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WHAT YOU NEED TO CONSIDER BEFORE INVESTING IN OFFICE PROPERTY
WHAT YOU NEED TO CONSIDER BEFORE INVESTING IN OFFICE PROPERTY
By Dennis Isong
Office property investment is not just an investment you can barge into without putting some factors into consideration. Things have been changing rapidly which has created a different dynamic of how things work.
Few years back, it was easy to get away with mistakes made from investment. But, in this new age, mistakes made in investment would hit and eat you hard for a very long time.
Office properties are always assumed to be a very good investment for a newbie in property investment because it has the same features and benefits real estate brings. However, it doesn’t work out like that.
While investing in office properties, you need to be careful and be on the lookout. Good as it may seem, office properties project a great turnover but then, it cannot be valid unless some steps have been taken.
1.Consult an experienced property investment company with a track record of excellence.
As an investor, you don’t want to put your money in an investment that would yield little or nothing. No matter how vast you think your knowledge is concerning property investment, you’d do yourself a great favor by still seeking the advice of a property investment company before investing on office property.
Besides this, you need to do feasibility studies on the returns on such property and see if it’s worth putting your money on. Seeking advice from an investment company helps you have a better knowledge of the local market, the kind of business people are tuned to, if your office property fit in to the taste of the people and so on.
- Consider the local market.
There are different classes of property type and it would be in your best interest to put the local market into consideration. You can’t build an industrial-grade office property type with all amenities built for users who can afford to pay a premium price in suburbs or places where the tenants always seek lower price.
Many investors have made this mistake and I will cite an example. Mr. and Mrs. Popoola thought building an office with their retirement benefits is a great decision.
Well, it is but not a good one for people who lack the knowledge in office property investment. The first mistake they made was building in a community where office spaces were not that appreciated and needed.
And they tried to elevate it by putting in modern facilities, but didn’t work out. The couple felt the upgrade with a touch of class would attract people. Normally, it should but it didn’t in this case. By the time the building was ready to be let out, they encountered difficulty in getting people who might be interested.
Even, people who showed interest decided to put a ridiculous price tag on it. It took them over a year of maintaining their rent price and waiting for occupants who can afford it before it dawned on them that it may never happen and hoping for occupants who would place value on it is like chasing pavement.
Eventually, they succumbed to the price people are willing to pay just to keep the place occupied and have something(cash) coming in. An investment that yields little is a bad investment.
Normally, it takes a while to recoup what you have invested in a property despite the huge returns, how much more a property that has to be more or less, “dashed out” in order to be maintained.
3.Put co-working spaces into consideration.
Recently, co-working spaces are in high demand now for entrepreneurs and self-employed experts for rent. And with the present economy, it’s a great idea because it has proved to be prudent, economical and affordable.
People easily jump on this and it’s advisable to leverage on it as an office investor. One main advantage you should expect is high tenants’ turnover rates.
In a place like Lagos, there are offices which have modern facilities needed for co-working spaces. Some of these offices can accommodate 4 to 5 people at a go and this works well for entrepreneurs who need physical space.
One good thing is that they do not have to go with the traditional model of rental payment which is mostly annually. The mode of payment is monthly, so anyone can decide which of the months he/she will be available without the fear of tying down money (rent fee) unnecessarily.
Asides from this, you should lookout for competent occupants that pay rent come rain come sunshine.
- Be careful with the structure you buy.
When buying an office property, make sure that it’s a solid infrastructure. Avoid properties that would dig into your profits because you have to permanently repair them due to their poor condition. This may turn off future buyers and lenders. And also, stick with designs that won’t gulp your money or require endless maintenance such as using a lot of wood and stucco.
Finally, and most importantly, a good location works out well for office property and while looking out for location, do well in studying the type of lenders and price tag. Also, your building should be in great condition because this is one major factor that would determine the category of lenders.
