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| Micro-Market Determinants of
Neighborhood Center Rental Rate Author: William G. Hardin III and Marvin L. Wolverton Start Page: 299 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. |
