The determinants of shopping center rent in Akure, Nigeria
Bello, VIctoria
The study examined the determinants of shopping center rents in Akure. Data were drawn from eighty three retail shops in five shopping centers located in the city and registered practicing Estate Surveyors and Valuers. The list of the registered and practicing Estate Surveyors and Valuers in Akure was taken from the 2011 Record Book of Registered Estate Surveyors and Valuers at the Nigerian Institution of Estate Surveyors and Valuers (NIESV) Secretariat in Akure. In the record book, the Estate Surveyors and Valuers registered and practicing in Akure are twenty (20) in numbers. The data were analysed using the Multiple Regression Model and the Weighted Mean Score Method. The Multiple Regression Model was used to test the relationship between market rents (dependent variable) for shopping centers and various independent variables while the Weighted Mean Score Method was used to determine the variables Estate Surveyors and Valuers frequently used in the determination of shopping centers rental value. The result revealed that all the independent variables used such as age (AGE), area of shop (AREASHOP), location (LOC), vacancy of shop (VACS), gross turnover of sales (GROSTS), population of customers (POPCUST) and retail mix (RETMIX) are significant determinants of rental value of shopping centers in the study area. The study recommended among other things that Estate Surveyors and Valuers, should ensure that the public are aware of their services as Estate Agents instead of living it in the hands of quacks.
Event: FIG Working Week 2012 : Territory, environment, and cultural heritage
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