Lagos sees robust demand for premium office space
LAGOS has joined global cities with strong demand for office space amid vibrant corporate activity and expansion of middle-class households.
The commercial capital like other world’s leading cities is providing occupiers with premium Grade ‘A’ office accommodation. International standards being achieved in current developments in Lagos, arguably match those to be found in New York, London, Paris, Johannesburg, Singapore and Hong Kong. The occupation and utilisation of office accommodation in the metropolis, no longer implies a compromise on standards.
To qualify as Grade A, a building should meet the following fundamental criteria: Not older than 10 years or competitively refurbished; prime location; high quality modern finishes; modern air-conditioning infrastructure, sufficient on-site parking; adequate elevator and internal infrastructure; efficient expansive floor plates low common area ratios; professional operating and management standards.
Whilst the offering of additional facilities or green credentials may further enhance desirability, failure to meet with most of the above criteria will negate a buildings claim to being Grade A.
In Lagos, over the past three to five years, new classes of buildings have emerged that portray these key characteristics. Located mainly in the Lagos Island areas of Victoria Island and Ikoyi, several of these buildings boast of possessing a number of the inherent traits true to class ‘A’ office infrastructures – from completed projects such as NIPOST, Standard Chartered Tower, Civic Tower in the Victoria Island area, to the up and coming Heritage Place, Lakepoint Tower, and Kingsway Towers developments in Ikoyi. These projects portray some of the key characteristics for class A buildings listed above namely prime location, modern finishes, adequate infrastructure such as air conditioning and elevators, as well as expansive, divisible floor plans with low common area ratios.
Globally, Grade ‘A’ buildings command premium rentals, reflective of the costs associated with meeting these international standards. In a business environment where there is pressure on costs and corporate leadership is focused on reducing overhead, one could well ask how any company can justify the move to a premier and apparently expensive facility? The answer lies in the efficiency, sustainability and competitive advantage which only a Grade A facility can deliver.
Workplace strategies and innovative design now widely adopted across the world result in an effective space utilisation of less than 10square metres per person. This integrated work environment demands the support of adequate building utilities and services including elevators, air-conditioners and facility management systems, catered for in modern Grade ‘A’ buildings.
With these occupation efficiencies, tenants will benefit from a reduction in required rentable area. Add to this the savings on monthly operating costs which a modern facility offers and tenants should expect to see an overall reduction in the occupancy costs for a Grade A facilities when compared with an older, inefficient and operationally expensive building.
A company’s ability to attract and retain human talent is a critical contributor to its success. Work environment is an increasingly important factor in talent attraction and retention. Location, parking, and a modern, light, efficient and healthy work environment are all contributors in ensuring competitive advantage, the benefits of which are only now being taken into account when evaluating the value offered by a modern facility.
The effective cost savings, ability to attract talent and numerous other contributions which a Grade A building will deliver to your business are well tested in the leading cities of the world. The good news for Lagos is that these opportunities are now available to corporates. One particular development that epitomizes class A office standards is the Wings Development in Victoria Island.
The Wings development will redefine the office environment for corporate tenants in the West African market. “Amongst all the other features, we are installing the most sophisticated building management system available which will optimise energy consumption and ensure a fully coordinated environment at all times.
“It will also manage a state of the art security system, the likes of which has yet to be seen in any commercial building. This takes ‘ease of occupation and cost efficiency’ to a completely new level for the first time.”
“At the business end of Ozumba Mbadiwe, we have a location that combines a recently upgraded major road and the waterways of Five Cowrie Creek; a perfect setting that enables two modes of transportation to access this international quality / class ‘A’ building with the best parking allocation for an office building in Lagos and an extensive jetty which goes a long way to alleviating congestion and inconvenience. Once on the premises, tenants and visitors will be able to enjoy three different food offerings, two recreational areas and a top drawer banking facility. Our leasing agents, JLL and Estate links affirm that as a package, this stands alone in Nigeria”
Located on Ozumba Mbadiwe on the one side, with excellent waterfront views across the Lagos Lagoon on the other, Wings Towers is an iconic building which when completed third quarter of 2016, will comprise of 27000m2 across two towers with 12 floors each. This building offers a 700-bay podium parking, with a rate of around 3 bays per 100m2 of lettable area – a first in Nigeria. Given the major