Dennis Isong helps individuals invest right in Real estate. For questions on this article or enquiring about Real estate. Email: [email protected] or Whatsapp/Call +2348164741041
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Celebrating The Women Behind The Music : The Members Of Elite Women Musicians Club Of Lagos
Celebrating The Women Behind The Music : The Members Of Elite Women Musicians Club Of Lagos
In the pulsating heart of Lagos, the Elite Women Musicians Club of Lagos
stands as a beacon of unity and empowerment for female artists. This dynamic association, renowned for its diversity in musical genres, prides itself on bringing together talented women from all walks of musical life. Today, we celebrate its esteemed members, who number twenty-nine strong, each contributing uniquely to the vibrant tapestry of the Club.
Leading The Charge :
At the forefront of the Elite Women Musicians Club of Lagos Club is Alhaja Queen Isimot Abake Abiola PQ1st (Omo Opeki), the President. Her leadership is a source of inspiration for many, guiding the Club with a vision of inclusivity and excellence. Supporting her is Alhaja Queen Halimot Ayinla Omowura, the Vice President, whose dedication ensures the smooth operation and growth of the association.
Alhaja Badirat Adunni Olaniyan (Just Like That) serves as the Treasurer, managing the financial health of the Club with precision. The Social Secretary, Alhaja Aminat Babalola Balogun (Omotayebi, Iya Kekere Eko), brings vibrancy and connectivity, fostering a sense of community among the members. Asiwaju Yeye Tosin Eniba (Fuji Queen), the Secretary, ensures that the administrative duties are handled efficiently, supporting the organizational backbone of the Club.
Valued Members :
The Club’s strength lies in its diverse membership, each woman a luminary in her own right. The following are the distinguished members of the Elite Women Musicians Club of Lagos :
– Afonja Gbajoba
– Bisi Ewa Ogo Jesu
– Alhaja Jelilat Dupytie
– Ejire Akewi Oba
– Alhaja Aminat Itojuobi
– Alh. Fatimo Oseni Salawa Onigbongbo
– Alh. Tawakalitu Alagbada Tokotaya to nko Fuji
– Aishat Irepo Obi
– Olaleye Rahemot Arike (Akomolesin Agbaye)
– Alh. Dasola Abeke
– Ewebiyi Iya Oriki
– Ameerat Oninure
– Alh. Azeezat Otibiya
– Alh. Rukayat Bashirimi
– Alh. Mujidat Damilola
– Alh. Fatima Aljafaria, an Elder whose wisdom and experience enrich the Club.
– Alh. Taibat Omo Tayenfe
– Queen Muheenat Ijaodola
– Sakirat Yeye Oge
– Alh. Mariam Akiki Akanbi
– Queen Abebi Ayala
– Aweni Adepeju (Aweni Fuji)
– Fatimo Ajoke Cinderella
– Alh. Hafsat Sideeq, another Elder whose guidance is deeply valued.
A Legacy of Excellence :
The Elite Women Musicians Club of Lagos is more than just an association; it is a legacy of excellence, a network of powerful voices that harmonize to uplift and inspire. Each member, from the executives to the distinguished members, plays a crucial role in shaping the cultural and musical landscape of Lagos and beyond. Their combined efforts create a symphony of collaboration and mutual support, ensuring that the future of female musicians in Nigeria remains bright and promising.
As we celebrate these remarkable women, we also look forward to the new heights the Club will achieve under their leadership and unity. Their commitment to their craft and each other stands as a testament to the incredible power of music and the unwavering strength of women.
Sustain Tempo of High Revenue With Compliance, CGC Tells Comptroller Olomu
… As Apapa Command Honours Outstanding Stakeholders
By Ifeoma Ikem
Comptroller General of Customs, Bashir Adewale Adeniyi, MFR has commended the Area Controller of Apapa Port Command, Comptroller Babatunde Olomu, fsi for the command’s outstanding revenue collection of over N2.2tr and urged him to sustain the tempo.
CGC said this in Apapa on Friday at the command’s end of the year party and award ceremony also harped on the need for compliance and synergies as necessary strategies to greater productivity at the port. According to him, compliance is a competitive advantage.
