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Wilmington Market Reports

Wilmington Office Market

Average Asking Rent (Price/SF) $24.95
Vacancy Rate (%) 14.3%
Net Absorption (SF) 11,842

The Delaware market grew at a sluggish pace during the third quarter of 2018, as its overall vacancy rate remained flat from the second quarter at 14.3%. The Wilmington Central Business District was especially stagnant. Vacancy in that submarket held steady at 15.8%, as small tenant moves were responsible for only 13,496 square feet of occupancy loss. Wage taxes, head taxes and parking taxes are all driving up the cost of doing business in the city, making the suburbs look more attractive to potential tenants. Additionally, two upcoming vacancies are expected to weigh heavily on the CBD, making its improvement unlikely.

Wilmington Office Market Report
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