DETERMINANTS OF VACANCY RATE IN COMMERCIAL PROPERTIES IN ADO EKITI, NIGERIA (A CASE STUDY OF FAYOSE MARKET, ADO EKITI)
Abstract
This research focuses on the determinants of vacancy rates in commercial properties in
Ado-Ekiti, Ekiti State, Nigeria, using Fayose Market as a case study. The study seeks to
identify key factors influencing vacancy rates, such as economic conditions, location
dynamics, property characteristics, and market trends. The research employs both
primary and secondary data, with a sample of 80 respondents, including property owners, tenants, and estate professionals. The findings reveal that location dynamics, property
characteristics, and economic conditions significantly impact vacancy rates in
commercial properties. It is recommended that stakeholders, such as property
developers and policymakers, focus on improving economic conditions, enhancing
property characteristics, and providing government incentives to reduce vacancy rates. These measures are crucial to optimize commercial property utilization and improve the
overall performance of the commercial property market in Ado-Ekiti
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