School of Environmental Technology (SET)

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School of Environmental Technology (SET)

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Start date: 2020Subject: search.filters.subject.Commercial Property

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    Examination of Rental Default by Commercial Property Occupiers in Minna, Niger State, Nigeria
    (2022) Zainab Adetoro Folorunso; Rukaiyat Adeola Ogunbajo
    The effect of rental defaults by commercial property occupiers cannot be overemphasised, as the rate of default is increasing at an alarming rate. Rental default arises when occupiers of commercial properties fail to carry out their obligation of fulfilling the financial requirements as when due. This phenomenon has led to several issues on the part of the property managers and property owners, including delays in mortgage payments, poor maintenance, and a host of other problems. This study investigates the prevalence of rent defaults among owners of commercial property in Minna, Niger state, to stop this unsightly occurrence of rental default and related attendance concerns in commercial buildings. This is done to give property owners in the study region more authority over their decisions. The study used a survey methodology in which 311 residents of 38 purpose-built retail complexes (PBSC) received questionnaires via simple random distribution. The received data was examined using percentage and frequency distribution. The results depicts that 52% of the respondent pay their rents as at when do and 48% defaults in the in payment, this shows that the rent default amongst tenants of PBSC in study area is fair.
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    Potential Impact of Smart Building Elements on Commercial Property Investments in Lagos State, Nigeria
    (FEDERAL UNIVERSITY OF TECHNOLOGY, MINNA, 2024) Joy E. Omoare; Unekwu J. Adama; Namnso B. Udoekanem; Rukaiyat A. Ogunbajo
    The impact of smart building elements on commercial property investment in recent years including the landscape of real estate investment has undergone significant transformation across the globe, particularly in emerging economies such as Nigeria. This study explores the potential effect of Smart Building Elements (SBEs) on commercial property investment in Nigeria, as the global narrative of real estate investment has been progressively influenced by the Fourth Industrial Revolution Technologies (Industry 4.0), particularly through the integration of (SBEs). In developed regions like the United States, evidence in literature suggests that investors are securing higher premiums in rents and transaction prices by incorporating technologies such as the smart building elements which include sensors, smart meters, smart security cameras, smart thermostats and smart lighting systems into commercial properties. SBEs address the complex demands of commercial spaces which include enhanced comfort, improved accessibility, heightened security, and efficient energy management. The study methodology is based on a review of published articles in peer-reviewed journals and conferences, accessed from online search engines including Google scholar, ResearchGate and Scispace. Results show SBEs facilitate predictive maintenance, enhance space utilization, achieve significant returns on investment, increase tenant satisfaction and retention. Notably, stakeholders (investors, facility managers and tenants) in the real estate sector are aware and accept SBEs. Nevertheless, predominant literature did not capture the tangible economic impact and the operational benefits SBEs can deliver in Lagos state, Nigeria. This research gap underscores a critical need for in-depth empirical study on how SBEs specifically affect commercial property investment outcomes in Lagos state, Nigeria.