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Wilmington Market Reports

Wilmington Office Market

Average Asking Rent (Price/SF) $25.22
Vacancy Rate (%) 15.6%
Net Absorption (SF) 224,937

Northern Delaware's office market moved confidently into the first quarter of 2019, with positive net absorption in both the Central Business District and suburban markets and a flurry of high-profile leasing activity at the suburb's marquee new development, Avenue North. On the heels of over 220,000 square feet of new occupancy, the overall market vacancy rate declined to 15.6% after reaching a five-year high of 17.0% at the end of 2018. However, this strong market momentum will be challenged by more than 500,000 square feet that Bank of America will vacate this year at its former Bracebridge sites in the Wilmington CBD. How the overall market, and specifically the CBD submarket, reacts will be the region's focal question for 2019.

Wilmington Office Market Report
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