Spatial Versus Non-Spatial Determinants of Shopping Center Rents: Modeling Location and Neighborhood-Related Factors

François Rosiers, Marius Thériault and Laurent Ménétrier

Journal of Real Estate Research, 2005, vol. 27, issue 3, 293-320

Abstract: This study is an attempt to model the economic trade-off between spatial and non-spatial determinants of shopping center rents while assessing the role of neighborhood and location attributes in the rent setting process. For that purpose, two space-related indices, namely the Economic Potential Index (EPI) and the Center Attraction Index (CAI), are designed based on a major origin-destination phone survey and on financial data obtained for eight major shopping centers in Quebec City, Canada. The database, which is processed through a regional GIS, includes 1,007 retail units, representing some 4.4 million square feet of gross leasable area. While findings confirm that the EPI act as a significant determinant of shopping center rents, they also bring out the complexity of the relationships between endogenous and exogenous rent determinants.

Date: 2005
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DOI: 10.1080/10835547.2005.12091158

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