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Wilmington Market Reports

Wilmington Office Market

Average Asking Rent (Price/SF) $25.09
Vacancy Rate (%) 14.2%
Net Absorption (SF) 61,227

The Wilmington Central Business District's (CBD) higher operating costs are pushing office tenants to choose the suburbs rather than relocate to or within the CBD. There are over 800,000 square feet of office space requirements in the Wilmington metro market; 75.0% of that amount is targeted for the suburbs. The CBD recorded 10,436 square feet of lost occupancy in the first quarter of 2018, while the suburbs absorbed a total of 71,663 square feet. A significant amount of that positive absorption was attributed to Sallie Mae's occupancy of 57,576 square feet at 90 Christiana Road, located in the Wilmington South submarket.



Wilmington Office Market Report
1Q18
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