To examine the nature of the adsorption and desorption branches in hysteretic adsorption isotherms of gases on mesoporous materials, we measured the temperature dependence of the adsorption and desorption isotherms of argon, oxygen, and carbon dioxide onto MCM-41 with a pore diameter of 4.4 nm. The results clearly show that in the open-ended cylindrical pores of MCM-41, capillary condensation rather than evaporation takes place near a thermodynamical equilibrium transition, as opposed to the general statement that capillary evaporation can occur via a meniscus formed at the pore mouth, and, thus, takes place at equilibrium.