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Wilmington Market Reports

Wilmington Office Market

Average Asking Rent (Price/SF) $25.90
Vacancy Rate (%) 16.6%
Net Absorption (SF) -460,826

The Wilmington office market is no stranger to challenging conditions. It has been pockmarked in the past with major space withdrawals from advanced manufacturing and financial institutions, yet it has always (slowly but surely) recovered, thanks to an exceptional location in the Northeast Corridor, good office supply, and a strong pool of highly educated talent. However, the second quarter of 2019 proved particularly daunting for the Wilmington market, and for the Central Business District (CBD) specifically, as it dealt with the repercussions of the Bank of America retraction at Bracebridge I and III. As a result of the more than 500,000 square feet of negative absorption, vacancy in the CBD rose from 16.1% to nearly 23.0%. The rate is likely to rise higher in the coming years due to a planned retraction from Amtrak and Capital One's consolidation.

Wilmington Office Market Report
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