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Neighborhood Center Image and Rents

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Abstract

The impact of neighborhood-center image on rental rates is empirically modeled and tested. The neighborhood-center anchor does not substantially affect in-line, nonanchor 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 subtype level. More modeling of retail rents and sales activity is warranted.

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Authors and Affiliations

  1. Department of Finance and Economics, Mississippi State University, Mississippi State, MS, 39762-9580

    William G. Hardin III

  2. Department of Finance, Insurance and Real Estate, College of Business and Economics, Washington State University, Pullman, WA, 99164-4746

    Marvin L. Wolverton

Authors
  1. William G. Hardin III
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  2. Marvin L. Wolverton
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Hardin, W.G., Wolverton, M.L. Neighborhood Center Image and Rents. The Journal of Real Estate Finance and Economics 23, 31–46 (2001). https://doi.org/10.1023/A:1011112707018

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