The International Commercial Center is a large office development with mixed use elements set in the Centenary City. It is set to deliver up to 120,000sqm of Grade A space, spread out across 6 eco-friendly office buildings that have been designed to the British Council of office guidelines. An additional 20,000sqm of retail and community space, 200 hotel rooms and 7 residential buildings will also be delivered as a part of this project. The region will be set out as a free zone environment to encourage lucrative tax savings and is expected to provide employment opportunities for up to 10,000 people.
The developers are promising that the project will be designed to complement the topography of the surrounding landscape and will come with an uninterrupted power supply, modern facilities and good connectivity. Gyms, nurseries, adequate parking, retail, dining and other recreational facilities will also be provided within the new hub.
This development starts to put the immense scale of the entire Centenary City project into perspective. The government is keen on building new cities outside Lagos and has encouraged/engaged more than a handful of developers in conceptually similar new hub schemes in the inner and outer regions of the FCT. However, sufficient demand for office space in a region typically driven by governmental organisations may not be easy to find. Nonetheless, once all office space under development in Abuja is complete, especially those in the Centenary City, World Trade Center, City Center Development as well as other speculative projects, the forces of demand and supply will determine the new equilibrium. This may come with downward pricing adjustments or numerous strategic tenant friendly incentives.