Office Rental Market
- $30.66 2019 Avg. Asking Rent
- 17.68 % 2019 Avg. Vacancy Rate
- 0 2019 Office Completions (Sqft)
- 200,000 2020 Estimated Pipeline (Sqft)
Average Office Asking Rents by Class
2019 Average Office Rent per Square Foot
- Wilmington Class A Office Buildings$33.31
- Wilmington Class B Office Buildings$23.76
- DE Class A Office Buildings$33.31
- DE Class B Office Buildings$23.25
- DE Class C Office Buildings$14.62
Wilmington, DE Office Asking Rents by Class
2019 OFFICE VACANCY RATES
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Wilmington - Downtown | $30.74 | 13.82 % |
Wilmington Suburban | $30.21 | 10.45 % |
- The lowest office vacancy rate in 2019 in Wilmington was 10.45 % in the Wilmington Suburban submarket, where asking rents averaged $30.21.
- The highest office vacancy rate in 2019 in Wilmington was 13.82 % in the Wilmington - Downtown submarket, where asking rents averaged $30.74.
OFFICE CONSTRUCTION IN Wilmington, DE
- Wilmington, DE Total Sqft completed in 2019 0
- Wilmington, DE Total Sqft under construction in 2020 200,000
Building name | Address | Total Sqft | Year built |
---|---|---|---|
Chestnut Run Plaza | 974 Centre Road, 19805 | 1,415,911 | 1953 |
AstraZeneca | 1800 Concord Pike, 19803 | 1,031,503 | 1975 |
The Nemours Building | 1007 North Orange Street, 19801 | 551,488 | 1936 |
Concord Plaza | 3411 Silverside Road, 19810 | 550,000 | 1971 |
Hercules Plaza | 1313 North Market Street, 19801 | 518,409 | 1984 |
1201 North Market Street | 1201 North Market Street, 19801 | 441,341 | 1988 |
The Brandywine Building | 1000 North West Street, 19801 | 411,271 | 1970 |
Wilmington Trust Headquarters | 1100 North Market Street, 19801 | 406,158 | 1983 |
WSFS Bank Center | 500 Delaware Avenue, 19801 | 371,222 | 2006 |
Bracebridge I | 1100 North King Street, 19884 | 354,517 | 1995 |
Office building | Address | Sqft | Completed |
---|---|---|---|
Incyte Corporate Headquarters - Expansion | 1801 Augustine Road, 19803 | 200,000 | 2021 |
2951 Centerville Road | 2951 Centerville Road, 19808 | 60,600 | 2018 |
Incyte Corporate Headquarters - Building 2 | 1801 Augustine Road, 19803 | 154,000 | 2017 |
CSC Global Headquarters | 251 Little Falls Drive, 19808 | 148,437 | 2017 |
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 |
Christina Crescent | 125 South West Street, 19801 | 279,377 | 2007 |
The Renaissance Centre | 405 North King Street, 19801 | 149,802 | 2007 |
The Red Clay Center at Little Falls - 2961 Centerville Road | 2961 Centerville Road, 19808 | 45,450 | 2007 |
WSFS Bank Center | 500 Delaware Avenue, 19801 | 371,222 | 2006 |
See trends for nearby markets
The Wilmington office market contains an inventory of 17,590,640 square feet of office space, in 180 buildings that are equal to or larger than 25,000 square feet.
This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive 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.