The commercial real estate market is facing significant challenges such as high interest rates, economic slowdown, and the lasting effects of the COVID-19 pandemic, which have created a precarious environment.
But the situation is exacerbated by the surge in electricity bills, rising cost of power facilities, as well as growing vacancies and declining property values, particularly in secondary office markets.
The operatives are lamenting that with the categorisation of energy consumption into feeder bands A, B, C and others, commercial utility bills have tripled, becoming high and negatively impacting overall operational costs.
Nigerian Electricity Regulatory Commission (NERC) recently approved the classification of electricity consumers to feeder Bands A, B, C, D, and E. Consequently, the consumers on Band A recorded a sharp increase in electricity tariffs from N68/kWh to N225/kWh, representing a 240…
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