Neighborhood Center Image and Rents
Posted: 17 May 2002
Abstract
The impact of neighborhood center image on rental rates is empirically modeled and tested. Neighborhood center anchor does not substantially affect in-line, non-anchor rental rates and is more a proxy for a neighborhood center's trade area economic base than an actual determinant of neighborhood center rental rates. Image related facilities specific variables do affect rental rates. Concurrently, relative center size does impact rental rates providing marginal support for the use of gravity models at the property sub-type level. More modeling of retail rents and sales activity is warranted.
Keywords: retail, rent agglomeration, image and externality
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