Disaggregating Neighborhood and Community Center Property Types

26 Pages Posted: 20 Dec 2006

See all articles by William G. Hardin

William G. Hardin

Florida International University (FIU) - College of Business Administration

Jon C. Carr

University of Southern Mississippi

Abstract

Existing retail theory postulates a hierarchical space market with larger centers having greater drawing capacity and greater agglomeration benefits. In this study, rent determinants for two tiers of the proscribed hierarchical model are compared and the existence of retail center property type differences in rent determinants is evaluated. Property-specific data, competing center data and trade area data for 370 neighborhood and community centers derived from a census of retail centers for a single large MSA are used. Results indicate that community and neighborhood centers can be differentiated into distinct retail property types. The results also show that the presence of lower income households in a center's primary trade area has a pronounced negative impact on community center rents.

This paper received the award for the best paper on Retail Real Estate (sponsored by the International Council of Shopping Centers) presented at the 2004 ARES Annual Meeting.

Keywords: retail center, rent, neighborhood, community

JEL Classification: C40,C42,D12,D91,E21,J11,O18,R11,R14,R12

Suggested Citation

Hardin, William G. and Carr, Jon C., Disaggregating Neighborhood and Community Center Property Types. Journal of Real Estate Research, Vol. 28, No. 2, 2006, Available at SSRN: https://ssrn.com/abstract=952402

William G. Hardin (Contact Author)

Florida International University (FIU) - College of Business Administration ( email )

Miami, FL 33199
United States

Jon C. Carr

University of Southern Mississippi ( email )

Hattiesburg, MS 39406
United States
601-266-6545 (Phone)
601-266-4630 (Fax)

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