Real Estate
How recession revolutionises office rental business in Nigeria
Notwithstanding the effect of the nation’ s economic downturn on investments in the real estate industry, the rental market has remained vibrant with the emergence of co-working space stations for businesses and entrepreneurs. Before now, co-working space stations were considered alien to the Nigerian business landscape but experts said about 80 percent of Nigeria entrepreneurs and investors are now adopting the model in their rental needs. With the recession, where both small and large-scale businesses are finding it difficult to find office spaces that could fulfill their needs without necessarily borrowing, the model is expected to become the new face of office rentals in Nigeria for decades ahead. In some cases, the office spaces range between 15 square metres to about 21 square metres, while there is also one-man office, twoman office and four-man office. Apart from its affordability and low cost, the model comes with payment flexibility and provision of some basic office facilities in a serene environment. According to experts, more businesses are expected to adopt the model because of the several unique selling points it provides. The Group Managing Director of Fusion Group Facilities Management, Ikeja, Mrs. Oluwatoyin Edun, said workspace station is a new innovation in Nigeria, which is quite popular in developed countries. The concept, she said is based on the concept of shared services, cost reduction, enhanced efficiency. According to her, the concept also allows clients to have offices whereby they own space dedicated to their company and a virtual services … Read more …
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