– Lagos rent growth 22 to 35 percent vs wages 8 to 14 percent, 2024 to early 2025. Positive spread 10 to 25 points
– Ikoyi up 30 to 45 percent, VI 25 to 40 percent, Lekki 20 to 35 percent, Yaba 15 to 25 percent, Ikeja GRA 20 to 30 percent
– Nigeria CPI 28 to 31 percent late 2024, FX 1,200 to 1,600 per USD, power opex adds 3 to 7 percent to annual occupancy cost
– Nairobi rents 10 to 16 percent vs wages 7 to 10 percent, Accra 15 to 22 vs 8 to 11, Cairo mixed, Johannesburg negative spread
– Lagos prime vacancy 5 to 8 percent, renewals 82 to 88 percent, net yields 4 to 6 percent
– Base case 2025 Lagos rent growth 12 to 18 percent, upside 18 to 25, downside 6 to 10
– OrionSky reduces leakage by 50 to 100 basis points through opex procurement and standardised FX clauses
African Cities Where Rent is Rising Faster Than Wages
