What is the average Class A rent in Lagos?

Around 90000 NGN/sqft/yr ($60 USD) across the broader Class A index. Trophy submarkets like Victoria Island (VI) command 20–40% above that.

How many months of rent-free are normal in Lagos?

4 months on a 2-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.

Are rents rising or falling in Lagos?

The Lagos Class A market is currently flat. Vacancy is 17.6%, which sets the negotiating context.

Headline Class A rent in Lagos is around 90000 NGN/sqft/yr ($60 USD), with 4 months of typical rent-free on a 2-year term.

Headline Class A rent: 90000 NGN/sqft/yr ($60 USD).
Trophy submarket rents (Victoria Island (VI)) push to roughly ₦100,000/sqm/yr · ≈ $6.22 PSF/yr USD.
Typical concessions on a 2-year deal: 4 months free rent.
Vacancy stands at 17.6% — market trend is flat.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

Lagos Class A office rents and incentives

Headline Class A rent in Lagos is around 90000 NGN/sqft/yr ($60 USD), with 4 months of typical rent-free on a 2-year term.

TL;DR

Headline Class A rent: 90000 NGN/sqft/yr ($60 USD).
Trophy submarket rents (Victoria Island (VI)) push to roughly ₦100,000/sqm/yr · ≈ $6.22 PSF/yr USD.
Typical concessions on a 2-year deal: 4 months free rent.
Vacancy stands at 17.6% — market trend is flat.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

Headline rent vs. effective rent

Asking rents in Lagos are quoted in NGN per sqft per year. Across the broad Class A index the figure is 90000, but the trophy tier in Victoria Island (VI) reaches roughly ₦100,000/sqm/yr · ≈ $6.22 PSF/yr USD. Always discount headline rent by the present value of free rent and fit-out-capex">tenant improvement allowance to land on effective rent — the only number that compares cleanly across deals.

Rent-free and TI

Standard Lagos concessions on a 2-year Class A lease run to 4 months of base-rent abatement. Trophy lease-ups can push rent-free 25–40% above that benchmark. Local cost-of-occupancy is also shaped by tax — 30% Nigerian corporate income tax. 7.5% VAT. Tertiary Education Tax 2.5%. Investment promotion incentives available in selected free zones (Lekki Free Zone, Calabar Free Zone).

Where rents land by submarket

Victoria Island (VI) sits at the top end (~₦100,000/sqm/yr · ≈ $6.22 PSF/yr USD). Lekki Phase 1 / VI Extension clears around ₦60,000/sqm/yr · ≈ $3.73 PSF/yr USD as the prime tier. The full submarket map is on the Lagos city page.

Key facts

city	Lagos
country	Nigeria
region	EMEA
classARentLocal	90000 NGN/sqft/yr
classARentUsd	$60/sqft/yr
vacancy	17.6%
typicalLeaseYears	2
typicalRentFreeMonths	4
submarkets	5
primeYieldPct	9.6%
trophyRent	₦100,000/sqm/yr · ≈ $6.22 PSF/yr USD
primeRent	₦60,000/sqm/yr · ≈ $3.73 PSF/yr USD

Frequently asked questions

What is the average Class A rent in Lagos?: Around 90000 NGN/sqft/yr ($60 USD) across the broader Class A index. Trophy submarkets like Victoria Island (VI) command 20–40% above that.
How many months of rent-free are normal in Lagos?: 4 months on a 2-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.
Are rents rising or falling in Lagos?: The Lagos Class A market is currently flat. Vacancy is 17.6%, which sets the negotiating context.

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

CBRE Marketview reports — CBRE
JLL Office Insight — JLL
Cushman & Wakefield Marketbeat — Cushman & Wakefield
Savills World Research — Savills
Colliers Global Office Outlook — Colliers

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