The external effects of inner-city shopping centers: Evidence from the Netherlands |
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Authors: | Song Zhang Mark van Duijn Arno J. van der Vlist |
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Affiliation: | Real Estate Centre, Department of Economic Geography, Faculty of Spatial Sciences, University of Groningen, Groningen, The Netherlands |
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Abstract: | Shopping center redevelopment is inevitable to remain attractive for consumers. In this paper, we investigate the external effects of shopping center redevelopment on nearby residential property prices. Using a difference-in-difference empirical framework, we find the redevelopment has positive external effects on nearby property prices. We find the price of a property located next to a redeveloped shopping center increases by 1.43% on average just after redevelopment. Our results indicate that these positive external effects wear off rather rapidly across space and over time. This suggests that shopping center redevelopment plays a substantial, but limited, role in combating neighborhood deprivation. |
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Keywords: | difference-in-difference external effects redevelopment shopping centers urban revitalization |
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