Lagos Overtakes Nairobi, Johannesburg as Africa’s Priciest Office Market
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Building premium office space in Lagos now costs more than anywhere else in Africa. Rising demand and soaring construction costs are reshaping the continent’s commercial real estate landscape.
Lagos has emerged as Africa’s most expensive city for premium corporate office developments, with Grade A office fit-outs now costing an average of $2,718 per square metre—surpassing Johannesburg and Nairobi.
The sharp rise is being driven by strong demand for high-quality workspaces, reliance on imported building materials, exchange rate volatility, and rising construction costs.
Despite higher costs, developers continue to invest in premium office projects as multinational companies seek modern, technology-enabled workplaces with better amenities.
The trend reflects Lagos’ growing status as West Africa’s commercial powerhouse, even as businesses face increasing development expenses.
Industry experts say the city's appeal continues to outweigh cost pressures, reinforcing its position as one of the continent’s most important commercial property markets.
Read the full story at Business Insider Africa →