Like most other regions around the world, African cities have seen diminished office demand, which has been exacerbated by the economic fallout as a result of the pandemic.
Partner Knight Frank Nigeria, Charles Onyenze, explained, “Flight to quality has been a trend that has picked up in the market since the onset of the pandemic, resulting in increased occupier demand for prime office space. This increased activity in Lagos’ prime office market is expected to continue with new take-up likely to be driven by the growing start-up environment, increased activity in the agricultural and financial sectors as well as multinational corporations.
Financial services and the technology sector have been the most notable sectors driving occupier demand mirroring trends in the global market, according to Knight Frank.