Lagos has earned itself a position among the top destination for Fortune 500 companies seeking expansion in the Middle East and African (MEA) territories. Overall, there was a 17% increase in the number of companies in MEA in 2016 compared to 2015, with Johannesburg and Lagos being the leading destinations for Africa and West Africa respectively. This means Fortune 500 companies are actively seeking new markets to expand into.
A new report released by Infomineo, a global business research company specialising in Africa and the Middle East, indicates that the region has become increasingly important for the majority of global Fortune 500 countries. Typically Fortune 500 companies lease or buy Grade A office spaces.
The key features of Grade A office spaces include the following:
1. A landmark status or central business location
2. Good accessibility and adequate car parking
3. A modern BMS(Building Management System)to control access and security, fire, life safety and other building services
4. Provision of multiple power sources to ensure a constant power supply in the event of a local power grid failure
5. Provision of a raised floor with a minimum clear service zone of 90mm
6. Environmental Standards (AD) to achieve one of LEED Gold Standard BREEAM(Building Research Establishment Environmental Assessment Method) Standard, with a Very Good point mark.
7. The quality of build and minimum structural loading floor capacities for each office floor level with an area allocated for high loading levels on each floor.
The future prospects for Grade A spaces appear bright, and a number of office buildings including the international award-winning Nestoil Tower, standing tall in this regard. This Grade A building is a one-of-a-kind mixed-use development, strategically located at the intersection of two major business roads – Akin Adesola Street and Saka Tinubu Street- in Victoria Island Lagos, with a panoramic view of the Eko Atlantic City and the Atlantic Ocean. The development is targeted at dynamic businesses, multi-national industries, financial institutions that require top brand positioning and desire to be at the very heart of their target market. Sitting on a land size of 3900sqm on 15 floors, the Nestoil Tower is an iconic structure with 9904 leasable commercial spaces and 23 residential apartments to provide a flexible accommodation to occupiers.
With the likes of Nest Oil Towers, Heritage Offices, The Wings, Nipost Tower, Temple Towers and a handful of both grade A and B offices coming into the market, we can say that Lagos is getting ready for the influx of Fortune 500 companies notwithstanding the current challenging times in the office market.
Looking to develop, list or lease a Grade A office space in Lagos? Talk to us
Call David Mbah 08096000021