ABSTRACT
The thesis aims at assessing the problems militating against effective management of commercial properties; it seeks to investigate the challenges of managing commercial properties, review the effects of property management on the returns on commercial buildings and to suggest possible solutions to challenges in commercial property management in Ugwunchara Umuahia North Local Government Area, Abia State, with a view to enhancing maximum returns.
For the purpose of this research, a structured questionnaire was designed and administered to a total of one hundred and forty five (145) respondents from Ugwunchara Umuahia North Local Government Area, Abia State; fifteen (15) estate surveyors and valuers, thirty (30) commercial property owners/lessors and one hundred (100) residents of commercial buildings, using the stratified random sampling technique.
The data collected were analyzed using the simple technique of frequency and percentages for the demographic data; the mean score, standard deviation and relative importance index for the research questions.
It was discovered that the major challenge of managing commercial buildings is the rapid deterioration caused by overcrowding in the building; property management surely has an adverse effect on commercial property returns as a well-managed property reduces void periods; and the best solution to the challenges of managing multi-tenanted commercial properties is the modernization of the building facilities.
Conclusively, management of multi-tenanted buildings should be a devolved responsibility. This should be backed by adequate funding to enable the maintenance and repair works to be done reasonably and effectively.
