Lagos, Commercial Property Market Outlook, Winter 2016/17
Cluttons has released its Lagos Commercial Property Market Outlook report for winter 2016/17.
For the country’s business and commercial hub Lagos, the impact of the economic turbulence has manifested itself in the form of a stalling rate of completions and a dramatic slowdown in overall transactional activity, while rents slide at an unprecedented rate.
Away from the office sector, the market which has seen the greatest impact from the changes in the foreign exchange policy of the country has been the retail sector, with landlords, retailers and consumers being squeezed by the debilitating economic conditions.
A bright spot in the city’s commercial sector has been the industrial market, which has remained fairly resilient in the face of a deteriorating economic environment. In fact, warehouse rents in all of the 16 submarkets we monitor have recorded no change in rents over the last 6 months, underpinned by the chronic lack of new supply in this segment of the commercial market.
Further detail is presented in the report, download now.