Sustainable real estate management practice: Exploring the priority of operational stage for actualizing sustainable built environment goal in sub-Saharan Africa

Abstract

In the real estate and construction industry, the built environment contributes to environmental crises and climate threats . However, what are the environmental negative effects/impacts at the post-development stage (operational stages)? Are they different from those at virgin constructions? After the construction phase, what factors inhibit the adoption of sustainable real estate management practice, herein referred to as the green lease movement? To what extent has sustainable real estate management practice been adopted in Nigerian commercial cities? Specifically, this study examines negative environmental crises at the operational stages and confirms if different from the conventional counterpart. It also examines the factors inhibiting the full adoption of sustainable real estate management practices. Similar to conventional construction, carbon dioxide emissions and toxic waste generation emerged as the major negative effects/impacts during the operational stage. Lack of prerequisite skills, enforcement of green leases, inadequate training, and empowerment of licenced property managers and occupiers on how such leases operate significantly inhibit the full adoption of green leases in the region. Energy conservation bulbs and digital metering are the most adopted features. The current property management practice does not address these negative effects/impacts.

Portfolio Diversification of Nigerian REIT: Evidence from an African Real Estate Market

“…The study's focus on N-REITs within the emerging African REIT market is particularly salient given the distinct dynamics characterizing emerging economies. Emerging markets, compared to their developed counterparts, are often marked by greater macroeconomic volatility, regulatory uncertainties, and a higher degree of sensitivity to global economic fluctuations (Ogunba et al, 2021). Daniel's observation (2022) regarding the importance of understanding investment performance resonates deeply within the context of emerging markets.…”

“…Emerging markets, including African economies, are often characterized by heightened levels of market volatility, stemming from factors such as political instability, currency fluctuations, and less mature financial systems. This volatility, while potentially introducing higher returns, also entails elevated risks that must be carefully considered when assessing N-REITs' risk-adjusted performance (Ogunba et al, 2021). Moreover, regulatory uncertainties within emerging markets can contribute to increased market frictions and information asymmetry.…”

“…The scarcity of comprehensive research within the African REIT context underscores the novelty and importance of investigating N-REITs' diversification benefits. Ogunba et al (2021) and Daniel (2022) have contended that the generalizability of findings across diverse markets is challenged by factors such as regulatory variations, market maturity, and geographic limitations. African economies, characterized by a diverse range of macroeconomic indicators, regulatory environments, and investor protection mechanisms, necessitate an examination of N-REITs' diversification potential within this specific market milieu.…”

“…Furthermore, a substantial amount of literature on the subject of diversification was observed to be primarily focused on direct real estate (Ojo et al, 2022). Ogunba et al (2021) and Daniel (2022) argue that findings from these studies cannot be easily generalized due to several factors, such as diversity in asset types, geographical locations, and the maturity level of the market where the asset is located. Loo et al (2016, p. 231) also highlight additional reasons, including "variations in asset management structure, geographic limitations on underlying assets, real estate development allowances, restrictions on leveraging, and dividend pay-out requirements".…”

Female-Led agrarian households and the question of sustainable land and food security in an emerging economy: Evidence from Tula Baule

“…In Nigeria, all land is vested in the government under the Land Use Act of 1974 (Ankeli et al, 2015a(Ankeli et al, , 2015bDabara et al, 2012;Ogunba et al, 2021). Individuals are granted limited tenure rights to such land by the government through the customary land tenure system (taking to cognisance the culture of the people in the community of lands designated as rural lands and administered by the local government chairmen of the respective local government areas).…”