In Nigeria today, the need for office space has been on the rise on the Island. But as a company, you would need to seek the best office space to rent or buy in Lagos Island.
When seeking office space, there are criteria that would make your brand stand out, and these are what you should be looking out for.
Furthermore, if you seek to gain traction from both local and international clients, then you should invest in a good office space – “a beautiful home always sells itself”
In this article, you will see where and how to get the best office space for rent in Lagos Island, their relative costs, and other insightful details.
Why do you need to rent or buy an office space on Lagos Island
There are several reasons why one might need to get an office space, including the need for a dedicated workspace, the desire to create a professional environment for meeting clients, and the requirement to have a physical location for conducting business.
Having a dedicated office space can help to improve focus and productivity, as it provides a separate area for work and allows an individual or team to fully immerse themselves in their tasks without the distractions that can often arise in a home setting.
It can also help to establish a professional image and create a space for conducting meetings with clients or partners.
In addition, having a physical office can be important for certain businesses, particularly those that require face-to-face interactions or the handling of physical products.
Overall, the decision to get an office space will depend on your specific needs and the goals of your business.
What are the types of rent to consider when seeking the best office space for rent in Lagos Island?
There are several different types of rent that may be applicable in different situations. Before seeking the best office space for rent in Lagos Island, you should be knowledgeable about the types of rent that you may pay. And they are:
Gross rent:
This is the total amount that is paid for the use of a property, including any utilities or other services that are provided by the landlord.
The tenant is usually responsible for paying the gross rent in full, without any deductions.
Net rent :
This type of rent is calculated by taking the gross rent and subtracting any utilities or other expenses that are the responsibility of the landlord. The tenant is only responsible for paying the net rent, which is typically lower than the gross rent.
Percentage rent
This type of rent is based on a percentage of the tenant’s gross sales, rather than a fixed amount. The landlord and tenant will typically agree on a certain percentage (e.g. 5%) that will be paid as rent, and the tenant will be responsible for paying this amount based on their sales.
Flat rent
This type of rent is a fixed amount that is paid by the tenant each month, regardless of their sales or other factors. The amount of the rent is agreed upon in advance and does not change unless the landlord and tenant agree to a new amount.
Variable rent
This type of rent is one that can fluctuate based on certain conditions or factors. For example, the rent may be higher during peak seasons and lower during off-peak seasons. The specific terms of the variable rent will be determined by the landlord and tenant.
Step rent
This type of rent is one that increases at regular intervals, typically based on a pre-determined schedule. For example, the rent may start at a certain amount and increase by a certain percentage each year. The specific terms of the step rent will be determined by the landlord and tenant.
Having the knowledge of the types of rent, you would now see other information that you should consider when seeking the best office space for rent in Lagos Island.
What is a normal size office?
A normal office is a space that is typically used for conducting business or working in a professional environment.
It may be a separate room or area within a larger building, or it may be a standalone building that is dedicated to office use.
So, when seeking the best office space for rent in Lagos Island, you should consider the following?
- Adequate lighting and ventilation
- Comfortable furniture, such as desks and chairs
- Adequate space for storing documents and other materials
- Technology and equipment, such as computers, printers, and telephones
- Meeting spaces, such as conference rooms or private offices
- Amenities, such as restrooms, kitchen or break room, and reception area
The specific features and layout of normal office space will vary depending on the needs and preferences of the individual or business using it.
Overall, when seeking the best office space for rent in Lagos Island, you should note that some office spaces may be small and intimate, while others may be large and sprawling.
But the important thing is that the space is functional and conducive to the work that is being done.
Is it better to rent an office or buy it?
Whether it is better to rent or buy an office space will depend on a number of factors, including your business’s financial situation, its growth plans, and the real estate market in your area.
There are advantages and disadvantages to both renting and buying an office space, and the best option for your business will depend on your specific circumstances. Some of the key considerations include:
Cost:
The best office space for rent in Lagos Island will save you more money when compared to buying.
And this is because when renting an office on Lagos Island, you will only pay for the space, and utilities used in that particular space.
However, buying office space can potentially save you money in the long run, as you will be building equity and will not have to pay rent indefinitely.
Flexibility:
Renting office space can provide more flexibility, as you can easily move to a different space if your needs change or if the owner increases the rent.
Buying office space, on the other hand, can provide more stability and control, as you will own the space and will not have to worry about being evicted or having the rent increased.
