Sustainable Features in Commercial Real Estate in Nigeria

Abstract

Sustainable features are gradually becoming important considerations by commercial real estate users. This is because of their considered impact in reducing operating costs and potential at reducing the negative impacts of buildings on human health and the natural environment. This chapter sought to examine the demands for sustainable features by users of commercial real estate like offices in Lagos State, Nigeria. It also evaluated the factors influencing demand for them to achieve value for money and enhance real estate investment decisions. The quantitative research methodology was adopted, and primary data were collected via questionnaires distributed to 134 purposively selected estate surveying firms in the study area. Ninety-five representing (70.9%) were returned and found useable and were analysed with the aid of descriptive statistics of percentages, mean and relative willingness index. The study found that power/energy-saving features are in high demand as alternatives to the epileptic nature of power supply in the country. The study recommended the need for the government to encourage the adoption and incorporation of locally made sustainable features in commercial real estate and to subsidise them for use in the Lagos commercial real estate market. Thus, it is concluded that with the right environment created by policy makers, sustainable features in buildings have huge potentials to contribute to prevent environmental problems in an emerging commercial real estate market like Nigeria.

Citation

Oladokun, T.T. and Shiyanbola, R.E. (2021), "Sustainable Features in Commercial Real Estate in Nigeria", Abdulai, R.T. and Baffour Awuah, K.G. (Ed.) Sustainable Real Estate in the Developing World, Emerald Publishing Limited, Leeds, pp. 39-52. https://doi.org/10.1108/978-1-83867-837-120211003