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

Marcus Gerbich

Journal of Real Estate Research, 1998, vol. 15, issue 3, 283-296

Abstract: This article 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.

Date: 1998
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DOI: 10.1080/10835547.1998.12090926

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