Research from developed countries have quite demonstrated the real estate investment potentials o... more Research from developed countries have quite demonstrated the real estate investment potentials of downtowns, the driving factors, and the impact of such investment on the downtown area. Similar evidence from Nigerian cities is currently lacking in literature, and it is this gap that motivated the research. The inquiry was based on secondary source information which was combined with data obtained from surveys and interviews. In pursuance of research objective one which examined the nature of commercial real investment in the downtown of Jos, the analysis reveals that investors were exploring opportunities in adaptive reuse of buildings to economically viable options and redeveloping obsolete and unattractive buildings into new ones. The second objective scrutinises the drivers of commercial real estate investment. The drivers identified include land recycling and permissive local development control regulations. Coupled with these are the demand for residential, retail spaces, warehouses and offices, which were found to be high and with attractive rents. The last objective investigates the impact of commercial real estate investment on the downtown area, and the results suggest that the practice of mix-use development was a source of transformation. And, a further analysis reveals a gradual shift from the single storey buildings which once permeated the landscape of downtown Jos to multi-storey buildings. Though the heights of buildings, by international standards, do not qualify for tall buildings, they produce a new skyline in the downtown area.
Research from developed countries have quite demonstrated the real estate investment potentials o... more Research from developed countries have quite demonstrated the real estate investment potentials of downtowns, the driving factors, and the impact of such investment on the downtown area. Similar evidence from Nigerian cities is currently lacking in literature, and it is this gap that motivated the research. The inquiry was based on secondary source information which was combined with data obtained from surveys and interviews. In pursuance of research objective one which examined the nature of commercial real investment in the downtown of Jos, the analysis reveals that investors were exploring opportunities in adaptive reuse of buildings to economically viable options and redeveloping obsolete and unattractive buildings into new ones. The second objective scrutinises the drivers of commercial real estate investment. The drivers identified include land recycling and permissive local development control regulations. Coupled with these are the demand for residential, retail spaces, warehouses and offices, which were found to be high and with attractive rents. The last objective investigates the impact of commercial real estate investment on the downtown area, and the results suggest that the practice of mix-use development was a source of transformation. And, a further analysis reveals a gradual shift from the single storey buildings which once permeated the landscape of downtown Jos to multi-storey buildings. Though the heights of buildings, by international standards, do not qualify for tall buildings, they produce a new skyline in the downtown area.
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