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Shopping Center Rentals: An Empirical Analysis of the Retail Tenant Mix

This paper concentrates on the economic importance of the retail tenant mixture within shopping centers, and provides empirical evidence of the influence of tenant type on base rentals. The sample examined comprises 293 New Zealand shopping center leases. The results indicate that for some generic types of retail tenant (but not all), the type is an important determinant of shopping center base rents. It is also found that base rents decrease in size and increase with center turnover. Occupancy costs are tentatively found to be a negative determinant of base rents. These results are generally supportive of the recent shopping center space allocation theories of Brueckner (1993) and Eppli and Shilling (1993). The article also has several implications for the analysis of evidence in the rent review process.

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

Volume (Year): 15 (1998)
Issue (Month): 3 ()
Pages: 283-296

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Handle: RePEc:jre:issued:v:15:n:3:1998:p:283-296
Contact details of provider: Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
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Order Information: Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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  1. Mark J. Eppli & John D. Benjamin, 1994. "The Evolution of Shopping Center Research: A Review and Analysis," Journal of Real Estate Research, American Real Estate Society, vol. 9(1), pages 5-32.
  2. C.F. Sirmans & Krisandra A. Guidry, 1993. "The Determinants of Shopping Center Rents," Journal of Real Estate Research, American Real Estate Society, vol. 8(1), pages 107-116.
  3. 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.
  4. 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.
  5. 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.
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