: TRENDS AND EVOLUTION PROSPECTS

НЕРУХОМОСТІ: ТРЕНДИ ТА ПЕРСПЕКТИВИ РОЗВИТКУ A comprehensive analysis of global transformations in the commercial real estate market has been conducted, and their specific impact on development approaches and practices has been identified.It has been established that the global commercial real estate market is undergoing a profound transformation under the influence of economic instability, digitalization, urbanization processes, the implementation of sustainable development principles in construction, and changes in consumption models.The paper proposes a classification of global trends in commercial real estate development under conditions of new challenges and increased uncertainty, which takes into account socio-behavioral, investmentfinancial, and managerial aspects of market transformation.Key trends are systematized into five directions: spatial-urban, market-consumer, technological, investment-economic, and environmental-social.An important conclusion is the transition to mixed-use development, which combines retail, residential, and service spaces to increase the efficiency of area utilization.The study showed that due to rising construction costs and disruptions in logistics chains, developers are increasingly choosing adaptive reuse-the reconstruction of existing facilities instead of new construction.Technological changes lead to the necessity of transitioning to "smart buildings" using Building Management Systems (BMS), the Internet of Things (IoT), and digital technologies and platforms (PropTech) to optimize the tenant mix and increase operational efficiency.It is noted that the development of e-commerce forces physical retail spaces to transform into "experiential" and "lifestyle" formats, where the emphasis shifts from transactions to consumer experience.Special attention is paid to the influence of Generation Z on modern formats of commercial real estate, which meets demands for flexibility, digital integration, and social orientation, stimulating the development of ecological projects that comply with ESG standards.Research results are critically important for Ukraine in the context of postwar recovery and the adaptation of domestic development to European standards of energy efficiency and sustainable development.Проведено комплексний аналіз глобальних трансформацій на ринку комерційної нерухомості, визначено їхній специфічний вплив на підходи та практики в сфері девелопменту.Встановлено, що світовий ринок комерційної нерухомості переживає глибоку трансформацію під впливом