Is sublease space cheap in Lagos?

Sublease typically trades 15–30% below direct asks for equivalent specification. The total economics depend on remaining term, TI condition, and the assignment/sublet provisions in the prime lease.

Can I convert a sublease to a direct lease in Lagos?

Sometimes. On longer-horizon takes, ask the landlord to write a fresh direct lease at sublease commencement — they get a creditworthy long-term tenant; you get rent-free and TI.

Sublease availability in Lagos is concentrated in older Class B and lower-tier Class A stock; trophy assets like Victoria Island (VI) clear quickly even when the broader market shows 17.6% vacancy.

Direct vacancy is 17.6%; sublease overhang is concentrated outside the trophy tier.
Sublease space typically prices 15–30% below direct asks for equivalent specification.
Term-take risk and limited TI are the two biggest sublease tradeoffs.
Trophy submarket (Victoria Island (VI)) has the thinnest sublease overhang.

Lagos Class A sublease market

sublease">Sublease availability in Lagos is concentrated in older Class B and lower-tier Class A stock; trophy assets like Victoria Island (VI) clear quickly even when the broader market shows 17.6% vacancy.

TL;DR

Direct vacancy is 17.6%; sublease overhang is concentrated outside the trophy tier.
Sublease space typically prices 15–30% below direct asks for equivalent specification.
Term-take risk and limited TI are the two biggest sublease tradeoffs.
Trophy submarket (Victoria Island (VI)) has the thinnest sublease overhang.

Where the sublease overhang sits

In Lagos, sublease availability concentrates in the older Class A and Class B segments — not in trophy product. Vacancy across the broad Class A index is 17.6%; the trophy tier in Victoria Island (VI) is structurally tighter.

What you give up

Subleases trade at a discount, but you inherit the prime tenant's term, get limited or no TI, and live with whatever fit-out">fit-out exists. For occupiers under a 24-month horizon, that tradeoff usually wins. For multi-year HQs, direct deals with rent-free and TI almost always produce better effective economics.

Negotiating points

Look for direct deals with the landlord at sublease commencement (a "bypass" structure) — landlords will sometimes write a fresh long-term lease to take a problem space off the prime tenant's books. 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.

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%

Frequently asked questions

Is sublease space cheap in Lagos?: Sublease typically trades 15–30% below direct asks for equivalent specification. The total economics depend on remaining term, TI condition, and the assignment/sublet provisions in the prime lease.
Can I convert a sublease to a direct lease in Lagos?: Sometimes. On longer-horizon takes, ask the landlord to write a fresh direct lease at sublease commencement — they get a creditworthy long-term tenant; you get rent-free and TI.

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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