ABSTRACT
This study examines the impact of car parks and open spaces on commercial property values in Lagos, Nigeria, within the context of the city's rapid urbanization and economic growth. It aims to provide insights for urban planners, developers, and policymakers by analyzing existing infrastructure, assessing impacts, and identifying challenges and opportunities. The research addresses a gap in the literature by focusing on how car parks and open spaces can enhance commercial property values, rather than just mitigating urban issues like congestion and low environmental quality. Data were collected from a sample of 69 estate surveyors and valuers in Yaba and Eti-Osa, using structured Likert-scale questionnaires. Both primary and secondary data sources were utilized, and statistical analysis was performed using tables, percentages, descriptive methods, and multiple regression. The validity of the study was ensured through expert judgment and repeated empirical analyses, with reliability confirmed by consistent results. Findings indicate that surface and structured parking are the most common types of car parks, with significant portions of plots allocated for parking, though many lack gated spaces and sufficient security personnel. The Hedonic Pricing Model reveals that car park availability significantly impacts commercial property values, accounting for 87.7% of the variance. Challenges include overcrowding, traffic congestion, and security concerns, while opportunities include enhanced customer convenience and increased foot traffic. The study concludes that incorporating car parks and open spaces in Lagos can significantly boost commercial property values, and it emphasizes the need for urban planners and policymakers to prioritize these amenities for sustainable urban growth. Recommendations include modernizing parking infrastructure, adopting integrated planning approaches, and implementing robust security measures. Future research should explore comparative studies across regions and conduct longitudinal studies.
