Delaware Office Market
Quarterly absorption in the Delaware office market was 52,929 square feet, the highest total since the third quarter of 2021. Notable vacancy reductions, particularly in the Wilmington South submarket, were observed. Vacancy has stabilized in 2023. In the first three quarters of the year, the vacancy rate was 21.2%, decreasing slightly to 20.9% in the fourth quarter. Asking rents are also stable. The $26.12/SF market average is unchanged compared to the fourth quarter of 2022 but is an increase of $0.08/SF quarter over quarter.