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An empirical investigation of retail rents in five European cities

Éamonn D’Arcy (Lecturer at the Centre for Spatial and Real Estate Economics, Department of Economics, Faculty of Urban and Regional Studies, University of Reading, UK)
Sotiris Tsolacos (Lecturer at the Centre for Spatial and Real Estate Economics, Department of Economics, Faculty of Urban and Regional Studies, University of Reading, UK)
Tony McGough (Visiting Research Fellow at the Centre for Spatial and Real Estate Economics, is at Investment Research, Hillier Parker, London, UK)

Journal of Property Valuation and Investment

ISSN: 0960-2712

Article publication date: 1 October 1997

Abstract

Presents the findings of the first comparative econometric investigation into the influence of demand side forces on retail rent determination in European cities. Examines five major retail centres ‐ Amsterdam, Brussels, Hamburg, London and Paris ‐ over the period 1980 to 1994. Estimates for each city a theory consistent model which tests influences of GDP, retail sales and consumer expenditure on changes in retail rents. Univariate and multivariate regressions show that the relative explanatory capabilities of these influences exhibit a notable degree of variation between the cities. A time series cross‐sectional analysis demonstrates that contemporaneous changes in GDP are the most important common determinant of retail rents across the cities and that the process of rent determination in Paris is influenced by different structural factors from the other cities examined.

Keywords

Citation

D’Arcy, É., Tsolacos, S. and McGough, T. (1997), "An empirical investigation of retail rents in five European cities", Journal of Property Valuation and Investment, Vol. 15 No. 4, pp. 308-322. https://doi.org/10.1108/14635789710181450

Publisher

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MCB UP Ltd

Copyright © 1997, MCB UP Limited