Office Space for Rent in Victoria Island

Grade A office space in Victoria Island rents from ₦120,000 to ₦450,000 per square metre per annum. Prime Grade A offices off Adeola Odeku and Sanusi Fafunwa command ₦250,000–₦450,000/sqm/annum. Serviced offices rent from $350 per sqm per annum. Prime Grade A office rents in VI and Ikoyi have stabilised at a minimum of $55 per sqm monthly — approximately $660 per sqm annually. Premium newly delivered buildings with superior infrastructure, reliable power and strong multinational tenant demand command $100–$400 per sqm annually.

Prime office occupancy in Victoria Island remains robust at 83 percent, according to Q1 2026 market data. Several office towers in Victoria Island and Ikoyi maintained near-full occupancy despite economic disruptions over the past two years. The resilience is driven by multinational occupiers in consulting, professional services, aviation and energy sectors, whose long-term lease commitments and operational requirements make relocation costly.

Grade A offices are purpose-built commercial towers with modern lifts, central air conditioning, reliable power (generator and/or IPP), ample parking, professional facilities management, and strong security. They command premium rents and sustain high occupancy. Grade B offices are older buildings, often converted from residential use, with less reliable infrastructure. Vacancy across Grade B office stock in Lagos is estimated at 36 percent, reflecting prolonged oversupply and changing tenant priorities.

Yes. We have serviced office spaces in Victoria Island ranging from 150 sqm to 1,335 sqm. Serviced office rates range from $350 per sqm per annum for premium fully-managed workspaces. Executive suites and co-working desks are also available from ₦140,000 per month. Serviced offices typically include 24/7 power, high-speed internet, professional reception, cleaning and security. Ideal for businesses seeking a prestigious and fully managed workspace.

Adeola Odeku and Akin Adesola anchor the prime commercial corridor with the highest concentration of Grade A towers. Sanusi Fafunwa, Ozumba Mbadiwe and Ligali Ayorinde offer premium office space with strong accessibility. Ajose Adeogun and Adeola Hopewell are established corporate addresses. Oniru offers good value with office space from ₦110,000/sqm. Water Corporation Drive and Victoria Island Extension are emerging commercial nodes with competitive rents.

Yes. We offer flexible office solutions including serviced offices with rolling monthly terms, co-working desks, executive suites and short-let office space. For standard leases, fit-out periods of up to 90 days are often available before lease commencement. Long lease terms of 5–10 years are common for Grade A towers, with some landlords offering concessionary terms for anchor tenants.

Service charges vary by building and facilities. Grade A office service charges typically range from ₦15,000 to ₦70,000 per sqm per annum. For a 150 sqm ground-floor office, service charge is around ₦6 million per annum. For a 312 sqm office in Oniru, service charge is ₦70,000 per sqm — approximately ₦21.8 million per annum. Utilities and energy are often estimated separately, typically ₦90,000 per sqm. Always confirm what the service charge covers — diesel, power, cleaning and security are common inclusions.