Lagos is set to add 94,931 square metres of prime office space between 2025 and 2027, spread across ten office complexes currently under development.
The Knight Frank Lagos Market Update H2 2024 report showed that the 94,931sqm represents the combined size of the ten projects, with developments scheduled for completion in 2025 accounting for 77,570sqm, while those slated for 2027 will deliver an additional 17,361sqm.
In Ikoyi, seven projects are set to shape the market, including Ulesh Ikoyi with 16,390sqm, Dangote Industries HQ with 17,000sqm, The Pantheon with 8,160sqm, Oasis Plaza with 3,000sqm, Roseworth with 1,680sqm, IoD House with 3,340sqm, and The Rubicon, which will add 9,361sqm upon completion in 2027.
Victoria Island will feature Harbour Point Towers, the single largest development with 20,000sqm due in 2025, alongside RCO Court Tower, a 2027 project offering 8,000sqm. In Ikeja, The Phoenix will deliver 8,000sqm in 2025.
As of H1 2025, Knight Frank’s Africa Offices Market Dashboard report noted that Pantheon Tower in Ikoyi and Phoenix Office Park in Ikeja have already been completed and are operational, adding to Lagos’ growing stock of premium-grade office supply.
Among the pipeline developments, Harbour Point Towers in Victoria Island stands out as the largest, followed by Dangote Industries HQ and Ulesh Ikoyi, both in Ikoyi.
What you should know
Lagos was ranked as the most expensive African city for prime office rents in H1 2025 at $55 per square metre per month, ahead of Abuja ($46/sqm), Cairo ($37/sqm), and Lusaka ($18/sqm), according to Knight Frank’s Africa Office Market Dashboard.
Prime occupancy strengthened: Ikoyi rose from 84% in H2 2024 to 91% in H1 2025, while the overall prime market improved from 65% in H1 2024 to 73% in H1 2025.
- Hybrid work adoption grew to 31% of businesses, though 55% still required full on-site attendance. Rents softened slightly from $56 per sqm in H1 2024 to $55 per sqm, reflecting landlord strategies that favoured occupancy stability over rent escalation.
- Prime office spaces in Africa’s major cities continue to attract strong demand from organisations, corporations, and investors, offering modern infrastructure, flexible layouts, and amenities that support productivity, collaboration, and hybrid work.
- These high-grade offices, often located in central business districts and prestigious commercial hubs, consistently outperform secondary stock in occupancy, rents, and tenant preference.
Across the continent, Grade A and ESG-compliant offices are driving a widening gap between prime and secondary markets.
