Prime commercial office rents in Lagos continue to remain among the highest in Africa, second only to Angola.
During the difficult economic period of the last several years, premium office rents fell back from USD 1,000 to
around USD 850-900 /sq m /year, although there are still developments which continue to quote USD 1,000 /sq m
/year.
The availability of good quality space is improving significantly with more competition. An increase in supply and
dip in demand have resulted in (relatively small) tenant incentive packages being offered, and some local
developers being prepared to structure deals in NGN (without a link to USD).
