Lagos ($60/sqft, 17.6% vacancy) and London ($121/sqft, 8.6% vacancy) compete on different axes: Lagos on rent and tax and London on talent depth.
Lagos ($60/sqft, 17.6% vacancy) and London ($121/sqft, 8.6% vacancy) compete on different axes: Lagos on rent and tax and London on talent depth.
| Metric | Lagos | London |
|---|---|---|
| Region | EMEA | EMEA |
| Country | Nigeria | United Kingdom |
| Class A rent (USD/sqft/yr) | $60 | $121 |
| Class A rent (local) | 90000 NGN | 95 GBP |
| Vacancy | 17.6% | 8.6% |
| Trend | flat | rising |
| Prime yield | 9.6% | 4.5% |
| Premium flex / seat / month (USD) | $360 | $1,380 |
| Submarkets covered | 5 | 7 |
| Corporate tax | 30% | 25% |
| Metric | Lagos | London |
|---|---|---|
| Typical term | 2 yrs | 10 yrs |
| Typical rent-free | 4 mos | 24 mos |
| Lease norms | 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. | London leases are predominantly Full Repairing and Insuring (FRI). Tenant pays service charge and is responsible for dilapidations on lease end. Rent reviews to open-market rent every 5 years are standard. Rent-free periods of 18-30 months on a 10-year term are typical, with 'capped' rent-free for break-clause certainty. Personal guarantees are uncommon for institutional tenants; rent deposits are common for younger covenants. |
| Tax note | 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). | UK corporation tax is 25% (19% small profits rate). Business rates are a major occupancy cost — ~50% of rateable value annually, levied separately from rent and service charge. |
| Metric | Lagos | London |
|---|---|---|
| Talent index (0–100) | 74 | 96 |
| Talent note | Deep banking, oil and gas, fintech, and creative talent. Strong English-language professional base. Strong feed from University of Lagos, Lagos Business School, and Covenant University. Nigeria's tech ecosystem (Flutterwave, Paystack, Andela) anchors deep talent. | Largest financial-services and technology talent pool in EMEA. Average all-in compensation indexes 96 vs. New York's 100. |
Lagos: Lagos Light Rail (Blue Line operating 2023, Red Line 2024). BRT (Lagos BRT). Murtala Muhammed International Airport (LOS) bus-served. Heavy car dependency; Third Mainland Bridge anchors Mainland-Island commute.
London: The Elizabeth Line transformed cross-London commute times. Heathrow to Liverpool Street is 35 minutes; Paddington to Canary Wharf is 17 minutes. Crossrail-adjacent assets command a measurable rent premium.
Lagos is the cheaper Class A market on a USD basis.
London has the deeper talent index (96/100 vs 74/100).
London has the lower headline corporate tax (25% vs 30%). Local incentives can change the effective rate materially.
Lagos typical term is 2 years with 4 months free; London runs 10 years with 24 months free.
Lagos: Lagos Light Rail (Blue Line operating 2023, Red Line 2024). BRT (Lagos BRT). Murtala Muhammed International Airport (LOS) bus-served. Heavy car dependency; Third Mainland Bridge anchors Mainland-Island commute. London: The Elizabeth Line transformed cross-London commute times. Heathrow to Liverpool Street is 35 minutes; Paddington to Canary Wharf is 17 minutes. Crossrail-adjacent assets command a measurable rent premium.
Score Lagos, London and up to two more markets side-by-side on Class A rent, vacancy, talent, corporate tax, and premium flex pricing — all in USD.
Reviewed by Samuel Okafor — EMEA contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.