2022 Office Space Rent & Sales
- $25.48 2022 Avg. Asking Rent
- 4.12% 2022 Office Vacancy Rate
- $84.5M2022 Total Office Sales
- $323.07Avg. Sale Price/SF
Gilbert office price per square foot in 2022 was $25.48 on average. The local office market recorded an average vacancy rate of 4.12% across all asset classes combined. The 4 transactions that closed here throughout 2022 amounted to a total sale volume of $84.5M. Gilbert office space commanded an average sale price per square foot of $323.07.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Gilbert Class A & A+ Office Space$41.00
- Gilbert Class B Office Space$22.96
- Arizona Class A & A+ Office Space$31.16
- Arizona Class B Office Space$23.96
- Arizona Class C Office Space$19.42
Gilbert, AZ Office Asking Rents by Class
2022 Office Vacancy Rates in Gilbert
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Chandler | $31.53 | 27.33% |
Mesa | $25.59 | 13.94% |
Gilbert | $24.95 | 4.16% |
Gilbert Office Sale Price per SF
- $323.072022 Avg. Price per SF
- -9.36%Y-o-Y Avg. PpSF Change
- $84.5M2022 Office Sales Volume
- 42022 Number of Transactions
Gilbert, AZ Sale Price per SF Trend
- Gilbert Avg. Sale Price per SF in 2022$323.07
- Arizona Avg. Sale Price per SF in 2022$254.46
2022 Office Sales Volume
- Gilbert, AZ Total Office Sales Volume in 2022 $84.5M
- Gilbert, AZ Total Number of Office Sales Closed in 2022 4
Largest Gilbert Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
Reserve at San Tan - Phase II - Buildings 5 & 6, The | 365 East Germann Road | 9/8/2022 | $53,100,000 |
Collab, The | 325 North Ash Street | 6/22/2022 | $20,200,000 |
1030 North Colorado Street | 1030 North Colorado Street | 3/24/2022 | $5,800,000 |
Gilbert Professional Plaza | 201 West Guadalupe Road | 1/10/2022 | $5,350,000 |
Coworking Spaces in Arizona
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2022 Office Construction in Gilbert, AZ
- Gilbert, AZ Total SF under construction in 2023 84,000
Office building | Address | SF | Completed |
---|---|---|---|
Verde Medical Center | 3875 E. Williams Field Rd , 85295 | 37,278 | 2020 |
OrthoArizona South Gilbert | 1675 East Melrose Street, 85297 | 49,600 | 2019 |
100 N Gilbert Rd Suite 202 | 100 N Gilbert Rd, 85234 | 827 | 2017 |
3451 S Mercy Drive | 3451 S Mercy Drive, 85297 | 17,611 | 2016 |
Rivulon - Isagenix Headquarters | 155 East Rivulon Blvd, 85295 | 166,221 | 2015 |
Rivulon | 155 E. Rivulon Blvd., 85297 | 150,000 | 2015 |
Gilbert Business Park | 963, 971, 979 N Gilbert Rd, 85234 | 76,979 | 2008 |
Ethan Plaza | 706 North McQueen Road, 85233 | 51,383 | 2008 |
Western Skies Business Center Bldg C | 1176-1206 E Warner Rd, 85296 | 23,793 | 2008 |
Spectrum Falls Professional Park | 2730 South Val Vista Drive, 85295 | 192,586 | 2007 |
Worth noting among recent office completions on the Gilbert market is Verde Medical Center, which is currently the largest new office development in the city, at 37,278 square feet.
See reports for other markets
- Phoenix Office Rent Price
- Scottsdale Office Rent Price
- Tempe Office Rent Price
- Mesa Office Rent Price
- Chandler Office Rent Price
- Glendale Office Rent Price
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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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, 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 CommercialEdge can guarantee that the information provided is complete.