Micro-Market Determinants of Neighborhood Center Rental Rate

William G. Hardin () and Marvin L. Wolverton ()
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William G. Hardin: Mississippi State University Mississippi, MS 39762-9580, http://wwww.msstate.edu/
Marvin L. Wolverton: Washington State University Pullman, WA 99164-4746, http://www.wsu.edu/

Journal of Real Estate Research, 2000, vol. 20, issue 3, pages 299-322

Abstract: 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.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2000
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