Victoria Island (VI) is a trophy-tier Lagos submarket with average asking rent around ₦100,000/sqm/mo · ≈ $74.7 PSF/yr USD.

  • Average asking rent: ₦100,000/sqm/mo · ≈ $74.7 PSF/yr USD.
  • Tier: trophy.
  • Citywide Class A rent context: ₦80,000/sqm/mo · ≈ $59.8 PSF/yr USD ($60 USD).
  • Citywide vacancy: 17.6% — submarket-level availability is typically tighter at trophy tier.

Victoria Island (VI), Lagos office rents and availability

Victoria Island (VI) is a trophy-tier Lagos submarket with average asking rent around ₦100,000/sqm/mo · ≈ $74.7 PSF/yr USD.

TL;DR

  • Average asking rent: ₦100,000/sqm/mo · ≈ $74.7 PSF/yr USD.
  • Tier: trophy.
  • Citywide Class A rent context: ₦80,000/sqm/mo · ≈ $59.8 PSF/yr USD ($60 USD).
  • Citywide vacancy: 17.6% — submarket-level availability is typically tighter at trophy tier.

Where rent sits

Victoria Island (VI) averages around ₦100,000/sqm/mo · ≈ $74.7 PSF/yr USD for Class A, against a citywide Class A index of 80000. As a trophy submarket, rent runs above the city average and availability is structurally tight.

Availability dynamics

Lagos's trophy financial core. Banking, oil and gas (Oando, others), professional services, multinational HQs.

Key facts

cityLagos
submarketVictoria Island (VI)
tiertrophy
averageRentLocal₦100,000/sqm/mo · ≈ $74.7 PSF/yr USD
cityClassARentUsd$60/sqft/yr
cityVacancyPct17.6%

Frequently asked questions

What is the average Class A rent in Victoria Island (VI), Lagos?
Around ₦100,000/sqm/mo · ≈ $74.7 PSF/yr USD. The citywide Class A index sits at ₦80,000/sqm/mo · ≈ $59.8 PSF/yr USD.

Related

Editorial provenance

Reviewed by Samuel Okafor — EMEA contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.

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