989 Workspaces launches a co-working space in Lakepoint Towers, Banana Island.

Last week, 989 workspaces announced that it opened a new outlet on the 3rd floor of Lake Point Towers in Banana Island. Lakepoint Towers is a two-tower office development located along 4th Avenue in Banana Island, Ikoyi in Lagos. Both towers deliver 14,730sqm of Grade A office space, which includes coffee/confectionary shops and roof gardens. It was developed by Lakepoint Limited in 2016. Read more about the LakePoint Towers here. Through this addition, 989 workspaces now have 8 operational outlets in Lagos. The company, which started operations in 2018, focused on creating a collaborative work ecosystem for entrepreneurs, startups, and freelancers, and over the years strengthened its position through a partnership with 25th & Staffing, a tech-driven human resource recruitment firm also based in Lagos. Read more about the company and its service offerings here.

ei thoughts on the Increasing adoption of remote options and the potential in co-working operation.

Towards the end of 2020, we put up a note that discussed how the growing trend in remote work options among large occupiers will impact prime offices in Lagos. At the time, it was apparent to us that many companies will not be returning to the status quo. Some companies were at the time considering a number of options centered around downsizing the space they currently occupy, as they can operate without the entire team in the same brick and mortar space. The effect of this growing trend is that the Lagos market has seen and will continue to see some growth in co-working space occupancy. This is because some employees and founders of businesses who are working remotely but may not afford the needed ambience for a home office would resort to workstations with excellent service provision. This is just one of the many shifts in occupier behaviour, and the recent expansion by 989 workstations is a testament to it. We expect to see a similar growth story with the other operators such as Workstation, Regus, Cr8 Space, etc. at least in the foreseeable future.

See other of 989 workspaces locations:

• 989 Workspaces Victoria Island, 10th Floor, Standard Chartered Building, 142, Ahmadu Bello Way, Victoria Island.

• 989 Workspaces Grandeur, Plot 120, Block 2, Bosun Adekoya Street, Oniru.
• Maison Fahrenheit, 80, Adetokunbo Ademola Street, Victoria Island.
• Lighthouse Bar & Grill, Block 12E, Admiralty Way, Opposite Ascon, Lekki Phase 1.
• Co-working Ikeja GRA, 43, Sobo Arobiodu Close, Ikeja GRA, Lagos.
• First Lounge MMIA, Murtala Muhammed International Airport, Ikeja.
• 989 Workspaces – Sangotedo, 2nd Floor, Emperor Estate Mall, Sangotedo.
• Lake Point Towers, Banana Island, 3rd Floor, Lake Point Towers, Banana Island.

A few other players in the serviced office space in Lagos include Regus, Workstations, Seedspace, BVF Office Centre, Capital Square, Cr8 Space among many others.

Pictures of Lake Point Towers, Banana Island.

Photo credit: AZA Corp

Internal Photos of 989 Workstations, Lake Point Towers, Banana Island.

Photo credit: 989 Workstations