Nigeria is one of Africa’s largest economies with Lagos on track to be one of the largest cities in the world by 2030. Dominated by natural resources, it is also becoming the base for African financial markets alongside South Africa, especially for organisations with significant investments in West Africa.
Africa’s largest city of over 23 million people, it is home to the continents largest seaport and is a major financial centre for the African continent.
Additionally Lagos provides a base for a significant ICT sector which is arguably the largest on the African continent.
Oil and petroleum contributes almost 14% of the national GDP and 90% of foreign earnings in Nigeria are centred on the city.
As a result, the strong growth in this market has seen a meteoric rise in commercial office and logistic rents with development unable to keep up with demand.
The development of additional technology facilities adjacent to the Lagos airport is likely to provide some relief in the next 2-5 years.
Office rents are quoted at a peak of 100,000 Naira per square meter per annum (or around USD 250 per sqm per annum) plus CUSA on Victoria Island with a median price of around 75,000 Naira per sqm pa (USD 180) for unfurnished office space in open plan condition (uncarpeted).
This shows the condition of a standard open plan floor in a premium office building in Victoria Island.
Most high quality properties have on site power generation to offset the sub-standard electrical infrastructure throughout the main commercial centres.
Prasagio recommends Jonela Concept real estate agents in Lagos for both commercial and residential real estate.