By Ejiofor Toochi
Edited by Sunkanmi Adewunmi
Recent market data shows that Ikeja is steadily strengthening its position as one of Lagos’ most competitive zones for prime office spaces.
While areas like Victoria Island and Ikoyi traditionally dominate commercial real estate, new figures reveal that Ikeja is quietly catching up and outperforming. According to data from Knight Frank’s Lagos Market Update, overall occupancy for Grade-A offices in Lagos rose from 65% to 73% in the first half of 2025. While this figure represents the wider Lagos market, the data highlights Ikeja as a significant contributor to this growth.
A major driver of Ikeja’s improved performance is the addition of new premium-grade buildings. One of the standout developments is the recently completed Phoenix Office Park, located at Mobolaji Bank Anthony Way, Ikeja. Despite the economic pressures affecting many businesses, the project achieved healthy take-up rates, underscoring that occupiers are prioritizing high-quality office space.
Companies are increasingly opting for newer, better-equipped buildings rather than older office stock, especially as workplace expectations evolve. For Ikeja, this shift places it in a favourable position: it offers access, modern infrastructure, and relative affordability compared to premium Island districts.
Ikeja’s strategic location is also contributing to its rising appeal. Its proximity to the local and international airports, major road networks, Alausa CBD, technology hubs like Computer Village, and a growing number of corporate headquarters make it a practical choice for businesses seeking efficiency without the higher rental costs on the Island.
Traditional long-term leasing structures remain dominant in Ikeja’s commercial hubs, despite the rising popularity of flexible workspace solutions. With new developments underway and rising interest in office occupancy, Ikeja is shaping up to be one of the most attractive office destinations in Lagos.
