This week marks the launch of Banwo and Ighodalo’s new Head Office in Ikoyi and we’ve decided to take a look at how different law firms in Lagos are adding to the total supply of office space in the city. While many law firms in Lagos such as Detail Commercial Solicitors build their own head offices, only a handful do so in a scale that allows them to lease space back on to the market.
In the past 13 years, through direct and indirect means, 3 major law firms have developed offices with the intention of owner occupancy as well as rental income. Though only emerging, the additions these 3 law firms bring onto the market currently account for 15% of the total stock of Grade A and B space in Ikoyi. See below for a snapshot of the 3 buildings.
Olaniwun Ajayi and Co. (via Konyinsola Ajayi) own The Adunola, a 12-floor waterfront office property in Banana Island, which is currently the Head Office to Airtel Nigeria. The property was designed by Pieach and completed in 2006. The average asking rent for vacant space in the property is currently $450 per sqm per annum.
Aluko and Oyebode (via a Habour Point Limited related co.) also own 1 MM Drive, an office property located on Murtala Mohammed Drive, otherwise known as Bank Road in Ikoyi. The property is currently home to McKinsey and Company and was previously home to UBS Nigeria and Mastercard. Asking rents in the property range between $500 and $600 per sqm per annum. It was completed in 2010.
Finally, Banwo and Ighodalo have just moved into their brand new 5 floor HQ on Awolowo Road in Ikoyi, not far from their current head office. Banwo and Ighodalo intend on occupying 4 floors and leasing out the final floor at an asking rent between ₦80,000 and ₦100,000 sqm per annum ($222 – $277). It was designed and built by SAS Space Design.
In lieu of owning their head offices, other notable law firms such as Templars and Udo Udoma & Belo-Osagie currently lease office space in the Octagon in Victoria Island and St. Nicholas House in Lagos Island respectively.
See how the Big 4 Accounting Firms drove leasing activity in Lagos in 2016.