Corporate Apartments Lagos Nigeria - Free Corporate Housing Guide. Free Office Building Tips.

corporate apartments lagos nigeria africa

Corporate apartments Lagos Nigeria - There are two sides to corporate housing. The first side is the Nigeria real estate investor who wants to build high ticket corporate apartments so he can get a higher return on his real estate investment.

The other side of the coin is the facility managers of big corporations searching for suitable corporate housing for the organizations they represent.

You will notice that buoyant corporations who seek executive office buildings are actually the customers of corporate building investors (or commercial real estate investors) who develop and build corporate apartments.

Since the customer is king, it makes sense for corporate housing investors to take into consideration the requirements of their customers . . . the corporations who will eventually rent these corporate apartments.

What will happen if real estate developers don't incorporate the needs of their potential customers into their design?

It's obvious.

The corporate buildings they build will take longer to rent as potential tenants who come to inspect the office buildings will find their needs are not met and will look elsewhere.

Now that you understand that, let's take a closer look at what potential corporate housing tenants look out for when evaluating corporate apartments for rent.

Customer Requirements For Corporate Housing

The very first question commercial real estate tenants ask when they contact a Nigeria real estate agent during their apartment search is, "what is the size of the office space?"

So, apartment size is the first big question.

However, since corporations and small business people looking for office buildings or office apartments vary in size and structure, the Lagos Nigeria real estate investor cannot possibly satisfy every organization's needs.

Therefore, real estate investors investing in corporate apartments will need to decide who their target market is and build to the size requirements of their target market.

The second common question asked by office building rental customers is, "Is the office apartment open space or partitioned"?

Office buildings with internal partitions tend to constrain new tenants to decorate and arrange their offices in a particular way that may not suite them. Hence, many corporate tenants prefer open office space or corporate housing without internal partitions that they can partition to their taste.

The third question or concern is, "what is the price"?

Different office locations command different rental price range. So, you don't have a problem if the rental price for your office apartment is in tune with the market price.

If the client's budget is below the rental price for the type of apartment in the neighbourhood he is interested in, he will either increase his budget or look for something within his low budget outside the area of interest.

If the corporate housing client has the budget to rent the corporate apartment available for rent and the size is not an issue, then the next possible turnoff is the parking space available.

Corporate organizations like to have sizable parking space for clients because the lack of that could be a big turnoff for big clients.

Who wants to limit his business because of something as mundane as parking space?

Many office building developers have recognized this and now build office buildings that have the entire ground floor dedicated to car park especially in areas where getting bigger land to buy is a problem.

How big is the parking space problem?

It is huge especially in commercial centres like Ikeja Lagos Nigeria, Lagos Island, and Victoria Island.

In fact, one telecommunications company in Ikeja was forced to relocate its customer service centre from Toyin street in Ikeja to a more spacious office building within Ikeja.

Guess what.

The old office they occupied was left vacant for several months because potential tenants who came for inspection was appalled at how small the parking space was.

In fact, the only space available to park was in front of the building. And the maximum number of cars it can take was 4-8 cars. Many organizations found that unacceptable.

So even though the corporate apartment was in a super commercial location, it took too long to rent out after a tenant exited. And all that time it was vacant, the owner was losing money.

My advice?

Take the question of parking space seriously.

Office Building Issues - Other Key Requirements

I have covered four key concerns potential customers of corporate apartments have. And they are . . .

  • Size
  • Partitioning (or lack of it)
  • Budget and
  • Parking space

    Other key issues of concern to corporate tenants are:

  • safety
  • apartment finishing
  • availability of elevators for high rise office buildings
  • security and
  • accessibility and motorability

    If you're a commercial real estate developer or office building investor, take this issues seriously and provide an acceptable solution to your potential clients, the medium to large organizations.

    When you do, the corporate buildings you build will rent faster and command premium prices. And you will smile to your bank.

    Related Content:

    Apartment Guide ::: Apartments For Rent

    Buying A House ::: How To Build A House

    How To Sell Your House ::: Bank Owned Properties

    Investing For Income ::: Investing For Retirement

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