We are now in Q3 and Broll Nigeria has released its Office and Retail Quarterly reports for Q2. Each report includes an Economic Overview, Real Estate Overview, Major Shifts and Transactions section as well as an Outlook, where we discuss all relevant matters that occurred during the quarter.
In the office sector, we saw that investments into the sector are not limited to international interests. The Nigerian Sovereign Investment Authority (NSIA) recently released their flagship annual report with a strong focus on real estate investments. Furthermore, looking forward to the next quarter and beyond development completions will begin to rise sharply. In Q3/Q4 a few properties including Rose of Sharon Tower, Civic Center Tower, NIPOST Towers, Kanti Tower and Landmark Tower (90% leased) in Victoria Island will be nearing completion or coming on the market.
In the retail sector, Q2 saw a lot of activity recorded in Lagos, with Ikeja City Mall seeing the most transactions as 3 new
retailers signed leases for space in the mall. The retail development pipeline is also very strong across
the country and there is currently over 200,000m2 of space under
construction, mainly concentrated in the Southern regions of the country. In one of the new malls under development we are expecting luxury global brands like Versace, Armani Jeans, Swarovski and more.
Have a look at the report for more information! To get a copy please see the Downloads tab on the Broll website.
The research team is committed to fostering transparency in local real estate markets. We hope you enjoy the reports. For more information contact Nnenna Alintah on research@broll.com.ng.
