Victoria Island is still the address most Lagos businesses want on their letterhead. Banks, law firms, oil and gas companies, embassies and tech teams all compete for space here, and that competition shows up in the price. If you are budgeting for an office in VI in 2026, this guide shows what landlords are actually asking right now, based on the office listings CW Real Estate is marketing this quarter.

How office rent is quoted in Victoria Island

Most office space in Victoria Island is priced per square metre, and the figure is for one year of rent. A quote of ₦150,000 per sqm on a 200 sqm floor means ₦30 million a year in rent. Whole buildings and standalone properties are usually priced as a single figure per year instead.

The better Grade A towers often quote in US dollars per square metre. Smaller and older buildings quote in naira. Always confirm which currency you will pay in and what exchange rate applies, because it changes your real cost a lot over a two or three year lease.

What landlords are asking in 2026

These are asking rents on the Victoria Island office listings CW is marketing this quarter. Final rents are often negotiated down, so treat them as a starting point.

Grade A offices priced in dollars: $200 to $450 per sqm. Most premium floors sit around $300 per sqm, with the newest towers on the main corridors at the top of the range.

Offices priced in naira: ₦100,000 to ₦250,000 per sqm. The typical asking rent is about ₦150,000 per sqm. Serviced and newer buildings start around ₦120,000 to ₦220,000 per sqm.

Whole commercial buildings: ₦35 million to ₦240 million a year. Detached commercial properties that suit a company head office or a bank branch commonly ask ₦85 million to ₦100 million a year.

For comparison, Grade A space in neighbouring Ikoyi is asking $600 to $700 per sqm on our current listings, so VI is still the better value of the two for dollar-priced space.

What pushes the price up or down

Building grade. Grade A buildings have steady power, modern lifts, central cooling, good parking and professional facility management. That is most of what you pay extra for.

The street. Addresses on Adeola Odeku, Ahmadu Bello Way, Akin Adesola and the streets around them command more than inner streets with heavier traffic and less parking.

Floor and size. Higher floors with views cost more. Very small units can cost more per sqm than a full floor.

Service charge. The service charge covers diesel, security, cleaning and maintenance, and in VI it can add a meaningful amount on top of rent. It is quoted separately, so always ask for it before you compare two buildings.

A quick budget example

Say you need 150 sqm for a team of 20 to 25 people. At ₦150,000 per sqm, the rent is ₦22.5 million a year. Add the service charge, and in your first year the agency and legal fees, and your real first-year cost is well above the headline rent. Landlords in Lagos also commonly ask for one or two years upfront, so plan your cash flow for that.

How to get the best deal

Ask for the service charge and what it includes before you inspect.

Compare the total cost per sqm, not just the rent.

Negotiate a rent-free period for fit-out. Two to three months is a reasonable ask on a longer lease.

Ask for a cap on yearly rent increases and a clear renewal option.

If the space is priced in dollars, agree the exchange rate method in writing.

Find your office in Victoria Island

CW Commercial has Grade A floors, serviced offices and whole buildings across Victoria Island, Ikoyi, Lekki and Eko Atlantic. Browse current office listings at cwlagos.com/commercial, or talk to Nadi, Jennifer or Itohan, our commercial specialists, for a shortlist that fits your size and budget.