ABSTRACT

This study investigates the relationship between use and investor diversity, spatial accessibility, and high street retail rents. Spatial quantitative analysis of the high street retail sector remains an underdeveloped area so this paper seeks to bridge this gap and contribute to the debate on the adaptability of urban retailing centres by adopting a spatial fixed-effects panel modelling approach. The empirical findings reveal that diversity and richness in property use tend to have a significant positive impact on retail rental values. The influence of ownership richness on rents is positive implying that rents tend to be higher on streets where there is a greater range in the type of landlords. Walkability, as a measure of spatial accessibility, is found to have a negative relationship with market rents. This is perhaps surprising as it had been expected that the most walkable streets in retailing centres to be the most connected and have the highest rents. This contrary finding may be due to large developments interrupting the street network and restricting the choice and movement of pedestrians. Location on the prime retail pitch has a significant positive relationship with shop rents, whereas proximity to transportation nodes has a less consistent influence.

摘要

本研究调查了使用与投资者多样性、空间可达性和商业街零售租金之间的关系。商业街零售业的空间定量分析仍然是一个欠发达的地区，因此本文试图通过采用空间固定效应面板建模方法来弥合这一差距并为关于城市零售中心适应性的辩论做出贡献。实证结果表明，物业使用的多样性和丰富性往往会对零售租金价值产生显着的积极影响。所有权丰富度对租金的影响是积极的，这意味着在房东类型范围更大的街道上，租金往往更高。可步行性作为衡量空间可达性的指标，被发现与市场租金呈负相关。这也许令人惊讶，因为人们预计零售中心中最适合步行的街道连接最多，租金也最高。这一相反的发现可能是由于大型开发项目中断了街道网络并限制了行人的选择和移动。主要零售场所的位置与商店租金有显着的正相关关系，而靠近交通节点的影响则不太一致。