USD-pegged or naira leases (USD common for international tenants).

  • Typical lease length: 2 years.
  • Typical rent-free: 4 months.
  • Vacancy: 17.6%; trend flat.
  • USD-pegged or naira leases (USD common for international tenants).

Lagos office lease norms

USD-pegged or naira leases (USD common for international tenants).

TL;DR

  • Typical lease length: 2 years.
  • Typical rent-free: 4 months.
  • Vacancy: 17.6%; trend flat.
  • USD-pegged or naira leases (USD common for international tenants).

Structure

USD-pegged or naira leases (USD common for international tenants). 2-3 year terms standard with renewal options. Often payable annually or 6-monthly in advance. Free rent of 3-6 months on a 3-year deal.

Negotiating levers

Free rent and TI remain the most negotiable line items; landlords prefer concessions to face-rent cuts because they preserve headline rent and implied valuation. Always model effective rent (face minus PV of concessions).

Key facts

cityLagos
countryNigeria
regionEMEA
classARentLocal90000 NGN/sqft/yr
classARentUsd$60/sqft/yr
vacancy17.6%
typicalLeaseYears2
typicalRentFreeMonths4
submarkets5
primeYieldPct9.6%

Frequently asked questions

What's a typical lease term in Lagos?
2 years for institutional Class A. Shorter terms are achievable on smaller floor plates with stronger covenants.
How is rent quoted in Lagos?
In NGN/sqft/year. We also publish a USD-normalised view ($60/sqft/yr) for cross-market comparison.

Editorial provenance

Reviewed by Samuel Okafor — EMEA contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.

Primary sources for this page

Full sources index · Submit a correction

Related topics