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  If you run a business in Lagos and you’re thinking about moving or expanding to a new office there, you may wonder where the best location would be to set up.
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Some of the things you’d consider when prospecting for a location for your office would include:
  • Affordability of the space
  • General security
  • Accessibility from most parts of the city, especially for visitors
  • Presence of other businesses, especially the ones you’d like to work with
  • Situated within a recognized business district
These five factors are among the most important to consider. This doesn’t mean that everyone will choose the same places to site their offices. But it does allow businesses to apply these criteria to their own situation as their unique budgets, tastes, and goals will allow. Now that we’ve laid out the footnotes, here are some of the best places to set up an office in Lagos. They are presented in no particular order.

Yaba

Often spoken of as Nigeria’s Silicon Valley, Yaba has become a favourite first home for many startups in Lagos. The famous Cc-Hub, which has incubated several successful tech-driven ventures, is located there. Andela, Hotels.ng and the WAEC National Office are headquartered there too. Office rents in this area range from ₦350,000 to ₦1.6 million per annum.

Ikeja

The administrative capital of Lagos State, Ikeja is also home to numerous companies. One directory lists over 8,000 businesses in the area. Besides its status as the state’s seat of political power, its location—just North East of the Lagos Lagoon –makes it accessible from many parts of the city. It’s not rare to find office rents exceeding ₦2 million per annum in these parts.

Lagos Island

Home to Lagos’ old business district, Lagos Island is still at the heart of commerce in the state. Many of the older generation organizations have retained their headquarters here, and not a few newer ones have decided to set up nearby.
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Thanks to several bridges that link it to the mainland on one end, and to parts of the wider ‘Island’ area, Lagos Island is also accessible from many sections of the city. The average annual office rents are somewhere between ₦1 million and ₦3 million.

Victoria Island

Located just south of Lagos Island, Victoria Island is generally regarded as one of the upscale districts of the state. It also hosts the headquarters of many large Nigerian and multinational firms. Multiple real estate authorities say that this district has the most expensive rents of any part of Lagos State. Agents may present quotes in the ₦10 million per annum range without batting an eyelid. But it pays to be there, especially if you’re a B2B firm seeking clients from among Nigeria’s biggest companies.

Lekki

Lekki is probably the latest of the areas on our list to become a recognized business district. But it’s attracted some really interesting businesses and startups to its enclaves. Some of the companies setting up here have chosen it over Ikoyi and Victoria Island, which they may regard as too expensive. Office spaces in Lekki vary quite considerably. You can find vacant offices going for ₦3 million or more. It all depends on the type and size of the space you’re looking for.

Ikoyi

Ikoyi is just east of Lagos Island and hugs the lagoon to its north. For decades, it’s been the pearl of Lagos, with high-brow residences and top companies located there. Google, McKinsey, Coca-Cola, Sage, Seplat, and Sahara Energy all have their headquarters there (just to name a few). Rents hovering around the ₦4 million mark appear to be the norm in Ikoyi.

Final Words

You don’t need to set up your office in the locations covered in this article. Your choice should depend on what your business does, and whether it ought to be accessible by the people you serve. However, a large segment of would-be companies may benefit from being sited in one of the regions we’ve discussed here. Featured Image Source: Instant Offices
Got a suggestion? Contact us: editor@connectnigeria.com
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This article was first published on 2nd June 2021

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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