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

Number Of Malls

20000

AVERAGE TOTAL SQM/MALL

20000

AVERAGE TOTAL SQM/MALL

AVERAGE ASKING RENTAL (Sqm/month)

COMMERCIAL STATISTICS

Victoria Island is considered as the New Central Business District of Lagos, with the lowest vacancy in the property market
Increased supply in new Grade A office space leading to a downward pressure on rents by 4%
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.
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.

Vacancy rate in Lekki

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

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