Apache Junction, Queen Creek & Pinal County Retail Market Report
Apache Junction Submarket Overview
Apache Junction is located at the base of Superstition Mountains and is known for its desert landscapes and outdoor recreational opportunities. General Retail is the largest category among the different types of retail spaces, comprising 1.2 million square feet within the submarket.
Apache Junction Submarket Performance
The Apache Junction retail submarket vacancy rate stands at 6.6%, marking a 1.5% increase over the last year. During this period, nearly 70,000 square feet of space have been delivered, while 30,500 square feet have been absorbed. Rental prices are currently at $21.00 per square foot, reflecting a 9.6% rise compared to a year ago, with a total increase of 28.8% over the past three years. Construction activity is relatively low, with only 8,500 square feet under development, constituting a minor 0.4% expansion of the existing inventory.
Over the last year, there have been 14 sales averaging $320 per square foot. In the past three years, there have been 54 sales, amounting to approximately $88.0 million.
The market cap rate for Apache Junction is currently 6.6%, slightly lower than the trailing three-year average of 6.8%.
Apache Junction By The Numbers | Last 12 Months | Source: CoStar Group
- Vacancy rate: 6.6%
- Rent Growth: 9.6%
- Deliveries in SF: 69.8K
- Absorption in SF: 30.5K
- Sales Volume: $19.4M
Queen Creek Submarket Overview
Queen Creek is located in the southeastern region of Arizona and is known for being an agricultural community. Among the different types of retail spaces, Power Centers are the largest category within the Queen Creek submarket, comprising 1.4 million square feet.
Queen Creek Submarket Performance
The vacancy rate in the Queen Creek retail sector stands at 1.9%, showing a decrease of 0.5% over the past year. During this period, 88,500 square feet have been absorbed, while 78,000 square feet of new space has been delivered. The total availability, including sublease options, accounts for 3.2% of the entire inventory. Rental rates are currently around $26.00 per square foot, indicating a 9.6% increase year-over-year, with a cumulative rise of 27.3% over the past three years. Construction activity is significant, with approximately 230,000 square feet under development, constituting an 8.3% expansion of the existing inventory.
In the last 12 months, six sales have occurred, totaling $29.2 million. Over the past three years, there have been a total of 28 sales, amounting to approximately $102 million.
The market cap rate for Queen Creek is presently 6.3%, slightly lower than the trailing three-year average of 6.5%.
Queen Creek By The Numbers | Last 12 Months | Source: CoStar Group
- Vacancy Rate: 1.9%
- Rent Growth: 9.6%
- Deliveries in SF: 78K
- Absorption in SF: 88.5K
- Sales Volume: $27.1M
Outlying Pinal County Submarket Overview
Outlying Pinal County, AZ, is located to the southeast of the Phoenix metro area, characterized by its desert landscapes, mountains, and a mix of rural communities and growing urban centers. General Retail is the dominant subtype within the Outlying Pinal County Retail submarket, encompassing 4.4 million square feet.
Outlying Pinal County Submarket Performance
The vacancy rate in the Outlying Pinal County retail sector stands at 6.5%, showing a decrease of 1.3% over the past year. Nearly 200,000 square feet of space have been absorbed during this period, while 85,400 square feet of new space have been delivered. Rental rates are approximately $20.00 per square foot, indicating an 8.3% increase compared to a year ago, with a cumulative rise of 24.5% over the past three years. Construction activity is relatively modest, with about 61,000 square feet under development, constituting a minor 0.7% expansion of the existing inventory.
In the last 12 months, there have been 28 sales, averaging $260 per square foot. Over the past three years, there have been a total of 132 sales, amounting to approximately $199 million.
The market cap rate for Outlying Pinal County is currently 6.6%, slightly below the three-year average of 6.8%.
Outlying Pinal County By The Numbers | Last 12 Months | Source: CoStar Group
- Vacancy Rate: 6.5%
- Rent Growth: 8.3%
- Deliveries in SF: 85.4K
- Absorption in SF: 196K
- Sales Volume: $33.3M
To read the Q4 2023 Phoenix Retail Market Report, click here.
