National Retail Base Rents & Incidentals in Nigeria

National Retail Base Rents & Incidentals in Nigeria

Amidst Covid-19 and its aftermath effects (positive and negative) on real estate, the activity of essential retailers and e-commerce is helping a portion of retail real estates to deliver expected growths and returns; counter balancing the negative impacts of Covid-19 on nonessential retail businesses on the overall sector’s outlook.

In an attempt to solve supply chain challenges, demand for retail space across major cities and suburbs in Nigeria is on the rise; resulting into a steady rise of retail base rents and incidentals within the property markets. Transaction evidence across Nigeria major cities and suburbs put retail base rent and incidentals at $215.40/sqm and $407.80/sqm for the year 2020 and Q1, 2021 (akinABRAHAM & ASSOCIATES 2021). Location-by-location information on concluded transactions for same revealed Lagos at $207.71/sqm & $407.37/sqm, Abuja at $250.93/sqm & $354.49/sqm and Port Harcourt at $190.09/sqm & $491.07/sqm.

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