Phoenix, AZ retail market
The Phoenix retail market is performing strongly entering mid-2026, with vacancy holding near 5.0% and average asking rents reaching $26.57/SF in Q4 2025 after five-plus consecutive years of annual rent growth averaging around 5-6%. Investment activity has accelerated, with transaction volume in 2025 running more than 25% above 2024 levels and new-construction grocery-anchored centers trading above $650/SF while larger power centers clear in the $250-$270/SF range. Unanchored and non-grocery-anchored strip centers typically trade at 7-8% cap rates, with top-tier stabilized assets compressing into the 6% range. No specific building address was provided for the target property, so a subject building size could not be determined from public records.
What's driving Retail prices in Phoenix
Phoenix retail sale prices have risen significantly over the 2024-2026 window, with new-construction stabilized assets trading at record per-SF levels above $650/SF and the broader market averaging $187/SF on large-format investment-grade product, supported by accelerating transaction volume that surpassed $2 billion in the trailing twelve months through Q3 2025.
- Sustained sub-5% retail vacancy driving landlord pricing power and above-market rent escalations
- New-construction grocery-anchored and daily-needs centers commanding $600+/SF as private all-cash buyers bypass debt markets
- Over $600M in maturing CMBS retail loans by 2026 may push value-add inventory to market, creating acquisition opportunities
- National chain bankruptcies (99 Cents Only, Joann) temporarily lifted availability to 5.1% but space is being rapidly backfilled by off-price, fitness, and experiential tenants
Market intelligence
Tracking this market · 7 comps · 12-month median $434/SF · latest deal Jul 2026.
This quarter: 0 comps added to our corpus in Q3 2026. Trend medians use closed-deal dates from our growing comp corpus; automated estimates, not an appraisal.
Where this market is
MomentumThe shaded area is Phoenix's municipal boundary, coloured to match the momentum read above.
Recent Retail comps in Phoenix, AZ
| Address | Date | Type | Size (SF) | Price / Rate | $/SF |
|---|---|---|---|---|---|
| Ninety Nine Ave, 99th Avenue & McDowell Road, West Phoenix, AZ 85037 news | May 2026 | Sale | 47201 | $30,700,000 | $650.41 |
| Pecan Plaza Shops, NWC Ellsworth Road & Riggs Road, Queen Creek, AZ 85142 news | May 2026 | Sale | 20325 | $13,350,000 | $656.83 |
| Vineyard Towne Center, NWC Gantzel Road & Combs Road, Queen Creek, AZ 85140 news | May 2026 | Sale | 260000 | $69,600,000 | $267.69 |
| Biltmore Fashion Park (50% interest), 2502 E Camelback Road, Phoenix, AZ 85016 news | Jul 2024 | Sale | $110,000,000 (50% share) | ||
| Phoenix Metro Retail Investment Sales Portfolio (67 properties >20,000 SF, >$1M), Greater Phoenix, AZ news | Dec 2025 | Sale | $1,080,000,000 aggregate (67 properties) | $187 | |
| Phoenix Metro Retail Market (Q1 2024 snapshot), Greater Phoenix, AZ news | Q1 2024 | Sale | $249 avg sale price PSF | $249 | |
| Phoenix Metro Arizona Strip Malls (active listings), Greater Phoenix / Arizona, AZ listing | Jul 2026 | Sale | 20688 | $434 avg asking price PSF | $434 |
| Median of 6 recent sales · $351/SF | $351 | ||||
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Figures are automated estimates derived from public listings, records, and brokerage announcements for Phoenix, AZ, not an appraisal or a broker opinion of value. Verify independently before relying on them. CompNinja connects owners with licensed local brokers; it is not a brokerage.