Office Space Is More Expensive In Lagos Than In New York?
Oh my! Never knew the real estate market in Lagos is world class. A new report has revealed that office space in Lagos is more expensive than in New York and South Africa. Excerpts from the report reads:
When you think about the most expensive offices space in the world, cities like New York and London,with their reputations as global financial centers, spring to mind. However, when it comes to pricing, Lagos, the commercial capital of Africa’s largest economy has managed to find a comfortable spot among them.
Rentals for prime office space in Lagos (Ikoyi) is up to $90 per sq. ft per annum this year, above those seen in Midtown Manhattan in New York where rents are closer to $76 per sq. ft per annum, according to new data by CBRE, Broll and JLL, real estate firms.
The report does not specify if it covers Banana Island, an area reputed to be home of Nigeria’s billionaires. Some of the factors for the high cost of prime real estate include:
- Low Supply
- High cost of running
- A booming economy
What do you think of the real estate business in Lagos?
You can read the full report here.