Nigeria, Office Market Update Q4:2016.

For the first time in 8 years, the Organization of Petroleum Exporting Countries (OPEC) agreed to cut crude oil production to 32.5 million barrels per day; a cut which Nigeria is exempt from. The Nigerian economy continues to face headwinds reflected in the inflation and GDP rates. The most recent inflation rate stands at 18.55% for December 2016 whilst the current GDP growth figure is -1.30% for Q4:2016. Over 30,000m² of office space is expected to be delivered in the next 12 months, adding to an already over supplied market. Additional downward pressure on rentals is expected throughout 2017 given the expected completions which will intensify competition between landlords.Occupiers are cutting back on their office size requirements and are looking to take advantage of rent reductions in better quality buildings in prime locations. 40,400m² of A-grade office space was delivered to the Lagos office market with completion of The Wings Office Complex in Victoria Island and Lake Point Towers in Ikoyi.

Nigeria, Office Market Update Q4:2016.

Summary

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