The Lekki Free Trade Zone has recorded notable growth in its office market, with completed office stock reaching 23,182 square metres and an additional 45,100 square metres currently under development.

Nairametrics reported that this was revealed in a recent Estate Intel report titled The Future of Workspaces in Lekki Free Trade Zone, which highlighted the gradual transformation of the area from a predominantly industrial hub into a more diversified business environment.

According to the report, while manufacturing and logistics remain the dominant activities within the corridor, the zone is increasingly attracting office developments designed to support administrative, operational and service-related functions.

The Lekki Free Trade Zone, which spans parts of Ibeju-Lekki and Epe, continues to strengthen its position as a long-term industrial and commercial destination in Lagos.

The report noted that the zone, traditionally known for industrial and logistics operations, is gradually evolving into a mixed-use business environment where office developments are becoming increasingly prominent.

“Estate Intel has recently noticed an increase in the development of office spaces within the Free Trade Zone. Estate Intel’s data shows that approximately 23,182 sqm of office space has been completed, while more than 45,100 sqm remains in the development pipeline,” the report read in part.

Estate Intel explained that demand for office space is increasingly being driven by companies operating within the zone that require administrative and support functions close to their production and operational facilities rather than maintaining standalone corporate headquarters elsewhere.

The report observed that logistics firms, manufacturers and service providers are spearheading this trend as businesses seek greater efficiency by locating back-office functions near production and distribution centres.

It further stated that the concentration of businesses within the zone is expected to attract professional service firms such as legal, financial and consultancy companies over time.

Although the corridor remains largely industrial in nature, the expanding office development pipeline signals an emerging structural shift, with developers positioning themselves to benefit from anticipated long-term demand linked to the growth of ports, manufacturing activities and logistics services.

Several developments across the corridor underscore the growing office footprint within the Lekki Free Trade Zone.

One of the notable completed projects is Irele Tower, located within the Lagos Free Zone. The Grade B+ mixed-use development provides approximately 8,500 square metres of office and retail space. Developed by Tolaram Group, the facility features retail outlets, CCTV surveillance systems, access control measures and a rooftop cafeteria.

In Alaro City, Lekton Towers has been proposed as a mixed-use development offering approximately 5,600 square metres of leasable space. The project combines office, residential and retail components.

Also situated in Alaro City, the proposed Shamballa development stands as the largest project currently in the pipeline. It is expected to deliver approximately 39,500 square metres of Grade A+ office space and will feature conference facilities, retail areas, parking spaces and sustainability-focused elements, including LEED Platinum certification and net-zero operations.

In addition, the Lekki Free Zone Development Company completed a 10,013-square-metre office and retail project in late 2025, adding significantly to the corridor’s commercial property inventory.

Beyond the Lekki Free Trade Zone, Lagos is expected to add 94,931 square metres of prime office space between 2025 and 2027 through ten major developments, according to Knight Frank’s Lagos Market Update H2 2024.

Of the projected total, 77,570 square metres is expected to be delivered in 2025, while the remaining 17,361 square metres is scheduled for completion in 2027.

Key office developments in Ikoyi include Ulesh Ikoyi, which will provide 16,390 square metres of space, Dangote Industries Headquarters with 17,000 square metres, and The Pantheon with 8,160 square metres, among other projects.

In Victoria Island, Harbour Point Towers is expected to contribute 20,000 square metres of office space, while The Phoenix in Ikeja will add another 8,000 square metres to Lagos’ office market.

Knight Frank’s Africa Offices Market Dashboard H1 2025 also identified completed developments such as Pantheon Tower and Phoenix Office Park as important additions to Lagos’ growing premium office stock.

The report further showed that Lagos maintained its position as Africa’s most expensive prime office market during the first half of 2025, with rental rates averaging $55 per square metre per month. This placed the city ahead of Abuja, Cairo and Lusaka.

Occupancy levels in Lagos’ prime office market also improved during the period. Occupancy rates in Ikoyi rose to 91 per cent in the first half of 2025, while overall prime office occupancy increased to 73 per cent.

Hybrid work adoption stood at 31 per cent, although the majority of organisations continued to require employees to work fully on-site.

Prime office rents eased marginally from $56 to $55 per square metre, reflecting landlords’ efforts to maintain strong occupancy levels and retain tenants amid evolving market conditions.