Cluttons – Lagos, Spring 2015 Office Market Outlook.
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Summary
The slide in global oil prices as expected put hydrocarbon dominated economies under pressure,including Nigeria.
In Nigeria, The government has responded by reducing the forecast price for 2015 on two separate occassions,
First from 78 dollars per barrel to 73 dollars per barrel before a final reduction to 65 dollars per barrel late last year
for iits 2015/2016 fiscal budget.The government has lowered its GDP forecast to 5.5% after growing at 6.2% last year.
The loss that will compensate that of the hydrocarbon sector by other business segments is yet to be seen.We expect
the completion of 14 storey Heritage place (Ikoyi),Kanti Towers,Civic Centre Towers, and Nest Oil's HQ which
are all in Victoria Island to complete this year adding about 41,000 sqm of office space to the market.
