Markets › Phoenix, AZ
Retail Property Values in Phoenix, AZ
Automated market snapshot from recent comparable sales · Jul 2024 – Jul 2026. Updated 2026-07-14.
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
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 |
Frequently asked questions
What is the average price per square foot for retail space in Phoenix, AZ?
Recent sale comps put the median around $351/SF, with a typical range of $254–$596/SF across 6 recent sales (Jul 2024 – Jul 2026).
What cap rates are retail properties trading at in Phoenix?
Recent market data suggests roughly 6.0%–8.0% for stabilized retail deals in the Phoenix area.
How are these numbers calculated?
They are automated estimates built from recent comparable sales found in public listings, property records, and brokerage announcements. They are not an appraisal or a broker opinion of value.
How do I find out what my Phoenix retail property is worth?
Run a free valuation on CompNinja: enter the address and property type and you get an estimated value range from recent comps in under a minute. For a real opinion of value, we connect you with a licensed local broker at no cost.
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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.