In a recent study published in the June 2026 edition of the Journal of real estate Practice and Education researchers from Fresno State’s Craig School of Business examined the impact of Costco’s relocation from southwest Clovis to central Clovis in 2019. The findings shed light on how such moves can influence neighborhood property values.
The research team, consisting of Andres JaureguiMohammed Fallah and Jaquelin Curry discovered that home values in the area surrounding the former Costco location at Ashlan and Peach Avenues increased by approximately 8-9%. This area is situated near the Fresno Yosemite International Airport.
Property Value Changes in Clovis Neighborhoods
In contrast, home prices around the new Costco location at Clovis and Shaw Avenues about 1.5 miles northeast near the Sierra Vista Mall remained relatively stable. Initially, there was a slight dip during the assessment and construction phases, but prices rebounded once the new warehouse opened.
Jauregui who heads the Gazarian Real Estate Center at Fresno State noted that the increase in property values near the old location was somewhat expected. “I think we were kind of expecting property values to increase,” he said, attributing the rise to a likely reduction in localized traffic and noise after Costco’s departure.
The Broader Implications for Fresno
The study’s authors cautioned against drawing direct parallels between the Clovis relocation and the ongoing debate in Fresno regarding Costco’s proposed move from West Shaw Avenue near Highway City to Herndon and Riverside Avenues. They emphasized that the circumstances surrounding each relocation are unique.
In Clovis, only two individuals appealed the Planning Commission’s approval of the new Costco location in 2018. However, in Fresno, the city’s decision to approve Costco’s relocation has been met with litigation, with neighborhood groups expressing concerns over traffic and air quality.
The researchers also highlighted the complexity of isolating the effects of a specific retailer’s location change, given the multitude of other factors at play. For instance, in Fresno, high-speed rail-related construction adds another layer of complexity to the analysis.
Lessons for Retailers and Government Officials
The study underscores the importance of retailers working closely with government officials to assess and communicate the positive impacts of such relocations. Jauregui emphasized that while the perception of locating new warehouse centers is often negative initially, these retailers tend to bring new jobs and attract other investments to the area.
“Positive impacts are not always evenly distributed,” he added, pointing out that the benefits and drawbacks of such relocations can vary significantly between different neighborhoods and communities.
The former Costco warehouse, originally built in 1990, did not remain vacant for long. Developer Jerry Cook purchased the building for $5.5 million in 2026 and secured a long-term lease to relocate Fresno county‘s Department of Social Services into the building in 2026.
As the debate over Costco’s relocation in Fresno continues, this study provides valuable insights into the potential impacts on property values and the broader community.
