Commercial office leasing across Nigeria's major urban centres posted a remarkable performance in Q1 2026, with total take-up reaching 62,000 square metres — an 18% increase year-over-year. Lagos continues to dominate the market, with Victoria Island and Ikoyi accounting for nearly 60% of all new leasing activity. Meanwhile, Abuja's Central Business District is emerging as a serious contender, attracting a growing number of corporate tenants seeking proximity to government institutions and regulatory bodies.
Grade A office rents have firmed to approximately ₦120,000 per square metre per year in prime Lagos locations, reflecting strong demand from both domestic and international occupiers. The technology sector remains the single largest driver of new leasing, accounting for roughly 35% of Q1 take-up, followed closely by financial services firms expanding their physical footprints in response to regulatory requirements and growing client bases.
The quality of available stock continues to improve as developers respond to tenant expectations for modern amenities, energy efficiency, and flexible floor plates. Several new Grade A developments are expected to complete by mid-2027, adding approximately 45,000 square metres of premium office space to the Lagos and Abuja markets. However, vacancy rates in secondary locations remain elevated, highlighting a growing divergence between prime and non-prime segments.
Oasis's commercial advisory team is actively assisting corporate clients in identifying optimal lease structures and locations that balance cost efficiency with strategic positioning. As hybrid work models stabilize, we are seeing a renewed emphasis on high-quality, well-located office environments that support talent retention and corporate culture. The outlook for the remainder of 2026 remains strongly positive, with projected annual take-up expected to exceed 250,000 square metres for the first time.