Lagos to Add Nearly 95,000sqm of Prime Office Space by 2027: Report

Lagos is set to add 94,931 square metres of prime office space across 10 new commercial developments between 2025 and 2027, according to the latest Knight Frank Lagos Market Update (H2 2024).

Breakdown by Area:

• Ikoyi will host 7 new projects, including:

  • Dangote Industries HQ (17,000sqm)

  • Ulesh Ikoyi (16,390sqm)

  • The Pantheon (8,160sqm)

  • The Rubicon (9,361sqm, due 2027)

• Victoria Island:

  • Harbour Point Towers (20,000sqm, largest in pipeline)

  • RCO Court Tower (8,000sqm, due 2027)

• Ikeja:

  • The Phoenix (8,000sqm)

Market Highlights:

• Lagos ranked #1 in Africa for prime office rents in H1 2025 at $55/sqm/month, ahead of Abuja and Cairo.

• Prime occupancy in Ikoyi jumped to 91% in H1 2025 (from 84% in H2 2024).

• Citywide prime market occupancy rose to 73%, up from 65% in early 2024.

• Despite strong demand, rents softened slightly from $56 to $55/sqm as landlords prioritized stability over escalation.

Market Trends:

• Hybrid work now adopted by 31% of businesses in Lagos, while 55% still operate fully on-site.

• Grade A, ESG-compliant buildings remain highly sought after, creating a widening gap between prime and secondary office stock.

Lagos’ expansion of modern commercial spaces reinforces its status as Africa’s top office real estate market and the fastest-growing tech city in 2025.