He was represented by Deputy Comptroller General Caroline Niagwan, DCG Tariff and Trade, Adeniyi congratulated the Customs Area Controller and all the officers and men of Apapa Area Command for the milestone achieved in revenue collection to the tune of N2.2tr and still counting which has earned the command multiple accolades
“It is with immense pleasure that I stand before you today to celebrate a shared commitment to compliance and excellence in trade. This award ceremony is a testament to your dedication to ethical business practices, adherence to regulations, and unwavering support for the principles that drive Nigeria’s economic growth.
“Compliance is not merely a requirement; it is a competitive advantage. It fosters transparency, reduces operational risks, and strengthens the trust between businesses and regulatory authorities. It also positions compliant stakeholders to enjoy streamlined processes, faster clearance times, and access to the numerous benefits that come with being recognized as trusted trade partners.
“As a Service, we understand that sustaining compliance can sometimes require capacity building, especially as global trade evolves.
To this end, the Service is committed to providing the necessary training, technical assistance, and partnerships that will empower you with the knowledge and tools to maintain this high standard.
“Our goal is to ensure that every stakeholder remains competitive,vinnovative, and aligned with global best practices.
By working together, we can unlock even greater opportunities for growth. Compliant stakeholders not only contribute to national revenue but also drive economic development, attract foreign investments, and enhance Nigeria’s position in international trade” Adeniyi said
In his welcome speech, Comptroller Olomu expressed appreciation to the CGC and the customs management team for always providing the direction and inspiration to the command in it’s drive to meet government’s expectations .
He described the end of year party as many things rolled up in one as it strengthens the stakeholders bond as a community of government and private sector collaborators working together for the betterment of Nigeria;
it’s also to celebrate together as the year 2024 ends and honour those whose outstanding performances contributed in shaping the command’s achievements in 2024.
Comptroller Olomu said despite the challenges of low trade volume, the command is able to achieve it’s target which is a reflection of officers commitment and dedication to duty
He added that in line with the policy thrust of the CGC, the command utilised it’s relationship with stakeholders to achieve it’s goal this year.
According to him improving on stakeholder engagement has become an operational template the Comptroller General of Customs has impressed on the officers and expressed joy to announce that it has proven to be a masterstroke towards enhanced compliance.
Comptroller Olomu said “Compliance is no doubt the bedrock of all customs achievements in areas of revenue collection, anti smuggling and legitimate trade facilitation. Our approach to regurlarly engage our sister government agencies has raised our degree of intelligence sharing towards a common national interest.
“Let me use this period to thank the NPA, DSS, NDLEA, NAQS,Port Health, Police, Immigration and other sister government agencies for their consistent collaboration in 2024. They are indeed an integral part of the command’s success story in 2024. I urge them to stay on board let’s do it again in 2025.
“With our port users, we maintained regularly enlightenment meetings, faster trade dispute resolution mechanism and consistent appraisal of feedbacks to keep improving on our responsibilities.
“There have been positive fallouts of our regular interface with our stakeholders. This is evident in our collection of N2..2tr revenue and still counting, zeroing in on the minority that attempt smuggling by curbing their activities with seizures. We are fostering inclusivity and this will continue in 2025
“We have ensured no container , import or export consignment goes through our control without due diligence of proper examination. This has been the foundation of our impeccable enforcement drive.
“We are honouring some of our officers and stakeholders for their outstanding performances in the year 2024 . I want to urge the awardees to see this as a call for more commitment to surpass their best outputs. There is no end to improvement
“This should also be a challenge to those who didn’t make the award list this time, I urge them to keep improving with a promise that their inputs shall not go unnoticed for due recognition” he concluded
Among those recognised with various awards are APM Terminals, Sifax Group, ENL Consortium, Dangote, Talod Ocean Airfreight and Princess Chi Ezeh the CEO of Munah Sylva Nigeria Limited
The command also recognised serving and retired officers for their contributions to it’s overall successes in 2024.
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