Gilbert Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $24.34 2024 Avg. Asking Rent
  • 4.24% Y-o-Y Avg. Asking Rent Change
  • 9.59% 2024 Office Vacancy Rate

Gilbert office price per square foot in 2024 was $24.34 on average. This marked a +4.24% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 9.59% across all asset classes combined.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Arizona Class A & A+ Office Space$33.12
  • Arizona Class B Office Space$24.39
  • Arizona Class C Office Space$18.69

Gilbert, AZ Office Asking Rents by Class

2024 Office Vacancy Rates in Gilbert

Submarket Asking Rents Vacancy Rates
Chandler $29.99 20.89%
Gilbert $24.61 10.56%
Mesa $23.16 17.53%
Data provided by Yardi Research
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Gilbert market was 9.59% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Gilbert was 10.56% in the Gilbert submarket, while the highest office vacancy in the market was 20.89%, recorded in Chandler.

Office Spaces for Rent in Arizona

Coworking Spaces in Arizona

2024 Office Construction in Gilbert, AZ

  • Gilbert, AZ Total SF completed in 2024 64,628
  • Gilbert, AZ Total SF under construction in 2025 187,222

During 2024, 64,628 square feet of new office space were delivered across the market. At the close of 2024, the Gilbert office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 64,628 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 187,222 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Gilbert
Office building Address SF Completed
4727 E Pecos Rd 4727 E Pecos Rd, 85297 6,500 2026
Verde Medical Center 3875 E. Williams Field Rd , 85295 37,278 2020
5555 E Baseline Rd 5555 E Baseline Rd, 85206 8,876 2019
1460 W Elliot Rd # 104 1460 W Elliot Rd # 104, 85233 11,246 2016
2314 S Val Vista Dr 2314 S Val Vista Dr, 85295 16,369 2012
963, 971, 979 N Gilbert Rd 963, 971, 979 N Gilbert Rd, 85234 76,979 2008
Ethan Plaza 706 North McQueen Road, 85233 51,383 2008
971 N Gilbert Rd, Ste 204 971 N Gilbert Road, Ste 204, 85234 2,076 2008
971 N Gilbert Rd, Ste 315 971 N Gilbert Rd, Ste 315, 85234 1,414 2008
4100 South Lindsay Road 4100 South Lindsay Road, 85297 41,000 2007

Worth noting among recent office completions on the Gilbert market is 4727 E Pecos Rd, which is currently the largest new office development in the city, at 6,500 square feet.

Data provided by Yardi Research

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by Yardi Research Data, a market intelligence solution which offers comprehensive real market knowledge on all Gilbert commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor Yardi Research Data can guarantee that the information provided is complete.