Assessing Tenant and Consumer Preferences : Post Covid in Ghana and Nigeria

Assessing Tenant and Consumer Preferences : Post Covid in Ghana and Nigeria

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Summary

There has been a great focus on gathering data to pinpoint the effects of the pandemic on people’s way of life, business operations and working capabilities. We have observed, empirically, the magnitude of pandemic effects on income and wealth on a macro level as seen in the trajectory of economic growth levels, inflation, unemployment and even currency scarcity – the latter particularly applicable to Nigeria. From a property occupation perspective, we argue that the office market has endured a ‘great space crunch’, as tenants looked towards optimizing space requirements and managing costs even as the global and domestic economies of the world grappled with challenging business and economic realities. In Nigeria, the National Bureau of Statistics in association with the World Bank, launched a periodic Covid-19 Impact Monitoring Report at the height of the pandemic, to track the impact of the pandemic on household living standards and expenditure patterns. However, the magnitude of Covid-19’s impact on these patterns was not necessarily captured. The business tracker survey compiled by Ghana Statistical Services in collaboration with the United Nations Development Programme (UNDP) and the World Bank, provided critical information on the effects of the pandemic on businesses to help inform policy decisions. Although we find anecdotal and empirical evidence to highlight the impact of the pandemic on office tenants and consumers, there is yet to be any systematic study to not only highlight the pandemics effects but also deduce the magnitude of these effects to a certain degree.

Source: Broll Property Services Limited

Published: 2021

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