Phoenix Retail Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Kidder Mathews, Avison Young, Lee & Associates, Cushman & Wakefield, CBRE, Matthews, JLL, Colliers
Quarterly retail market indicators for Phoenix, aggregated by CREhunt from Kidder Mathews, Avison Young, Lee & Associates, Cushman & Wakefield, CBRE, Matthews, JLL, Colliers. As of Q2 2026, average asking rent was $21.36/SF/yr and vacancy was 4.5%, per Kidder Mathews.
Projected current retail pricing — Phoenix
Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q2 2026 Kidder Mathews data (cap rate 6.3%, asking rent held flat). Assumes ~96% occupancy and a 65–82% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Kidder Mathews | $21.36/SF/yr | 4.5% | 143K SF | 3.3M SF | Kidder Mathews |
| Q1 2026 Avison Young | $26.95/SF/yr | 5.1% | 2.5M SF | — | Avison Young |
| Q1 2026 Lee & Associates | $18.36/SF/yr | 5.0% | 510K SF | — | Lee & Associates |
| Q1 2026 Kidder Mathews | $20.76/SF/yr | 4.5% | 318K SF | — | Kidder Mathews |
| Q1 2026 Cushman & Wakefield | $19.00/SF/yr | 5.0% | -23K SF | — | Cushman & Wakefield |
| Q3 2025 CBRE | — | 5.1% | 358K SF | — | CBRE |
| Q3 2025 Matthews | $26.35/SF/yr | 4.7% | 48K SF | — | Matthews |
| Q2 2025 Matthews | $25.90/SF/yr | 4.6% | 1.0M SF | — | Matthews |
| Q2 2025 JLL | $25.89/SF/yr | 4.6% | 1.3M SF | — | JLL |
| Q3 2022 Colliers | — | 3.7% | 85.0M SF | — | Colliers |
Retail asking rents by submarket
The newest asking rent a named brokerage's report published for each Phoenix retail submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| CBD | $35.40/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| East Phoenix | $20.76/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Mesa | $13.56/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| North Central Phoenix | $19.80/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| North I-17 | $16.92/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Northwest Phoenix | $20.52/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Scottsdale | $27.24/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Sky Harbor Airport | $17.52/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Southeast Valley | $21.00/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Southwest Phoenix | $12.12/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Tempe | $18.84/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
Frequently asked questions
- What is the average asking rent for retail space in Phoenix?
- As of Q2 2026, the average asking rent for retail space in Phoenix was $21.36/SF/yr, per Kidder Mathews.
- What is the retail vacancy rate in Phoenix?
- The retail vacancy rate in Phoenix was 4.5% as of Q2 2026 (Kidder Mathews).
- Where does CREhunt's Phoenix market data come from?
- This report aggregates quarterly retail market data for Phoenix from Kidder Mathews, Avison Young, Lee & Associates, Cushman & Wakefield, CBRE, Matthews, JLL, Colliers.