Templeton Realty solves major market problem, unveils online office database

For a market that is struggling with a near-absence of working and dependable database, the unveiling of a new free online office availability database by Templetons Realty for tenants seeking commercial real estate solutions is a great milestone that will serve a bigger purpose in the market.
The new database, which re-enforces the company’s objective of becoming the one-stop shop for commercial real estate solutions, provides office space data such as location, building quality, asking price and lease term flexibility and it is hoped that this effort will bring transparency into the market.
“The problem we have always had was that we could not compare apples with apples and oranges with oranges when analysing office spaces,” Jide Akinsemoyin, director at Templetons Realty said in a statement obtained by BusinessDay at the weekend, adding that with the company’s rich database, tenants can now compare asking prices per square metres of grade A, B or C properties with other grade A, B or C properties in the database.

Akinsemoyin said they have leveraged existing building quality definitions provided by international commercial property associations and adapted this information to create a unique building grading system that fits the characteristics of the Nigerian market. “We have a whole host of applicable filters and search criteria users can apply to the database to enable detailed analysis of the market,” he explained, adding that the office availability database represents Templetons’ continuing commitment to improving information transparency in the Nigerian commercial real estate so that tenants can negotiate more favourable lease terms for themselves.

“We are pioneers of Tenant Representation in Lagos and the launch of the Office Availability Database is consistent with our strategy of bringing greater transparency to the Lagos office sales and leasing market so that tenants are better informed when making key decisions around their property needs,” the company director explained. Unlike most real estate firms, Templetons Realty focuses on representing and servicing the needs of the tenant in any commercial property transaction. The company operates a conflict-free business model that places the tenant’s interest at the heart of the negotiation, ensuring that the service it provides clients is truly without bias or prejudice.