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Empirical Modeling of the Relative Impacts of Various Sizes of Shopping Centers on the Values of Surrounding Residential Properties

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Abstract

This paper examines price differences of identical residential properties located around shopping centers of different sizes. Various models are tested for this purpose. The size of a shopping center is found to have a positive contributory effect on the values of surrounding residential properties as the variable "size of a shopping center" is found to be positive and significant in all models. The results indicate that the value of a residential property at a radial distance from the outer periphery of a larger shopping center is higher as compared to that of an otherwise identical residential property located at the same radial distance from the outer periphery of a smaller shopping center.

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  • R. Sirpal, 1994. "Empirical Modeling of the Relative Impacts of Various Sizes of Shopping Centers on the Values of Surrounding Residential Properties," Journal of Real Estate Research, American Real Estate Society, vol. 9(4), pages 487-506.
    • Handle: RePEc:jre:issued:v:9:n:4:1994:p:487-506
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    4. Pope, Devin G. & Pope, Jaren C., 2015. "When Walmart comes to town: Always low housing prices? Always?," Journal of Urban Economics, Elsevier, vol. 87(C), pages 1-13.
    5. Fedderke, Johannes W. & Chen, Tinghua, 2023. "Generalizing the “Masterpiece Effect” in fine art pricing: Quantile Hedonic regression results for the South African fine art market, 2009–2021," Economic Modelling, Elsevier, vol. 124(C).
    6. Francois Des Rosiers & Marius Thériault & Paul-Y Villeneuve & Yan Kestens, 2001. "Isolating Spatial from A-spatial Components of Housing Attributes Using Kriging Techniques," ERES eres2001_149, European Real Estate Society (ERES).
    7. George H. Lentz & Ko Wang, 1998. "Residential Appraisal and the Lending Process: A Survey of Issues," Journal of Real Estate Research, American Real Estate Society, vol. 15(1), pages 11-40.
    8. Pengyu Ren & Yuanli Li & Kairui You, 2021. "Residents’ Demands for Urban Retail: Heterogeneity in Housing Structure Characteristics, Price Quantile, and Space," Land, MDPI, vol. 10(12), pages 1-17, December.
    9. Wasantha Athukorala & Wade Martin & Prasad Neelawala & Darshana Rajapaksa & Clevo Wilson, 2016. "Impact Of Wildfires And Floods On Property Values: A Before And After Analysis," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 61(01), pages 1-23, March.
    10. Tun-Hsiang Yu & Seong-Hoon Cho & Seung Kim, 2012. "Assessing the Residential Property Tax Revenue Impact of a Shopping Center," The Journal of Real Estate Finance and Economics, Springer, vol. 45(3), pages 604-621, October.
    11. Daunfeldt, Sven-Olov & Mihaescu, Oana & Öner, Özge & Rudholm, Niklas, 2019. "Retail and place attractiveness: The effects of big-box entry on property values," HFI Working Papers 1, Institute of Retail Economics (Handelns Forskningsinstitut).
    12. Elena Shakina & Angel Barajas, 2013. "The Contribution of Intellectual Capital to Value Creation," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 7(4), December.
    13. Song Zhang & Mark van Duijn & Arno J. van der Vlist, 2020. "The external effects of inner‐city shopping centers: Evidence from the Netherlands," Journal of Regional Science, Wiley Blackwell, vol. 60(4), pages 583-611, September.
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    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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