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The value of retail rents with regression models: a case study of Shanghai

Liang, Jian and Wilhelmsson, Mats 2011, The value of retail rents with regression models: a case study of Shanghai, Journal of property investment & finance, vol. 29, no. 6, pp. 630-643, doi: 10.1108/14635781111171788.

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Title The value of retail rents with regression models: a case study of Shanghai
Author(s) Liang, Jian
Wilhelmsson, Mats
Contributor(s) Crosby, N
Journal name Journal of property investment & finance
Volume number 29
Issue number 6
Start page 630
End page 643
Total pages 14
Publisher Emerald
Place of publication Bingley, Eng.
Publication date 2011-09-27
ISSN 1463-578X
Keyword(s) Retail rent
OLS model
Moran’s I
Spatial autocorrelation
Spatial regression model
RMSE test
Rental value
Retailing
China
Summary Abstract
Purpose– The purpose of this paper is to estimate the determinants of the retail space rent in Shanghai.
Design/methodology/approach – Hedonic model and spatial regression models are used in the paper. The problem of spatial autocorrelation is tested by Moran’s I statistics, and the root mean square error (RMSE) test is performed to find out the best model.
Findings – The significant explaining variables are the age, the area of retail space, the distance to the Jing An CBD centre, the type of the retail and the district of the property. A new classification of district in retail research context is suggested in this paper, and it is proved to be better than the districts set up by government to explain the retail rent variation.
Originality/value – This paper presents the first empirical study about the retail rental market in Shanghai. The research helps retail property investors and retail tenants deepen their understanding of the retail market in Shanghai. Spatial econometrics techniques are first introduced into the empirical retail rent research to produce a more precise estimation.

Language eng
DOI 10.1108/14635781111171788
Field of Research 149999 Economics not elsewhere classified
Socio Economic Objective 900299 Property
HERDC Research category C1.1 Refereed article in a scholarly journal
Copyright notice ©2011, Emerald
Persistent URL http://hdl.handle.net/10536/DRO/DU:30078478

Document type: Journal Article
Collections: Open Access Collection
Department of Finance
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Every reasonable effort has been made to ensure that permission has been obtained for items included in DRO. If you believe that your rights have been infringed by this repository, please contact drosupport@deakin.edu.au.