소매용 부동산에서 업종구성이 임대수익에 미치는 영향에 관한 연구

The retail building can enjoy various types of benefit by agglomeration of similar businesses, so called economies of agglomeration. Agglomeration decreases consumer’s search costs and gives consumers an opportunity to compare prices and goods, and increases the possibility to find a right offering to meet their need. The retail building can establish its differentiated image, increase its expertise, extend its trade area and demand potential by using tenant agglomeration which produce consumer utilities. This research tests the impact of tenant agglomeration and the anchor tenant in retail building on its rent income or Net Operating Income (NOI). For empirical analysis, we categorize numerous explanatory variables into region, location, building, facility, owner, and tenant mix characteristics. We measure the degree of tenant agglomeration for the entire building and representative retail tenant categories by using Herfindahl-Hirschman Index. Empirical research shows regional and locational characteristics of the retail building affect its rent income and NOI. And the rent income and NOI of the retail building are also influenced by the building and facility characteristics. Most importantly, this research confirms several types of tenant agglomeration have a positive impact on rent income and NOI of the retail building. Also, anchor tenants have a positive influence. This research shows retail building can utilize its tenant mix strategy to create economies of agglomeration and enhance its rent income and NOI.