Population
1,624,000
Growth (5Y)
+14.2%
Median Income
$62,000
Metro GDP
$332B
Market Overview
Phoenix is one of the most dynamic NNN investment markets in the Sun Belt, driven by explosive population growth and corporate relocation from high-tax states. The metro added nearly 80,000 residents per year from 2020–2024. TSMC's $40B semiconductor campus and Intel's $20B investment have created a tech manufacturing hub that supports retail demand across the region. NNN investors are attracted to the combination of solid cap rates (5.0–6.75%) and long-term population-driven NOI growth.
Key Highlights
Fastest growing major city in the US by numeric population gain
Arizona's low corporate tax rate of 4.9% attracts relocating businesses
Tech hub with massive semiconductor manufacturing investment (TSMC, Intel)
Year-round warm climate drives consistent retail foot traffic
Why Invest in Phoenix
- 1Top-3 fastest growing major metro in the nation for a decade straight
- 2No inventory constraints — developable land supports new NNN builds
- 3Low tax burden attracting TSMC, Intel, and major corporate campuses
- 4Winter population influx drives consistent sales at retail NNN tenants
Recent NNN Activity
"Phoenix metro net lease transaction volume grew 22% year-over-year in 2024. QSR assets led activity with McDonald's, Chick-fil-A, and Taco Bell commanding sub-5.25% cap rates. Convenience stores (Circle K, QuikTrip) saw strong demand from 1031 exchange buyers."
NNN Snapshot
Cap Rate Range
5% - 6.75%
Price Range
$1.5M - $4.8M
Avg Lease Term
12 Years
Unemployment Rate
3.5%
Active NNN Tenants
QuikTripCircle KMcDonald'sDollar GeneralAutoZoneWalgreensStarbucks
Major Employers
IntelHoneywellBoeingAmerican ExpressBanner HealthWells Fargo
Find NNN Properties in Phoenix
Our advisors have exclusive, off-market NNN inventory in the Phoenix market right now. Contact us to see what's available before it hits the public market.