Willco | Our Stats & Figures
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Key stats and figures

NigeriaAfrica's Largest Economy
3203

Nigeria's GDP PER CAPITA

NIGERIA’S POPULATION: 172 MILLION (largest in Africa) 

FM FACTS  – Corrective Maintenance (Corrective maintenance is any maintenance performed to return your equipment to proper working order. This maintenance is required due to a breakdown or through a condition monitoring program) costs 3 to 5 times more than Preventive Maintenance (Preventative maintenance (or preventive maintenance) is maintenance that is regularly performed on a piece of equipment to lessen the likelihood of it failing. Preventative maintenance is performed while the equipment is still working, so that it does not break down unexpectedly.)

  • Measurement and verification through meters can result in savings of about 15-45% on energy and water consumption costs

  • Sustainable Facility Management is the future

Retail Statistics

LAGOS

ABUJA

11

Number Of Malls

8

Number Of Malls

20000

AVERAGE TOTAL SQM/MALL

20000

AVERAGE TOTAL SQM/MALL

68

AVERAGE ASKING RENTAL (Sqm/month)

55

AVERAGE ASKING RENTAL (Sqm/month)

COMMERCIAL STATISTICS

  1. Victoria Island is considered as the New Central Business District of Lagos, with the lowest vacancy in the property market

  2. Increased supply in new Grade A office space leading to a downward pressure on rents by 4%

  3.  Over this period, Victoria Island supplied 53,912 sq.m of purpose-built office space which makes up 64% of office space supplied into the market and it has a market share for new purpose-built office buildings at 70%. Regarding mixed-use space, it supplied an estimated 17,404 sq.m of mixed-use space into the market which makes up 69% of mixed-use space and has a market share of 67% for new mixed-use buildings.

  4. Similarly, Ikoyi supplied 30,600 sq.m of purpose-built office spaces which equated to 36% of office spaces supplied and it has a market share for new buildings at 30%. Regarding mixed-use space, it supplied an estimated 8,000 sq.m of mixed-use space into the market which makes up of 32% of mixed-use space and has a market share of 33% for new mixed-use buildings.

RESIDENTIAL STATISTICS

4.2

VFIX up from 165

VFIX up 4.2% from 165 in march to 172 in June 2016, A lagging indicator - yet to respond to policy changes.
65

Vacancy rate in Lekki

Lekki has the highest vacancy rate at 65%, the Ikoyi bridge being a major catalyst leading to excess development .
7

Rising Residential index

Residential index rose by 6.8% q-o-q, commercial index remained flat at 148. This reflects a slowed but continued deterioration in the real estate market.

NEW GRADE A OFFICE DEV IN LAGOS (2016) (SQM)

  • Ikoyi 30600sqm

  • Victoria Island 54000sqm

  • Victoria Island 13500sqm

  • Ikoyi 8000sqm

MIXED USE DEV