Office space market exciting as investors scramble for skyline
Talking strictly about the Nigerian real estate market, the three major cities of Abuja, Lagos and Port Harcourt readily come to mind and, among the three, Lagos stands out as the preferred destination for investment especially in the commercial segment of the market.
Within Lagos, Victoria Island stands out being the city’s most sizzling business hub harbouring the head offices of corporate organizations and sundry business concerns belonging to both local and foreign investors. This perhaps, explains a recent market survey by Financial Derivatives Company Limited which shows that whereas this part of Lagos has 23 percent vacancy rate in residential buildings, it has only 7 percent vacancy in the commercial segment.
A walk through major streets of Victoria Island shows an exciting development, mostly office space buildings that leave much to the imagination. From Ozumba Mbadiwe through Bishop Aboyade Cole, Afribank, Sanusi Fafunwa, Kofo Abayomi, and Adetokunbo Ademola, to Ahmed Bello Way, the story is the same of high-rise buildings differing in height and sizes and scrambling for the city’s skyline.
After the Churchgate Towers, Victoria Mall Plaza, The Mansard Place, all iconic developments, Actis, Primerose and Laurus will, in the next 12-18 months, deliver their 14-floor Heritage Place touted as Nigeria’s first green building. And this is happening in Ikoyi—Lagos most sought after address.
In Victoria Island, the Civic Centre Towers, Waves, The Spring among others are rising to change the skyline and also raise the bar in commercial real estate development. And as many passers-by were still hypnotized with its Eko Towers, Eko Hotel Limited has set out again, building another tower that will rise 27 floors.
Market analysts say these developments only show the level of confidence that investors have in Nigerian economy, describing the Civic Centre Towers with its 9,172 square metres space on 16 floors as a phenomenon.
Though still subdued, the analysts say there might be an over-supply to the market because, according to one investors who pleaded anonymity, everybody is still speculating, building in expectation of foreign investors. By the last count, the market anticipates over 200,000 square metres office space in the next 24-36 months and this may lead to moderate pricing per square metre of the spaces.
A brand new AAA commercial building in the heart of Victoria Island, the Civic Centre Towers is described by its promoters as “one-of-a-kind commercial development” strategically located at the intersection of Ozumba Mbadiwe Road and Adetokunbo Ademola Street in Victoria Island.
The Towers has a panoramic water front view of the five cowries creek, and has iconic structures like the Civic Centre, Oriental Hotels, Mobil House, a Helipad, a Jetty and other upcoming developments as close neighbours. It is hoped that this iconic gold standard building will offer dynamic businesses, multi-national industries and financial institutions a high quality business environment in a vibrant urban location.
By: Chuka Uroko