Gilbert Office Market Trends

Office Rental Market

  • $25.15 2019 Avg. Asking Rent
  • 28.15 % 2019 Avg. Vacancy Rate
  • 418,924 2019 Office Completions (Sqft)
  • 254,009 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Gilbert was $25.15 per square foot, and the office vacancy rate across the market averaged 28.15 %. During 2019, developers added 418,924 square feet of new office space to the Gilbert market inventory. Office developments estimated for delivery during 2020 total 254,009 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Gilbert Class A Office Buildings$29.75
  • Gilbert Class B Office Buildings$22.34
  • Gilbert Class C Office Buildings$20.01
  • AZ Class A Office Buildings$31.21
  • AZ Class B Office Buildings$22.48
  • AZ Class C Office Buildings$17.99

Gilbert, AZ Office Asking Rents by Class

Office asking rents vary across the Gilbert office market depending on several factors, one of which is property class. While rents for Class A office buildings in Gilbert averaged $29.75 per square foot in 2019, Class B office properties garnered average rental rates of $22.34 per square foot. Rental rates for Class C office property in Gilbert averaged $20.01 per square foot. On a statewide level, Class B office space rents averaged $22.48 per square foot, while rents for Class A office space across Arizona averaged $31.21 per square foot. On average, Class C office properties in Arizona commanded rents of $17.99 per square foot.

2019 OFFICE VACANCY RATES

Submarket Asking Rents Vacancy Rates
Chandler$26.8152.90 %
Gilbert$24.1224.91 %
Data provided by Commercial Edge
  • The lowest office vacancy rate in 2019 in Gilbert was 24.91 % in the Gilbert submarket, where asking rents averaged $24.12.
  • The highest office vacancy rate in 2019 in Gilbert was 52.90 % in the Chandler submarket, where asking rents averaged $26.81.

OFFICE CONSTRUCTION IN Gilbert, AZ

  • Gilbert, AZ Total Sqft completed in 2019 418,924
  • Gilbert, AZ Total Sqft under construction in 2020 254,009
10 Largest Office Buildings in Gilbert
Building name Address Total Sqft Year built
Spectrum Falls Professional Park 2730 South Val Vista Drive, 85295 192,586 2007
El Dorado Tech Center 2299 West Obispo Avenue, 85233 180,480 1997
Isagenix Headquarters 155 East Rivulon Blvd, 85297 166,221 2015
Rome Towers 1760 East Pecos Road, 85295 130,205 2007
Rivulon I 275 East Rivulon Blvd, 85297 125,000 2015
Fairways at Superstition Springs Professional Plaza 2500 South Power Road, 85206 110,000 2004
The Reserve at San Tan - Phase II - Building 4 339 East Germann Road, 85297 105,830 2014
The Commons at Rivulon - Building C 400 East Rivulon Blvd, 85295 102,434 2019
The Commons at Rivulon - Building A 300 East Rivulon Blvd, 85295 100,000 2019
The Commons at Rivulon - Building B 310 East Rivulon Blvd, 85295 100,000 2018
Largest Office Properties Recently Completed in Gilbert
Office building Address Sqft Completed
The Reserve at San Tan - Building 5 365 East Germann Road, 85297 75,000 2020
Mercy Medical Commons II 3591 South Mercy Road, 85297 58,647 2020
The Commons at Rivulon - Building C 400 East Rivulon Blvd, 85295 102,434 2019
The Commons at Rivulon - Building A 300 East Rivulon Blvd, 85295 100,000 2019
The Commons at Rivulon - Building D 410 East Rivulon Blvd, 85295 97,250 2019
The Reserve at San Tan - Phase III - Building 6 343 East Germann Road, 85297 69,640 2019
OrthoArizona South Gilbert 1675 East Melrose Street, 85297 49,600 2019
The Commons at Rivulon - Building B 310 East Rivulon Blvd, 85295 100,000 2018
Rivulon III 111 East Rivulon Blvd, 85286 60,000 2018
Rivulon IV 161 East Rivulon Blvd, 85286 60,000 2018
Data provided by Commercial Edge

Office Spaces for Rent in Arizona

GILBERT OFFICE SALES TRENDS

  • $243.082019 Avg. Price per Sqft
  • 29.02 %Y-o-Y Avg. PpSF Change
  • $64.6M2019 Office Sales Volume
  • 32019 Number of Transactions

In 2019, office sales in Gilbert averaged $243.08 per square foot. This marked a 29.02 % increase in office price per square foot, compared to the previous year. A total of 3 office sales closed on the Gilbert office market in 2019, amounting to a total sales volume of $64.6M.

Average Office Sale Price per Sqft

Gilbert, AZ Sales Trends

  • Gilbert Price per Sqft$243.08
  • Arizona Price per Sqft$186.81

Office Sales - Trend and Volume

  • Gilbert, AZ Total Office Sales Volume in 2019 $64.6M
  • Gilbert, AZ Total Number of Office Sales Closed in 2019 3

Largest Gilbert Office Sales in 2019

Property name Address Date Price
Rome Towers 1760 East Pecos Road 10/31/2019 $26,650,000
Forum at Gilbert Ranch, The 1530 East Williams Field Road 11/22/2019 $20,480,000
Spectrum Medical Commons 3367 South Mercy Road 6/4/2019 $17,500,000
Data provided by Commercial Edge

See trends for nearby markets

The Gilbert office market contains an inventory of 4,761,947 square feet of office space, in 306 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive 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 CommercialEdge can guarantee that the information provided is complete.