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Landlords offer incentives to counter “work from home” induced vacancy rates

The adverse effect of the COVID-19 pandemic continues to take its toll on all sectors in Nigeria, including Aviation, Oil & Gas, and Entertainment amongst others. The Real Estate sector is not left out, since the changes made to ‘8pm to 5pm’ white-collar jobs, due to the imposed lockdown as of April, 2020 has had a ripple effect on the sector.

As the axiom goes, “When life throws lemon at you, make lemonades.” This exemplifies how corporate organizations in Nigeria have been able to turn the pandemic woes in their favour. In what seemed like a pipe dream about a year ago; employers now grant access to their employees to work from home wherever possible.

In one of the top Power distribution companies in Lagos, the staffs rotate their ‘work from home’ initiative on a daily basis; such that when a staff resumes at the office today, they are scheduled to work from home the next day. In other notable cases, firms whose work description allows for it, the staffs work from home permanently, except when they have something imperative to do at the office premises.

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This huge shift in the work structure has necessitated employers to rethink the need for their large rented office spaces; and many opting and negotiating for smaller office space, after their current rent expired.

With a major shift as this, Property owners are bound to suffer some setbacks, especially at a time when economic hardship has made Nigerians penny-wise. They feel the weight and have been forced to brainstorm on possible solutions to keep their property generating money, or risk a large empty space of air for months and possibly years.

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