Commercial Property Rental Dynamics in Minna and Abuja, Nigeria

Rent is the economic return to land resources. Key property market participants such as investors and developers often use rental value as an indicator to appraise the viability of their real estate development and investment schemes. On this basis, understanding the nature and basic features of rental movements provides a better comprehension of the dynamics of the commercial property market. This study examined the dynamics of commercial property rents in Minna and Abuja, Nigeria. Primary and secondary data were utilised for the study. Primary data for the study were collected through field survey, using structured questionnaires and interviews. The questionnaires were completed by estate surveying and valuation firms which have robust databases on commercial property rents in the study areas for the period, 2001-2012. Primary data obtained for the study include office rental levels and office space data in the study areas for the period, 2001-2012. Secondary data utilised for the study are mainly macroeconomic variables in Nigeria for the period, 2001-2012, obtained from the Central Bank of Nigeria (CBN) and the National Bureau of Statistics (NBS).