Wilmington Office Market Trends

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)
In 2019, the average asking rent for office space in Wilmington was $30.66 per square foot, and the office vacancy rate across the market averaged 17.68 %. During 2019, developers added 0 square feet of new office space to the Wilmington market inventory. Office developments estimated for delivery during 2020 total 200,000 square feet.

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 %
Data provided by Commercial Edge
  • 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
10 Largest Office Buildings in Wilmington
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
Largest Office Properties Recently Completed in Wilmington
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
Data provided by Commercial Edge

Office Spaces for Rent in Delaware

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.