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Disaggregating Neighborhood and Community Center Property Types

  • William G. Hardin III

    ()

    (Department of Finance and Economics, Mississippi State University, P. O. Box 9580, Mississippi State, MS 39762-958)

  • Jon Carr

    (Department of Marketing and Management, College of Business Administration, University of Southern Mississippi, P. O. Box 5091, Hattiesburg, MS 39406-5091)

Registered author(s):

    Existing retail theory postulates a hierarchical space market with larger centers having greater drawing capacity and greater agglomeration benefits. In this study, rent determinants for two tiers of the proscribed hierarchical model are compared and the existence of retail center property type differences in rent determinants is evaluated. Property-specific data, competing center data and trade area data for 370 neighborhood and community centers derived from a census of retail centers for a single large MSA are used. Results indicate that community and neighborhood centers can be differentiated into distinct retail property types. The results also show that the presence of lower income households in a center’s primary trade area has a pronounced negative impact on community center rents.

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    File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol28n02/04.167_192.pdf
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    Article provided by American Real Estate Society in its journal journal of Real Estate Research.

    Volume (Year): 28 (2006)
    Issue (Month): 2 ()
    Pages: 167-192

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    Handle: RePEc:jre:issued:v:28:n:2:2006:p:167-192
    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. 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.
    2. 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.
    3. 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.
    4. Thomas J. Miceli & C.F. Sirmans & Denise Stake, 1998. "Optimal Competition and Allocation of Space in Shopping Centers," Journal of Real Estate Research, American Real Estate Society, vol. 16(1), pages 113-126.
    5. Allen, Marcus T & Springer, Thomas M & Waller, Neil G, 1995. "Implicit Pricing across Residential Rental Submarkets," The Journal of Real Estate Finance and Economics, Springer, vol. 11(2), pages 137-51, September.
    6. 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.
    7. Wolverton, Marvin L & Hardin, William G, III & Cheng, Ping, 1999. "Disaggregation of Local Apartment Markets by Unit Type," The Journal of Real Estate Finance and Economics, Springer, vol. 19(3), pages 243-57, November.
    8. 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.
    9. 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.
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