Forecasting Demand for Office Spaces in Ikeja, Nigeria

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Abstract This study was undertaken to analyze the demand for office spaces in Ikeja, Nigeria with a view to determining models useful for forecasting the demand. In attaining the stated aim and objectives of the study, one hypothesis that “there is no significant relationship between rental values and demand for office” was tested. Data were collected from the primary and secondary sources. Primary sources were data on demand, supply, and rental values of office spaces over a five-year period obtained through questionnaires administered on one hundred estate surveyors randomly selected in the study. Statgraphic Centrion XV statistical software was used to analyze the data and determine the relationship between the rental value and demand for office spaces in the study area at 95% confidence level. The study found that there was statistically significant relationship between the variables P-value = 0.0207, and R2 statistic indicates that the model as fitted explains 87.0188% of the variability in Average Rental Value; while the correlation coefficient of 0.932839 indicates a relatively strong relationship between the variables. In addition, it was found that demand for banking spaces would continue to decrease whereas purpose-built and converted office spaces would attract increasing demand from year to year.

 


Keywords: rental value, office spaces, demand, supply, forecasting

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