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Analyzing the determinants of shopping center rents in Spain: an empirical study

Thu, 09/03/2026 - 17:55 — admin
Publication TypeJournal Article
Year of Publication2026
AuthorsGrace Kelly Maureira; F.-Javier Heredia
Journal TitleJournal of European Real Estate Research
PublisherEmerald
ISSN Number1753-9269
Key Wordsresearch; real state; CBRE; tenant mix; shopping centers
AbstractThis study examines the factors influencing retail rents in shopping centers across Spain utilizing datasets from 27 shopping centers across Spain, utilizing real-world data from a real estate company operating in the country. A regression model is constructed to estimate the impact of various factors on retail rent, including physical attributes, economic conditions, tenant mix and the type of shopping centers. The empirical analysis has identified several factors that significantly determine the rental rates of stores within shopping centers. These factors include the size and location of the store, the anchor status and retail category of the tenant, and the type of shopping center. Notably, stores located on lower floors tend to command higher rental rates compared to those on higher floors. On the contrary, the distance to the nearest anchor tenant does not appear to impact rental values. This is the first study to evaluate retail rents in Spanish shopping centers using real-world data from a leading real estate company. The findings present valuable insights for shopping center managers and landlords regarding tenant placement and lease structuring and contribute to the broader literature on retail real estate and shopping center management.
URLClick Here
DOIhttps://doi.org/10.1108/JERER-03-2025-0039
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Enhancing Shopping Centre Profitability through Optimized Tenant Mix and Synergistic Placement

Thu, 10/24/2024 - 11:28 — admin
Publication TypeConference Paper
Year of Publication2024
AuthorsGrace Kelly Maureira; F.-Javier Heredia
Conference NameEURO24, 33rd European Conference on Operational Research
Conference Date30/06-3/07/2024
Conference LocationTechnical University of Denmark (DTU), Copenhagen, Denmark.
Type of WorkContributed presentation
Key Wordsresearch; real state; shopping centers; tenant mix; modeling; multi-objective optimization.
AbstractThe strategic allocation of tenants within shopping centers, known as "tenant mix," is crucial for enhancing profitability in the retail sector. This research delves into creating an ideal combination of retail categories and their placement to boost rental income, a primary financial source for mall operators. Utilizing integer linear programming, we propose a model that integrates the concept of tenant synergy at its core—a critical yet underexplored aspect in the literature. This model includes constraints based on the total leasable space available and the strategic distribution of store units. Drawing upon a dataset from 27 shopping centers in Spain, we construct a regression model to estimate base rent, positioning it as the critical component of our objective function to maximize rental income. Additionally, this objective function features a synergy-based scoring system as an extra component, designed to enhance sales revenues and create a balanced retail environment through strategic tenant placement. The e ectiveness of our model is demonstrated through several case studies, highlighting its potential to increase rental income and sales. Our findings o er mall operators a practical tool to optimize vacant spaces, facilitating strategic decision-making in the retail industry.
URLClick Here
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