Growth:
If your business is growing rapidly or if you are unsure about your future needs, renting office space can be a good option, as it will allow you to easily expand or contract your space as needed.
But buying an office space, on the other hand, might be a better option if you are confident in your business’s growth prospects and want to invest in a space that can accommodate that growth.
And at Churchgate, we seek to help you make the best decision when you need the best office for rent on Lagos Island.
Location:
The availability and cost of office space in your area will also play a role in the decision to rent or buy. In some cases, it may be more cost-effective or convenient to rent an office space in a desirable location, while in other cases, it may be more feasible to buy an office space that is not as well-located but offers better value.
Overall, the decision to seek the best office space for rent in Lagos Island will depend on your business’s specific needs and circumstances.
How much does it cost to rent an office on Lagos Island?
The best office space for rent in Lagos Island would cost you at least 4 million naira. Also, the most expensive office spaces in Lagos Island would cost about 96,400,000 naira while the cheapest would be 60,000 naira per annum.
As much as the best office space for rent in Lagos Island is within these ranges, you would also need to seek an agency that would help make your burden easier.
And this is where Churchgate comes in. Over the years, we have catered to so many brands that seek the best office space for rent in Lagos Island, and we do ensure to work with their budget.
Furthermore, the reasons why we have been classified as having the best office space for rent in Lagos Island include:
Tour:
Before we assign any of the best office spaces for rent in Lagos Island to you, we do offer a tour of our various office spaces. And during this period, you would get to see why our office spaces are the best for rent in Lagos Island. To book a tour session with us, you can book a schedule.
Glass edifice:
Most persons who seek the best office space for rent in Lagos Island usually discover that most companies demand payment, without giving quality edifice to their clients. And this is where CHURCHGATE comes in.
At Churchgate, we provide you with buildings that are obtainable in first-world countries. And the prices for this building are kept at levelsprices that our clients can afford.
Furthermore, most of our edifices are made with float glass, and this allows you to connect with the outside world while in your office.
Power supply:
When looking for the best office space for rent in Lagos Island, you should think about the power supply. And this is because it is very essential for business.
At CHURCHGATE, we understand the power situation in the country, and hence we do ensure that those who seek the best office space for rent in Lagos Island from us do get the best.
Parking space:
Another compelling reason why people seek the best office space to rent from us is the ample parking available at our buildings.
Unlike most real estate and office outlet brands, we do take security very seriously, which is why we painstakingly allow a huge space for cars to park.
Provision of satellite and internet:
Finding an area with good satellite and internet connectivity is currently difficult in Nigeria. But this can always be resolved when you seek the best office space for rent in Lagos Island from us.
And this is because before establishing a building in a particular area, we first ensure to check the internet reception in the area with various internet providers. With this, we do eliminate the problem of internet connections with any brand of internet suppliers of your choice.
Are office buildings a good investment in 2022?
Yes, office buildings are a good investment in 2022. And this is because better office space would help you generate higher returns on investment.
Even if you run an online business, most individuals will still require you to have a physical space where meetings can be held. This to them serves as a form of security when they intend to run a business with you.
Conclusion
And as promised, this article has shown you what to consider when seeking the best office space for rent in Lagos island, the type of rent you could agree on, reasons why you need office space, etc.
Furthermore, you also saw how to go about securing a tour with Churchgate for the best office space that you can rent on Lagos Island. And upon conviction, you would definitely get one that would suit your brand.
To give more details, you should also take a peek at the frequently asked questions about the best office space for rent on Lagos Island.
Frequently Asked Questions
How much is an office space in Lekki?
A space for an office in Lekki would cost you about 4.5 million naira per annum, the most expensive is 27,700,000 naira per annum and the cheapest is around 148,000 per annum.
But why bother seeking out the best office for rent in Lagos Island when CHURGATE is there to make your search swift and without stress?
How are spaces for office calculated?
Office space is typically calculated in square feet. This means that the size of an office space is determined by measuring its length and width and then multiplying those dimensions to determine the total number of square feet.
For example, if an office space is 10 feet wide and 20 feet long, the total square footage would be 200 square feet (10 x 20 = 200).
Is it a good time to buy office space?
Whether or not it is a good time to buy office space will depend on a number of factors, including the current state of the real estate market, your business’s financial situation, and your growth plans.
And with the economy of Nigeria, Churchgate still stands strong for you when you need the best office space for rent in Lagos Island, if you cannot afford to buy one.
