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Spatial Versus Non-Spatial Determinants of Shopping Center Rents: Modeling Location and Neighborhood-Related Factors

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Author Info

  • Francois Des Rosiers

    ()
    (Urban and Real Estate Management, Business Administration, Laval University, Pav. Palasis-Prince, Ste-Foy, Quebec, Canada G1K 7P4)

  • Marius Theriault

    ()
    (Center for Research in Regional Planning and Development, Laval University)

  • Laurent Menetrier

    (Laval University)

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    Abstract

    This study is an attempt to model the economic trade-off between spatial and non-spatial determinants of shopping center rents while assessing the role of neighborhood and location attributes in the rent setting process. For that purpose, two space-related indices, namely the Economic Potential Index (EPI) and the Center Attraction Index (CAI), are designed based on a major origin-destination phone survey and on ?nancial data obtained for eight major shopping centers in Quebec City, Canada. The database, which is processed through a regional GIS, includes 1,007 retail units, representing some 4.4 million square feet of gross leasable area. While ?ndings con?rm that the EPI act as a signi?cant determinant of shopping center rents, they also bring out the complexity of the relationships between endogenous and exogenous rent determinants.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol27n03/03.293_320.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal journal of Real Estate Research.

    Volume (Year): 27 (2005)
    Issue (Month): 3 ()
    Pages: 293-320

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    Handle: RePEc:jre:issued:v:27:n:3:2005:p:293-320

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    References

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    1. John D. Benjamin & Glenn W. Boyle & C. F. Sirmans, 1990. "Retail Leasing: The Determinants of Shopping Center Rents," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(3), pages 302-312.
    2. Pashigian, B Peter & Gould, Eric D, 1998. "Internalizing Externalities: The Pricing of Space in Shopping Malls," Journal of Law and Economics, University of Chicago Press, vol. 41(1), pages 115-42, April.
    3. West, Douglas S & Von Hohenbalken, Balder & Kroner, Kenneth, 1985. "Tests of Intraurban Central Place Theories," Economic Journal, Royal Economic Society, vol. 95(377), pages 101-17, March.
    4. William G. Hardin III & Marvin L. Wolverton & Jon Carr, 2002. "An Empirical Analysis of Community Center Rents," Journal of Real Estate Research, American Real Estate Society, vol. 23(1/2), pages 163-178.
    5. Eaton, B Curtis & Lipsey, Richard G, 1982. "An Economic Theory of Central Places," Economic Journal, Royal Economic Society, vol. 92(365), pages 56-72, March.
    6. John S. Hekman, 1985. "Rental Price Adjustment and Investment in the Office Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 13(1), pages 32-47.
    7. G. Donald Jud & John D. Benjamin & G. Stacy Sirmans, 1996. "What Do We Know about Apartments and Their Markets?," Journal of Real Estate Research, American Real Estate Society, vol. 11(3), pages 243-258.
    8. M. Gordon Brown, 1999. "Design and Value: Spatial Form and the Economic Failure of a Mall," Journal of Real Estate Research, American Real Estate Society, vol. 17(2), pages 189-226.
    9. Kerry D. Vandell & Jonathan S. Lane, 1989. "The Economics of Architecture and Urban Design: Some Preliminary Findings," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(2), pages 235-260.
    10. Peter Chinloy & Eric Maribojoc, 1998. "Expense and Rent Strategies in Real Estate Management," Journal of Real Estate Research, American Real Estate Society, vol. 15(3), pages 267-282.
    11. Petros S. Sivitanides, 1997. "The Rent Adjustment Process and the Structural Vacancy Rate in the Commercial Real Estate Market," Journal of Real Estate Research, American Real Estate Society, vol. 13(2), pages 195-210.
    12. Brueckner, Jan K, 1993. "Inter-store Externalities and Space Allocation in Shopping Centers," The Journal of Real Estate Finance and Economics, Springer, vol. 7(1), pages 5-16, July.
    13. Francois Des Rosiers & Marius Theriault, 1996. "Rental Amenities and the Stability of Hedonic Prices: A Comparative Analysis of Five Market Segments," Journal of Real Estate Research, American Real Estate Society, vol. 12(1), pages 17-36.
    14. G. Stacy Sirmans & John D. Benjamin, 1991. "Determinants of Market Rent," Journal of Real Estate Research, American Real Estate Society, vol. 6(3), pages 357-380.
    15. Stuart A. Gabriel & Frank E. Nothaft, 1988. "Rental Housing Markets and the Natural Vacancy Rate," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(4), pages 419-429.
    16. Dean H. Gatzlaff & G. Stacy Sirmans & Barry A. Diskin, 1994. "The Effect of Anchor Tenant Loss on Shopping Center Rents," Journal of Real Estate Research, American Real Estate Society, vol. 9(1), pages 99-110.
    17. Peter F. Cowell & Henry J. Munneke, 1998. "Percentage Leases and the Advantages of Regional Malls," Journal of Real Estate Research, American Real Estate Society, vol. 15(3), pages 239-252.
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