Management Of Commercial Properties In Nigeria
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Management Of Commercial Properties In Nigeria
Chapter one
INTRODUCTION
The drastic fall in the number of commercial properties in Nigeria reflects the country’s state of decline. The failure of the same commercial properties in Nigeria did not deter future investment in the development of commercial properties in Nigeria.
Clearly, the “big” names suited the needs of the entire Awka metropolis when few investors saw the development of commercial assets (shopping malls) as a worthy task and the concept of a Central Business District was held in high regard.
Recently, management has been a difficult concept to grasp for real estate, especially when such developments are under use by the owners. The first main barrier to commercial property management is a shortage of educated professionals.
Maintenance is a critical part of property management since it ensures a property’s physical life span. In order for a property to last for a long time and not become economically obsolete, it must be maintained.
1.1 Statement of the Problems
Lack of sufficient care has had a negative impact on the image of some commercial properties. Many commercial properties have failed as a result of ineffective property management, which manifests as physical deterioration.
When non-professionals are tasked with property management, failure is a common result. In many cases, policymakers or decision-makers have overlooked the function of professional property managers. In the management of commercial properties. What is the right solution? Who can give the answer?
1.2 Aim and Objectives
This study intends to achieve or derive a satisfying method of managing commercial assets, which will contribute to the management of Nigeria’s economic resources. The project’s objectives are:
(i) To identify strategies and means of increasing the economic returns of commercial properties?
(ii) To assess performance against benefit and so influence future design, development, and decision-making.
(iii) To analyse the issues typically connected with commercial property management, review design process, and propose solutions to improve the existing management approach.
(iv) To design an effective method of managing commercial properties so that maximum utilisation and extended life are achieved at the lowest possible cost.
1.3 RESEARCH QUESTIONS.
To shed more light on the topic at hand, the researcher took the time to organise so many questions based on the assumptions previously made about the problem. It is hoped that this will assist the researcher in finding a solution to the problem, which is the failure of the existing method of management.
The following research questions will address this:
(i) Are there any benefits to managing commercial properties?
(ii) Are commercial properties handled effectively?
(iii) Do performance and benefits inform future commercial property management decisions?
(iv) What are the methods for assuring an uninterrupted flow of economic profits from commercial properties?
(v) How does the engagement of management affect the productivity of commercial properties?
1.4 Significance of the Study
This section of Chapter One of a Research Project describes who will be impacted by the study and who will gain from it.
It will be significant for the researchers and others involved with the initiative, such as the area’s occupants, clients, and the general public.
Finally, the research will contribute to the current literature on commercial property management and maintenance, as well as act as a reference for future scholars in the field.
1.5 Limitations of the study
The study focusses on the management of commercial properties in Nigeria, with a specific emphasis on the BUSNIKE shop in Akwa. This indicates that the project would be limited to the area to allow the researcher adequate time to complete the project.
1.7 Definition of Terms
1.7.1 Management
The science of organisation and operation, or, in practical terms, the art of guiding and regulating affairs.
1.7.2 Commercial
These primarily occur in the context of market shops, office buildings, supermarkets, bank buildings, hotels, trade centres, and petrol stations in commercial cities.
1.7.3 PROPERTY.
This is defined as the highest right a man can have to anything. Property can be separated into two categories: corporeal property, which is land and immovable goods that a man possesses, and incorporeal property, which are the rights that a man has over that property.
This is organised into five (5) chapters. The first chapter introduces the study’s topic, while the second part evaluates previous literature in the area of study. These include the definitions of management maintenance and management strategy.
The third chapter introduces the data collection method, instruments, analysis, and procedure, while the fourth chapter discusses data presentation and analysis.
The fifth chapter concludes and makes recommendations on commercial property management practices.
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