Gilbert, AZ is a rapidly growing suburb in the southeast part of the Phoenix Metro area. The city is located in Maricopa County and encompasses 76 square miles. It has an estimated 2013 population of 229,972 and is surrounded by the communities of Chandler, Queen Creek, Mesa and Tempe. In 2014, Gilbert rated as one of CNN and Money magazine’s best places to live, which touted the area as “shaking off the doldrums of the housing crash and working toward a brighter future.”
The state of Arizona currently has one of the fastest growing home markets in the country and Gilbert Commercial Real Estate, specifically office property, asking prices are also showing a rebound. The following graph from LoopNet shows that at a median price of almost $145 per square foot, the “Current Gilbert market trends data indicates an increase of +5.5% in the median asking price per sq ft for Office properties compared to the prior 3 months, with an increase of +18.6% compared to last year’s prices.”
Additionally, industrial and retail property asking prices are also trending upward in the State, City and County. At a median asking price of $86.99 per square foot, Maricopa County saw a 2.8% increase in industrial real estate from 3 months ago and a 3.5% increase from last year’s prices. Retail Property asking prices in the county, at a median price of $163.67 saw a 1.8% increase over the past 3 months and a 6.9% increase from last year.
Gilbert commercial real estate is showing continued improvement and it is quickly becoming highly desirable area. Gilbert is following the trend of widespread vacancy improvements across the valley with rents going up and companies adding new employees. Areas like San Tan Village are continuing to grow and add new retail and restaurants which make the commercial real estate in that area to increase it’s desirability for up and coming companies to purchase office space.