Office space: Nigeria eyes delivery of 80,000sqm by Q4 2023

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Dayo Ayeyemi, Nigerian Tribune

March 7, 2023

Going by the number of office development in the pipeline, Nigeria expects the delivery of 80,000 square metres (sqm) space by the third and fourth quarters (Q3 and Q4) of this year, Nigerian Tribune has learnt.

According to the CEO, Octos Holding Limited, JideOdusolu, some of the pipeline office development included Dangote Headquarters, Re-African Insurance, Federal High Court, Deposit Insurance scheme, Stanbic-IBTC headquarters and First Pension Custodian, among others.

Speaking at a real estate forum in Lagos, Odusolu maintained that the pipeline office properties would be delivered this current year.

When this happens, he said they would help to force down the rental values in the real estate’s office segment.

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“When there is over supply, there is going to be lower rates,” he said.

According to the developer, vacancy rate would continue to rise in the office segment where most companies, especially in the oil and gas sector,are begging to downsize.

As a result, he said that Grade ‘A’landlords would begin to make adjustments and introduce allowances to retain tenants.

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