2021 Office Space Rent & Sales
- $26.94 2021 Avg. Asking Rent
- 2.04% Y-o-Y Avg. Asking Rent Change
- 9.15% 2021 Office Vacancy Rate
- $108M2021 Total Office Sales
- $356.41Avg. Sale Price/SF
Gilbert office price per square foot in 2021 was $26.94 on average. This marked a +2.04% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 9.15% across all asset classes combined. The 4 transactions that closed here throughout 2021 amounted to a total sale volume of $108M. Gilbert office space commanded an average sale price per square foot of $356.41.
Average Rent by Office Class
2021 Average Office Rent per Square Foot
- Gilbert Class A & A+ Office Space$29.88
- Gilbert Class B Office Space$25.52
- Arizona Class A & A+ Office Space$31.36
- Arizona Class B Office Space$24.53
- Arizona Class C Office Space$18.66
Gilbert, AZ Office Asking Rents by Class
Gilbert Office Sale Price per SF
- $356.412021 Avg. Price per SF
- 32.09%Y-o-Y Avg. PpSF Change
- $108M2021 Office Sales Volume
- 42021 Number of Transactions
Gilbert, AZ Sale Price per SF Trend
- Gilbert Avg. Sale Price per SF in 2021$356.41
- Arizona Avg. Sale Price per SF in 2021$233.04
2021 Office Sales Volume
- Gilbert, AZ Total Office Sales Volume in 2021 $108M
- Gilbert, AZ Total Number of Office Sales Closed in 2021 4
Largest Gilbert Office Sales in 2021
Property name | Address | Date | Price |
---|---|---|---|
Gilbert Spectrum - Building 5 | 1715 West Elliot Road | 5/25/2021 | $43,100,000 |
Copper Point | 3530 South Val Vista Drive | 9/1/2021 | $33,000,000 |
OrthoArizona South Gilbert | 1675 East Melrose Street | 2/16/2021 | $23,646,000 |
Fiesta Tech Business Park - 1325 North Fiesta Blvd | 1325 North Fiesta Blvd | 6/1/2021 | $8,250,000 |
Coworking Spaces in Arizona
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- Gilbert Coworking Space
2021 Office Construction in Gilbert, AZ
- Gilbert, AZ Total SF completed in 2021 120,294
- Gilbert, AZ Total SF under construction in 2022 45,000
During 2021, 120,294 square feet of new office space were delivered across the market. At the close of 2021, the Gilbert office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 120,294 square feet of office space. Looking forward, development activity throughout 2022 is estimated to add 45,000 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
Verde Medical Center | SWC of Williams Field & Recker, 85295 | 37,278 | 2020 |
OrthoArizona South Gilbert | 1675 East Melrose Street, 85297 | 49,600 | 2019 |
Spectrum Medical Commons | 3367 South Mercy Road, 85297 | 43,231 | 2017 |
Tierra Office Park, Building 7 | 1460 West Elliot Road, 85233 | 11,470 | 2017 |
Gilbert Business Park | 963, 971, 979 N Gilbert Rd, 85234 | 61,915 | 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 |
The Forum at Gilbert Ranch | 1530 East Williams Field Road, 85295 | 92,440 | 2007 |
1324 N Farrell CT, Suite 109 | 1324 N Farrell CT, 85233 | 35,089 | 2007 |
Offices at SanTan Village | 2218 E Williams Field, 85295 | 22,185 | 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
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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 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. 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.