The Lekki Free Trade Zone (LFTZ) has recorded significant growth in its office market, with completed office stock rising to 23,182 square metres and an additional 45,100 square metres currently under development.
This was disclosed in a recent Estate Intel report titled The Future of Workspaces in Lekki Free Trade Zone, which highlights the area's gradual transformation from a predominantly industrial corridor into a mixed-use business hub.
According to the report, while manufacturing and logistics remain the dominant activities within the zone, there is increasing demand for office developments to support administrative, operational, and professional service functions.
The Lekki Free Trade Zone, which spans parts of Ibeju-Lekki and Epe, continues to strengthen its position as one of Lagos State's key industrial and commercial growth corridors.
Rising Demand for Office Developments
The report noted that the increasing presence of businesses within the zone is driving demand for office accommodation located close to industrial and logistics facilities.
«“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.»
According to the report, demand is being fuelled primarily by companies seeking proximity-based administrative and support facilities rather than traditional standalone corporate headquarters.
Manufacturers, logistics operators, and service providers are increasingly locating back-office operations near production and distribution centres to improve efficiency and reduce operational costs.
Estate Intel also projected that this clustering effect could attract legal, financial, consulting, and other professional service firms to the corridor over time.
Although the zone remains largely industrial in character, the growing office development pipeline points to an emerging structural shift as developers position themselves ahead of expected demand linked to manufacturing, logistics, and port-related activities.
Key Projects Driving Growth
Several major projects are contributing to the expanding office market within the Lekki Free Trade Zone corridor.
Among completed developments is Irele Tower, located within the Lagos Free Zone. Developed by Tolaram Group, the Grade B+ mixed-use project provides approximately 8,500 square metres of office and retail space and features retail outlets, CCTV surveillance, access control systems, and a rooftop cafeteria.
In Alaro City, Lekton Towers is planned as a mixed-use development offering approximately 5,600 square metres of leasable space across office, residential, and retail segments.
Another major development within Alaro City is Shamballa, currently the largest project in the pipeline. The proposed development will provide approximately 39,500 square metres of Grade A+ office space and is expected to feature conference facilities, retail outlets, parking infrastructure, LEED Platinum certification, and net-zero operational standards.
Additionally, the Lekki Free Zone Development Company completed a 10,013-square-metre office and retail complex in late 2025, further increasing the commercial stock available within the corridor.
Lagos Office Market Set for Further Expansion
Beyond the Lekki Free Trade Zone, Lagos is expected to witness substantial growth in premium office space over the next few years.
According to Knight Frank's Lagos Market Update H2 2024, the city is projected to add 94,931 square metres of prime office space between 2025 and 2027 through ten major developments.
Of the total projected supply, 77,570 square metres is expected to be delivered in 2025, while 17,361 square metres is scheduled for completion in 2027.
Notable projects include Ulesh Ikoyi (16,390 square metres), Dangote Industries Headquarters (17,000 square metres), and The Pantheon (8,160 square metres) in Ikoyi. In Victoria Island, Harbour Point Towers is expected to contribute 20,000 square metres, while The Phoenix in Ikeja will add another 8,000 square metres.
Knight Frank's Africa Offices Market Dashboard H1 2025 also identified completed developments such as Pantheon Tower and Phoenix Office Park as key additions to Lagos' premium office inventory.
The report further showed that Lagos remained Africa's most expensive prime office market in the first half of 2025, commanding average rents of $55 per square metre per month, ahead of Abuja, Cairo, and Lusaka.
Occupancy levels in prime office locations also improved during the period, with Ikoyi recording occupancy of 91 percent, while overall prime office occupancy across Lagos rose to 73 percent.
Although hybrid work adoption reached 31 percent, the majority of firms continued to require employees to work on-site. Prime office rents eased slightly from $56 to $55 per square metre, reflecting efforts by landlords to maintain occupancy levels in an increasingly competitive market.
The continued expansion of office developments within the Lekki Free Trade Zone reflects growing investor confidence in the corridor's long-term prospects and underscores its emergence as one of Nigeria's most important industrial and commercial growth centres.