SureBuilt Series
Degree of Integration of Sustainable Features in Retail Properties in a Sub- Saharan Property Market Matthew
- Department of Estate Management, Obafemi Awolowo University, Ile-Ife, Nigeria; Department of Estate Management, Osun State University, Osogbo, Nigeria
Abstract
There is an increasing body of evidence to suggest that the development and investment of sustainable properties and their acceptance is increasing across the globe. However, current literature is limited in the investigation of incorporation of sustainability into retail property investment in developing economies, particularly in Sub-Saharan African countries. While some research efforts have been made on office and residential properties, there appears to be dearth of research on the integration of sustainable features in retail property. The paper examines the degree of integration of sustainable features into retail property investments in Ibadan, Nigeria. A survey of retail properties in the portfolios of estate surveyors and valuers in the study area finds that the integration of sustainable building features in retail properties in Ibadan is moderate overall, but highly uneven across categories, ranging from materials use and conservation (4.15) to energy conservation (2.39). Features that coincide with basic building functionality or tenant-driven letting value are well integrated, while features requiring deliberate capital outlay for environmental performance are largely absent. The paper advocates the need for targeted incentives alongside continued sensitization of property developers, investors and users on the benefits of integrating sustainable features. Using Artificial Intelligence to Predict Dissolved Oxygen for
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