New Castle County, DE Office Market | Overview

Key Trends

  • The vacancy rate increased from an adjusted 12.9% vacancy rate in the first quarter to 13.1% in Q2.
  • Occupancy gains in the suburban market were offset by a loss in Downtown Wilmington.
  • The weighted average asking rent decreased slightly to $25.10 full service.
  • Investment activity slowed during the second quarter, but is expected to increase in the third and fourth quarters.

Downtown Wilmington’s vacancy increased slightly from an adjusted 16.2% to 16.3% in the second quarter. Downtown Class A buildings had stable vacancy at 13.3%, but the Class B vacancy increased from 24.7 to 25.0%.