LAGOS OFFICE MARKET: 2021 MARKET OUTLOOK
"In the midst of adversity, there is opportunity." - Einstein, Albert
Despite an all-time high vacancy rate, the Lagos Office Market saw a significant infusion of cash in 2021, with investors and developers trying to capitalize on the pandemic's impact on the commercial real estate market by:
1. Redirecting the design and construction of Grade A offices in desirable locations to suit purchasers' and occupiers' flight-to-quality demands.
2. Paying attention to chances in Grade B offices due to the greater scarcity of assets in this category compared to the Grade A segment.
3. Considering a brown discount for older properties that cannot be converted to meet the increased attention on Environmental, Social, and Governance (ESG) criteria, especially since new constructions are built to current ESG standards.
To know more on relevant real estate focus areas in Nigeria, contact us at aabraham@akaa-ng.com and www.akaa-ng.com
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