Stakeholder Management Strategies in Sustainable Commercial Property Development Process

ABSTRACT: The study investigated the strategies that can be adopted for the management of stakeholders forsustainable commercial property developments in Port Harcourt, Rivers State, Nigeria. The research employs aqualitative research approach, applying the case study design methodology for an indebt investigation andunderstanding. Primary data was collected through Semi-structured interviews between the researcher and therespondents. Respondents are registered professionals in the real estate institutions, such as: Nigerian Institutionof Estate Surveyors and Valuers (NIESV); Real Estate Development Association of Nigeria (REDAN); and theAssociation of Estate Agents of Nigeria (AEAN). Participants were chosen based on their experience and expertknowledge in the field of study. The interview was a face-to-face interview between the researcher andinterviewees with audio tape recordings between 30 to 45 minutes on average. The data collected was analyzedusing thematic content analytical approach. The results of the investigation indicated that, a good stakeholdermanagement approach which involves identification of stakeholders, as well as their relevance in a commercialproperty development scheme, is critical for the success of any property development. The study further revealsfive strategies that can be used in order to ascertain the relevant stakeholders in a property development schemesuch as: identifying the relevant stakeholders for involvement/inclusion; information passing stage; ascertainingstakeholders with legitimate and significant opinions; stakeholders’ identifying stakeholders; and the assessmentstage. The study recommends that, it is pertinent that stakeholder management strategies for stakeholderidentification and inclusion be adopted in every commercial property development scheme, for sustainabilityand achievement of higher levels of success in property development projects.

Keywords: Development, Stakeholder, Stakeholder’s Management, Commercial Property.