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Wilmington Market Reports

Wilmington Office Market

Average Asking Rent (Price/SF) $24.81
Vacancy Rate (%) 14.4%
Net Absorption (SF) -48,292

Quarter-over-quarter, the overall vacancy rate in the Wilmington metro market increased by 30 basis points to 14.4%. Vacancy in the Central Business District decreased for the first time in almost a year, falling 80 basis points from 17.6% to 16.8%. This reflected Capital One's occupation of 91,104 square feet at 800 Delaware Avenue, which in turn contributed to 57,732 square feet of positive absorption in the CBD. In a temporary reversal of prevailing trends, vacancy increased throughout the suburbs. The largest increase was recorded in the Wilmington South submarket, where vacancy increased 180 basis points to 12.7% from 10.9%, as HSBC left 95,581 square feet at 90 Christiana Road. As a whole, the suburbs experienced 106,204 square feet of occupancy loss, driven mainly by the HSBC vacancy.

Wilmington Office Market Report
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