Effect of Accessibility on Commercial Property Rental Values Performance in Oja Oba Market, Ilorin Metropolis

Rayyan Yusuf,Abdulakeem Olasunkanmi Otunola,Sakariyau Jamiu Kayode,Ibrahim Hussaini Muhammad

doi:10.22178/pos.77-7

Rayyan Yusuf, Abdulakeem Olasunkanmi Otunola + Show 2 more

Open Access

https://doi.org/10.22178/pos.77-7

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Abstract

The value of a commercial property is mainly determined by its inter-accessibility to other land uses; accessibility is a critical component in determining the costs and rewards of any investment. The study is being conducted to investigate the impact of accessibility on the rental values of retail premises. The purpose of this study was to determine the extent to which accessibility affects the rental value of retail premises. The following goals were established: to assess the rent in various locations inside the market from the primary major route. The stratified random sample approach was employed to acquire the data to evaluate if there is a variance in rent and the link between rental value and distance. Data were examined using descriptive statistics and linear regression using SPSS. The data indicated that rent varies within the market as distance increases. It was found that as distance increases to the market, the rental prices of store premises fall, and there is a strong positive linear relationship between distance and rental value. The report also advised that the government establish market parking space. The government should also give private shop property investors appropriate loans at cheap interest rates to boost investment in this sector.

Highlights

Commercial assets, especially stores, are located at the most advantageous urban centres
It's worth noting that the overall availability of land suited for a particular purpose is restricted; the supply of potential metropolitan area sites is a fraction of the current transport system [5]
Store layout must be determined by accessibility, and they must be located in such a way that they may optimize profit

Summary

Introduction

Commercial assets, especially stores, are located at the most advantageous urban centres. These locations provide the chance to maximize returns. The higher the property's value, the greater the demand for those with the highest degree of accessibility. The more viable it is to redevelop these sites since their appropriate convenience will allow for cost-effective and convenient transit of people, commodities, and services. The properties with the highest rental values are placed on the most assessable roads, while those with the lowest rental values are located on the least assessable streets [16]. Property in a good area commands a high rental value; property on the outskirts of a city controls a high rental value [17]

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