Gilbert Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $23.33 2023 Avg. Asking Rent
  • 8.48% 2023 Office Vacancy Rate

Gilbert office price per square foot in 2023 was $23.33 on average. The local office market recorded an average vacancy rate of 8.48% 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

2023 Average Office Rent per Square Foot

  • Arizona Class A & A+ Office Space$32.35
  • Arizona Class B Office Space$23.61
  • Arizona Class C Office Space$27.68

Gilbert, AZ Office Asking Rents by Class

2023 Office Vacancy Rates in Gilbert

Submarket Asking Rents Vacancy Rates
Chandler $31.55 30.91%
Mesa $24.61 16.64%
Gilbert $23.30 8.50%
Data provided by Commercial Edge
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 8.48% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Gilbert was 8.50% in the Gilbert submarket, while the highest office vacancy in the market was 30.91%, recorded in Chandler.

Office Spaces for Rent in Arizona

Coworking Spaces in Arizona

2023 Office Construction in Gilbert, AZ

  • Gilbert, AZ Total SF completed in 2023 45,000
  • Gilbert, AZ Total SF under construction in 2024 183,850

During 2023, 45,000 square feet of new office space were delivered across the market. At the close of 2023, the Gilbert office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 45,000 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 183,850 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 3875 E. Williams Field Rd , 85295 37,278 2020
The Reserve at San Tan 355 E Germann Road, 85297 69,640 2019
100 N Gilbert Road Suite 203 100 North Gilbert RD Suite 203, 85233 555 2018
100 N Gilbert Rd Suite 202 100 N Gilbert Rd, 85234 827 2017
Rivulon 155 E. Rivulon Blvd., 85297 150,000 2015
971 N Gilbert Rd 971 N Gilbert Rd, 85234 76,979 2008
Ethan Plaza 706 North McQueen Road, 85233 51,383 2008
Boston Professional Village 1684 East Boston Street, 85295 87,814 2007
Offices at SanTan Village 2218 E Williams Field, 85295 22,185 2007
Medical Plaza at Spectrum 3507 South Mercy Road, 85297 94,000 2006

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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. 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.