Socio-Economic Impacts of Recently Constructed Arterial Roads on Commercial Property Performance on Ada George Road, Port Harcourt, Nigeria
This study examined the changes in occupancy and vacancy rates of commercial properties along Ada-George Road, Port Harcourt, and assessed the broader socio-economic effects of the road improvement (construction/dualization) on businesses and property stakeholders within the corridor. The study was motivated by the need to understand the extent to which road infrastructure investment influences commercial real estate performance in a rapidly urbanizing corridor. Data were obtained through a structured questionnaire administered to 181 respondents comprising property owners, tenants, and business operators along the corridor and were analyzed using descriptive statistics (frequencies, percentages, and mean scores on a 5-point Likert scale). Findings revealed that 76.2% of respondents perceived high vacancy rates before the road improvement, compared with 82.9% who reported improved occupancy conditions afterward. On the perceived socio-economic effects of the road improvement, all seven measured indicators recorded mean scores above the 3.0 criterion mean (grand mean = 4.07), with respondents most strongly agreeing that the road improvement increased rental values (mean = 4.22) and market/resale values (mean = 4.12) of commercial properties. These perceptions were corroborated by quantitative market data, which showed that rental along the corridor rose substantially between the pre-improvement period (2017–2020) and the post-improvement period (2025–2026), with rental values across shop, office, and purpose-built plaza spaces increasing by 114–300%. The study concludes that the Ada-George Road improvement project exerted a significant, positive, and multi-dimensional effect on commercial property performance, reducing vacancy, boosting occupancy, and substantially increasing property values along the corridor. It is recommended that similar road infrastructure investments be extended to other underperforming commercial corridors, complemented by measures to regulate rent escalation and support existing businesses, in order to sustain and broaden the benefits of such interventions.
Keywords: Road improvement, commercial property, vacancy rate, occupancy, rental value,
