Micro-Market Determinants of Neighborhood Center Rental Rate
This investigation expands the limited empirical research on retail rental rates by investigating the determinants of neighborhood shopping center rents. Evidence supports primary trade area and property specific characteristics as the primary determinants of neighborhood center vacancy and rental rates. A positive aggregation effect created by higher order shopping opportunities is also found. Community centers and malls generate positive marginal effects on neighborhood center rental rates. However, the marginal effects diminish greatly after two-tenths mile for community centers and one-half mile for malls. Micro-market factors are important determinants of rental rates and by implication property performance.
Volume (Year): 20 (2000)
Issue (Month): 3 ()
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- 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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- Mark J. Eppli & James D. Shilling, 1996. "How Critical is a Good Location to a Regional Shopping Center?," Wisconsin-Madison CULER working papers 96-03, University of Wisconsin Center for Urban Land Economic Research.
- 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.
- Kenton L. Ownbey & Kyle Davis & Harvey H. Sundel, 1994. "The Effect of Location Variables on the Gross Rents of Neighborhood Shopping Centers," Journal of Real Estate Research, American Real Estate Society, vol. 9(1), pages 111-124.
- Edwin S. Mills, 1992. "Office Rent Determinants in the Chicago Area," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(2), pages 273-287.
- Mark J. Eppli & James D. Shilling, 1996. "How Critical Is a Good Location to a Regional Shopping Center?," Journal of Real Estate Research, American Real Estate Society, vol. 12(3), pages 459-468.
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