Gilbert Office Rent Price & Sales Report

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

Office Spaces for Rent in Arizona

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
Gilbert office space cost in 2021 marked a +32.09% change compared to the previous year. The sale price for office space in Gilbert averaged $356.41 per square foot in 2021, across all market subdivisions and asset classes. Conversely, the statewide Arizona average office sale price during the same time period was $233.04 per square foot.

2021 Office Sales Volume

  • Gilbert, AZ Total Office Sales Volume in 2021 $108M
  • Gilbert, AZ Total Number of Office Sales Closed in 2021 4
A total of 4 deals closed on the Gilbert office market in 2021, adding up to a yearly sales volume of $108M. Notably, the largest transaction on the market saw Gilbert Spectrum - Building 5 change hands for $43,100,000 on 5/25/2021.

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
Data provided by Commercial Edge

Coworking Spaces in Arizona

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.

Largest Office Properties Recently Completed in Gilbert
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.

Data provided by Commercial Edge

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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.