Analysis of Commercial Real Estate Development Characteristics in Ilorin

Purpose: The study assessed characteristics of commercial real estate development in Ilorin with a view to understanding how structural, locational, infrastructural and environmental conditions differed across commercial property types in Ilorin. Methodology: The study analysed 251 retuned responses from Real Estate Developers’ Association of Nigeria, REDAN. The responses were analysed using descriptive and inferential statistics, such as mean score (five-point likert scale), ANOVA and Chi-square. Findings: The result revealed that, commercial real estate development are highly heterogeneous in their physical characteristics, particularly building size. Hotels have the largest structures and retail outlets have the highest average age, hotels also have the highest average number of floors. ANOVA results reveal statistically significant differences in building size (F = 482.341, p < 0.001), number of floors (F = 58.087, p < 0.001), and property age (F = 87.084, p < 0.001) across the commercial real estate groups. The Chi-square analysis indicates that commercial real estate type is significantly associated with several physical, neighbourhood and infrastructural characteristics. Research Implications and Limitations: The study is limited to commercial real estate developments (Offices, Retail outlets, Shopping Malls and Hotels), different characteristics and untimely completion of development. Originality: The study provides that demographic differences in commercial real estate characteristics determined the vertical and horizontal formation of timely completion of the real estate project