The Impact of Sustainability Features on Time on Market of Commercial Rental Property in Lagos, Nigeria

Abstract

This research analysed how sustainability features impacted the time-on-market of commercial rental properties in Lagos, Nigeria. A quantitative research design was utilised in the study, where 250 registered estate surveying and valuation firms were sampled to administer the structured questionnaires, of which 150 valid responses were collected and analysed. The research examined how the sustainability qualities, such as energy efficiency, water conservation, indoor environmental quality, and accessibility, impacted the leasing performance. Factor analysis was used to derive the latent dimensions of sustainability, and independent samples t-tests were used to establish significant variations in the TOM between properties that had and those that did not have sustainable features. The findings show that commercial properties with sustainability elements are rented much quicker than non-sustainable ones, which proves the existence of a tangible market benefit of a green attribute. These results support the argument that sustainability is neither an environmental nor an ethical concern but rather a performance determinant of market liquidity and an investment return. The study argued that developers, investors and policymakers should mainstream sustainability ideals in property development and urban governance to improve commercial efficiencies of the market, shorten vacancy cycles, and promote environmentally friendly growth in the emerging real estate markets.