February 27, 2018

The 2017 Lagos Office Market in 5 Charts

Yemisi Okunowo

With the lowest building completions in 3 years, 2017 provided an opportunity for the market to try to absorb the disruptive amount of space that was delivered during 2016. Leasing activity during the year was led by the technology sector and B Grade properties took the biggest rental hit, as the new high specification supply sent older buildings down a pricing level. The year 2018 will seemingly be another big one for building completions, which are forecasted to come in at 20% of total stock. Market sentiment, however, is still strong on the back of Nigeria’s recent economic recovery, even with the elections expected in the next 12 months.

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