NIGERIA REAL ESTATE MARKET REVIEW

The prime office and residential market has remained resilient despite headwinds, as the global economy reels from the pandemic and Russia’s invasion of Ukraine. The extent to which demand can absorb the increasing prime office and residential supply will be revealed over time.

Organisations have debated how work could be done remotely in the wake of COVID-19. managers moving Several unoccupied offices were left to be managed by facilities on and it's official - people are 18 months back into offices, albeit gradually. Hybrid workspaces are being adopted by companies to allow for social distancing separation while also allowing employees to be more flexible. Because of the open design and inherent adaptability, the facilities and talent have found that hybrid work is an ideal platform for future growth.

Office management strategies now have a renewed focus on tenant health and well being. Similarly, the building's working body is a collection of pieces that all contribute to its overall function. Facility managers may now track the peaks and valleys of a building's energy use and gain insight into its inner workings. With talent working from all over the world, offices may have to deploy technology which benefits both the user and the facility. Buildings of the future are going to have to be adaptable and flexible in order to keep up with the changing needs of its occupants. While some businesses will return to office buildings, others will not. Large office space customers are reconsidering their requirements. As a result of the post-Covid-19 reconsideration of office work, investors may need to reprice their assets.

Suburban and coworking real estate markets may become the more favoured investment destinations. Demand for the Grade A office market has been poor as large corporates continue to implement key elements of work-from-home policies.

Small and medium-sized occupiers have returned to the office. The telecommunications, energy, technology, and real estate sectors have continue to drive a demand for office space in Old Ikoyi, Victoria Island, and Lekki Phase 1. Meristem Securities completed their head office- a 6-floor building with a gross area of 2,845sqm in Ikoyi.

The Dreams from the Slum Empowerment Initiative launched a workstation in Ajegunle, Lagos to create access to work equipment for craftsmen while also creating a suitable work environment. It includes 10 workstations, a boardroom, a conference room, a private. office, a meeting room, and an artisan centre.

Suburban and coworking real estate markets may become the more favoured destinations