INFLUENCE OF PROPERTY CHARACTERISTICS ON EVENT CENTRES’ RETURNS IN AKURE, NIGERIA

Purpose: The importance of event centres to the functionality of a city has given birth to the study of the physical and functional qualities of event spaces, and their suitability for the proposed functions that are supposed to take place in them. This study thus aims at examining the effect of property characteristics on the returns from event centres in Akure, Ondo State.

Design/methodology/approach: To achieve this aim, 18 event centres in Akure were examined, noting their physical attributes through well-structured questionnaires. The data collected were analyzed using multiple regression analysis in order to measure the effect of the explanatory variables on the dependent variable, i.e. event centers' income returns.

Findings: The finding revealed that out of the selected property characteristics, the number of convenience i.e. toilet facilities in an event centre and distance of event centres to a major road significantly affect the returns from event centres at 0.007 and 0.030 levels of significance respectively.

Originality/value: It is recommended that the investors in event centres should ensure proper placement and positioning of event centres and their physical attribute during development, because these can have long term effect on the patronage of event centre, and hence, the returns from such centres.