Professional Lease Management of Retail Properties in Nigeria’s Emerging Shopping Centre Market

This study examines the professional practice of lease management in Nigeria's emerging shopping centre retail property sector, evaluating the lease structures, management processes, and performance measurement frameworks applied by shopping centre management firms across Lagos, Abuja, and Port Harcourt. Nigeria's modern retail property sector has expanded significantly, and the management of complex multi-tenant shopping centre leases requires professional expertise that combines property management, retail business understanding, and financial management competencies. The study employs a multiple case study methodology, examining lease management practice at six shopping centres, drawing on structured interviews with centre management teams, 40 tenant representatives, and review of lease documentation with participant consent. Assessment dimensions include lease term structures, anchor tenant incentives, service charge mechanisms, turnover rent provisions, tenant default management, and lease renewal processes. Findings show that shopping centre lease management in Nigeria is predominantly influenced by practices imported from South African retail property models, with standard lease structures including service charge mechanisms, marketing levies, and trading hours restrictions. Turnover rent provisions, common in mature retail markets, are present in fewer than 20 percent of Nigerian retail leases due to tenant resistance to revenue transparency requirements. Service charge management is a significant point of conflict, with tenants in several centres disputing the adequacy of documentation for service charge expenditures. Recommendations include developing a Nigeria-specific retail property lease management standard, introducing voluntary turnover reporting systems, and adopting service charge accounting standards aligned with RICS guidelines. Keywords: retail lease management, shopping centre, professional practice, service charge, Nigeria.