2022 Office Space Rent & Sales
- $23.33 2022 Avg. Asking Rent
- 18.41% 2022 Office Vacancy Rate
Wilmington office price per square foot in 2022 was $23.33 on average. The local office market recorded an average vacancy rate of 18.41% across all asset classes combined.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Wilmington Class A & A+ Office Space$24.33
- Wilmington Class B Office Space$22.44
- Wilmington Class C Office Space$21.00
- Delaware Class A & A+ Office Space$24.33
- Delaware Class B Office Space$23.21
- Delaware Class C Office Space$22.15
Wilmington, DE Office Asking Rents by Class
Average office rent in Wilmington rested at $23.33 per square foot in 2022. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Wilmington averaged $24.33 per square foot. Across all submarkets, class B office space recorded an average asking rent of $22.44 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $21.00 per square foot, on average. Comparably, statewide Delaware average office rents by class in 2022 were: $24.33 per square foot for class A office space; $23.21 per square foot for class B office space; $22.15 per square foot for class C office space.
2022 Office Vacancy Rates in Wilmington
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Newark - New Castle | $23.73 | 22.24% |
Wilmington - Suburban | $23.31 | 13.18% |
Wilmington - Central | $23.28 | 21.97% |
Coworking Spaces in Delaware
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2022 Office Construction in Wilmington, DE
- Wilmington, DE Total SF completed in 2022 200,000
- Wilmington, DE Total SF under construction in 2023 105,303
During 2022, 200,000 square feet of new office space were delivered across the market. At the close of 2022, the Wilmington office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 200,000 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 105,303 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
Montchanin Corporate Center | 20 Montchanin Rd, 19807 | 131,546 | 2020 |
Christiana Care Wilmington Hospital - Gateway Medical Office Building | 501 West 14th Street, 19801 | 51,000 | 2014 |
Star Building | 123 Justison Street, 19801 | 149,308 | 2010 |
Limestone Shopping Center | Limestone Shopping Center - 2060 Limestone Road, 19808 | 27,113 | 2008 |
201 Little Falls Dr | 201 Little Falls Dr, 19808 | 25,600 | 2008 |
WSFS Bank Center | 500 Delaware Avenue, 19801 | 371,222 | 2006 |
Orchard Commons | 5570-5630 Kirkwood Highway, 19808 | 42,020 | 2004 |
Tall Oaks Business Park and Build To Suit Land | 3700 Lancaster Pike, 19805 | 29,740 | 2004 |
Chestnut Run | 4250 Lancaster Pike, 19805 | 98,500 | 2001 |
Wilmington Plaza | 301 West 11th Street, 19801 | 291,645 | 1997 |
Worth noting among recent office completions on the Wilmington market is Montchanin Corporate Center, which is currently the largest new office development in the city, at 131,546 square feet.
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Wilmington commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.