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The Effect of Anchor Tenant Loss on Shopping Center Rents

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Author Info
Dean H. Gatzlaff (Department of Insurance, Real Estate and Business Law College of Business Florida State University Tallahassee, Florida 32306)
G. Stacy Sirmans (Department of Insurance, Real Estate and Business Law College of Business Florida State University Tallahassee, Florida 32306)
Barry A. Diskin (Department of Insurance, Real Estate and Business Law College of Business Florida State University Tallahassee, Florida 32306)
Abstract

This paper examines the effect that the loss of a shopping center anchor tenant has on the rental rates of the remaining tenants. Using data from smaller and moderately sized centers located in Florida and Georgia, two alternative regression procedures are employed and the results compared. Both estimates suggest similar and substantial effects to the rental rates. The rental rates of non-anchor tenants are estimated to decline approximately 25% in response to the loss of an anchor tenant.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol09n01/v09p099.pdf
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Publisher Info
Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 9 (1994)
Issue (Month): 1 ()
Pages: 99-110
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Handle: RePEc:jre:issued:v:9:n:1:1994:p:99-110

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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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L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Halvorsen, Robert & Palmquist, Raymond, 1980. "The Interpretation of Dummy Variables in Semilogarithmic Equations," American Economic Review, American Economic Association, vol. 70(3), pages 474-75, June. [Downloadable!] (restricted)
  2. Kim, E. Han & Lewellen, Wilbur G. & McConnell, John J., 1978. "Sale-and-Leaseback Agreements and Enterprise Valuation," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 13(05), pages 871-883, December. [Downloadable!]
  3. Johnson, Robert W & Lewellen, Wilbur G, 1972. "Analysis of the Lease-or-Buy Decision," Journal of Finance, American Finance Association, vol. 27(4), pages 815-23, September. [Downloadable!] (restricted)
  4. Gordon, Myron J, 1974. "A General Solution to the Buy or Lease Decision: A Pedagogical Note," Journal of Finance, American Finance Association, vol. 29(1), pages 245-50, March. [Downloadable!] (restricted)
  5. 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. [Downloadable!] (restricted)
  6. Benjamin, John D. & Boyle, Glenn W. & Sirmans, C. F., 1992. "Price discrimination in shopping center leases," Journal of Urban Economics, Elsevier, vol. 32(3), pages 299-317, November. [Downloadable!] (restricted)
  7. Schall, Lawrence D, 1974. "The Lease-or-Buy and Asset Acquisition Decisions," Journal of Finance, American Finance Association, vol. 29(4), pages 1203-14, September. [Downloadable!] (restricted)
  8. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May. [Downloadable!] (restricted)
  9. 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. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. 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. [Downloadable!]
  2. Francois Des Rosiers & Marius Theriault & Laurent Menetrier, 2005. "Spatial Versus Non-Spatial Determinants of Shopping Center Rents: Modeling Location and Neighborhood-Related Factors," Journal of Real Estate Research, American Real Estate Society, vol. 27(3), pages 293-320. [Downloadable!]
  3. Francois Des Rosiers & Marius Theriault & Catherine Lavoie, 2009. "Retail Concentration and Shopping Center Rents - A Comparison of Two Cities," Journal of Real Estate Research, American Real Estate Society, vol. 31(2), pages 165-208. [Downloadable!]
  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. [Downloadable!]
  5. William G. Hardin III & Marvin L. Wolverton, 2000. "Micro-Market Determinants of Neighborhood Center Rental Rate," Journal of Real Estate Research, American Real Estate Society, vol. 20(3), pages 299-322. [Downloadable!]
  6. Charles C. Carter & Kerry D. Vandell, 2005. "Store Location in Shopping Centers: Theory & Estimates," Journal of Real Estate Research, American Real Estate Society, vol. 27(3), pages 237-266. [Downloadable!]
  7. Ming-Long Lee & R. Kelley Pace, 2005. "Spatial Distribution of Retail Sales," The Journal of Real Estate Finance and Economics, Springer, vol. 31(1), pages 53-69, August. [Downloadable!] (restricted)
  8. William G. Hardin III & Jon Carr, 2006. "Disaggregating Neighborhood and Community Center Property Types," Journal of Real Estate Research, American Real Estate Society, vol. 28(2), pages 167-192. [Downloadable!]
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