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

Lagos is set to expand its stock of premium-grade office supply by 94,931 square metres between 2025 and 2027, according to the Knight Frank Lagos Market Update H2 2024. The space will come from ten office developments currently under construction across Ikoyi, Victoria Island, and Ikeja.

Of the total pipeline, 77,570sqm is expected to be delivered in 2025, while projects scheduled for completion in 2027 will add another 17,361sqm.

Ikoyi Leads the Pipeline

Ikoyi remains the epicentre of prime office development, with seven projects in progress:

• Dangote Industries HQ – 17,000sqm (2025)
• Ulesh Ikoyi – 16,390sqm (2025)
• The Pantheon – 8,160sqm (completed in H1 2025)
• Oasis Plaza – 3,000sqm (2025)
• IoD House – 3,340sqm (2025)
• Roseworth – 1,680sqm (2025)
• The Rubicon – 9,361sqm (2027)

Victoria Island & Ikeja

Victoria Island will host Harbour Point Towers, the city’s single largest development, offering 20,000sqm of office space in 2025. Another addition, RCO Court Tower, is expected to deliver 8,000sqm in 2027.

In Ikeja, The Phoenix has already added 8,000sqm in 2025, strengthening the mainland’s office market presence.

Completed Projects

According to Knight Frank’s Africa Offices Market Dashboard (H1 2025), Pantheon Tower (Ikoyi) and Phoenix Office Park (Ikeja) are now operational, contributing to Lagos’ expanding pool of prime office stock.

Market Insights

Lagos remains Africa’s most expensive city for prime office rents, averaging $55 per square metre per month in H1 2025. It is followed by Abuja ($46/sqm), Cairo ($37/sqm), and Lusaka ($18/sqm).

Other key takeaways from Knight Frank’s report include:

• Occupancy gains: Ikoyi’s prime occupancy rose to 91% in H1 2025 from 84% in H2 2024. The overall prime market also improved, climbing from 65% in H1 2024 to 73% in H1 2025.
• Workplace trends: Hybrid work adoption grew to 31% of businesses, though a majority (55%) still required full on-site presence.
• Rental adjustment: Rents softened slightly from $56/sqm in H1 2024 to $55/sqm, as landlords prioritised stability in occupancy over aggressive rent increases.
• Continental outlook: Grade A and ESG-compliant offices are driving strong demand across Africa’s major cities, widening the gap between prime and secondary stock in terms of occupancy, rents, and tenant preference.

Big Picture

With close to 95,000sqm of prime office space set to enter the Lagos market by 2027, analysts believe competition will intensify among landlords. However, the city’s strong demand fundamentals — driven by multinationals, financial institutions, and corporates — are expected to sustain occupancy growth and keep Lagos at the forefront of Africa’s premium office market.