Decay in the Lagos Island Business District has led to a gradual but mass migration to Victoria Island (2021)

Victoria Island is the commercial core of Lagos, and home to a significant number of multinational firms, large indigenous companies, and a host of small Nigerian businesses. Though it is known for being one of the regions with the most business activity in the country, it was once entirely a residential region. Decay in what was the former Central Business District in Lagos Island led to a gradual but mass migration of businesses from Lagos Island into Victoria Island.

Just like Lagos Island, Victoria Island borders the Atlantic Ocean to the south as well as other creeks and lagoons, providing a lagoon view for most of the high rise projects within the neighborhood. Victoria Island has direct access to Lekki Phase 1, Lagos Island, and Ikoyi and also houses a handful of embassies including the United State Embassy. Major office developments in Victoria Island include The Wings, Civic Tower, Nestoil Tower, Churchgate Tower I,  Churchgate Tower II, Standard Chartered Bank HQ Building, etc. The residential turned-commercial neighborhood high-rise sits adjacent to Eko Atlantic City where the New US Consulate General Office is located alongside other notable projects.

 

The full version of this article has now been moved to our curated download center for subscribers. 

Subscribe to ei Pro to read the full Victoria Island Office market analysis which gives a more in-depth analysis of other market data that we track including; sales and rental rates, yields, supply drivers, stock breakdown, occupancy rate, and information on key contractors who are active in the market.