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Fragmented ownership of shopping centers affects the value of retail units negatively. This is the outcome of a study by Barzien Khoshbakht, appraiser at Cushman & Wakefield. His study shows that a single ownership structure is preferred above a fragmented ownership structure for small and large shopping centers in terms of rental levels. In fragmented ownership structures rents in smaller shopping centers are three percent lower than average and even ten percent lower than average in large shopping centers.