An Empirical Assessment of Road Network Influence on Commercial Property Values in Ojo LGA, Lagos, Nigeria
An Empirical Assessment of Road Network Influence on Commercial Property Values in Ojo LGA, Lagos, Nigeria

Summary/Abstract: This paper is an empirical investigation of how the infrastructure of a road network affects the commercial property values in the Ojo Local Government Area in Lagos State, Nigeria; this is to determine the different levels of impact of road proximity, quality, connectivity and access to public transport on commercial rental performance in a fast-growing metropolitan setting. The researchers collected primary data through a cross-sectional survey of 473 commercial property owners, tenants, and real estate agents across nine major road corridors. Data analysis was conducted using descriptive statistics, correlation analysis, and multiple regression models. The findings indicate that residential homes close to arterial roads (within 100 meters) have average rental prices of about 25%, whereas immediate proximity to BRT corridors yields price increases of 30-68%. The most potent predictor of commercial property value was road quality (r = 0.72), and the regression equation explained 70 % of the variation in rental value. The paper finds that road network infrastructure is a dominant force in Lagos's commercial property markets. It suggests long-term investment in road maintenance, transit-oriented development, and corridor-based infrastructure planning to facilitate economic growth and sustainable urban development.

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