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| Shopping Center Rentals: An Empirical
Analysis of the Retail Tenant Mix Author: Marcus Gerbich Start Page: 283 Abstract: This paper
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. |
