Exploring Constraints To Office Property Market Maturity In The Metropolitan Areas Of Lagos State, Nigeria

Abstract

Prior to this decade, most studies to determine the market performance of investors fund in office property have been through the trend analysis of the market outcomes. Such analysis have been observed in recent times to be inadequate within the context of the current global trends where international investors seek better information about how  other markets have worked to generate their outcomes. This paper examines the concept of real property market maturity within the context of market evolution and mordenisation. Next, the paper reviews studies on the relationship that exist between office property market performance and market structures. This is followed by the review of the constraints these structures can pose to maturity. These constraints were empirically tested to reveal how it has significantly influenced office property market maturity in a typical commercial nerve of a developing market in Lagos, Nigeria. Findings showed that certain factors have constrained the extent to which the rental market in office property could have been matured. The paper suggests that participants in the market must brace up to change their present attitude if their investment market must not lag behind the current operation of international property market toward maturity; they must be well orientated about the current globalization moves to be incorporated into their local market operation in order to enhance market performance and compete favourably with foreign property investors.

Keywords: Market Maturity, Maturity Constraints, Office Property, Performance, Structures