Hanford-Corcoran, California Retail Market Report
Market Overview
Hanford-Corcoran is the county seat of Kings County and the most populous city in the county. The market is located in the San Joaquin Valley portion of the broader Central Valley. The employment and population trends are mixed. The number of jobs has climbed by 3.7% in the last year, while the population has declined by 0.4%.
Market Performance
Over the last five years, annual sales volume has averaged $35.6 million, with a 12-month high in investment volume of $68.9 million.
In the Hanford-Corcoran retail market, the vacancy rate stands at 2.3% and has decreased by 2.3% in the last 12 months. During this period, 160,000 square feet were absorbed, while 9,300 square feet were delivered. Rents are currently at $17.30 per square foot, marking a 3.9% increase from a year ago and a cumulative 12.1% increase over the past three years. Only 5,000 square feet are under construction, representing a minimal 0.1% inventory expansion.
In the last year, there were 12 sales with an average price of $230 per square foot. The estimated market value is $161 per square foot. Over the past three years, there have been 69 sales totaling approximately $105 million. The market cap rate for Hanford-Corcoran is 7.2%, slightly below the average of 7.4% from the past three years.
Hanford-Corcoran, CA, by the Numbers in the Last 12 Months
Source: CoStar Group
- Rent Growth: 3.9%
- Deliveries SF: 9.3K
- Vacancy Rate: 2.3%
- Net Absorption SF: 160K
- Sales Volume: $17.6M
