By: Tijani Salako.
Expert in the built industry has said that the demand for office space in Lagos is experiencing a significant surge, driven primarily by the country’s high inflation rate, the demand for office space will continue, but it will be driven by different needs and expectations, with a focus on flexibility, adaptability, and employee experience.
When businesses want to establish, they look for space as an identity which will aid their credibility and flexibility of the service intended to provide, with the primary goal of maximizing cooperation and creativity collaboration which will shape the workers’ production, invention and unwind for adequate wellbeing as a space is for intellectual convergence will creates an organizational culture, encourage focus, stimulate professionalism growth and a sense of physical brand appearance.
This was disclosed in an exclusive interview with the Managing Director of Fame Oyster & Co, Mr. Olufemi Oyedele who acknowledge that the escalating cost of new properties development has led potential property owners and bidders to opt for leasing and refurbishing existing spaces for office use.
However, the residential supply remains short as urban areas with more mixed-use development won’t be hit as hard as office-driven urban cores and some cities without as many knowledge workers in industries like tech and professional services would see some growth.
The MD of Fame oyster Mr. Oyedele noted that “the type of office spaces that are currently in high demand are open space offices that offer flexibility in design and partitioning. Tenants are attracted to these spaces due to their adaptability to specific needs”.
However, “the rising demand for office space has significant implications for the existing housing deficit in the country, estimated at around 25 million units. As more people move to cities for job opportunities and other greener pasture, then all forms of government need to intensify its efforts in housing provision to address this pressing issue.” He emphasized.
Mr. Oyedele further attributed that the current trend in office demand is to the improved interest in commercial activities in Nigeria, citing Tinubu’s efforts as a contributing factor. “The increase in demand for office and residential spaces is due to the improved interest of commercial activities in Nigeria. President Bola Ahmed Tinubu efforts are now yielding the desired results.”
Despite the prevalence of work-from-home policies since COVID-19, many companies recognize the importance of face-to-face interaction collaboration and innovation that office provide. As businesses adapt to the post pandemic landscape, they are seeking high quality office space that reflect their brand identity and support employee well-being as well as retail and residential space, especially in Lagos that have outsized shares of GDP growth will have been more affected than cities in less mixed-use development.
Meanwhile, the demand for office space will continue to evolve driven by the need for flexibility adaptability and employee experience. Companies are rethinking their office needs and embracing flexible work arrangement that combine remote work in office time. This shift will lead to a more nuanced approach to office space, with companies seeking spaces that support collaboration, innovation, and employee well-being, rather than simply providing a place for employees to work.
