• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

PRESSLED

Your Leading News Source

PRESSLED
Your Leading News Source

  • Home
  • BUSINESS
  • MONEY
  • POLITICS
  • REAL ESTATE
  • US
  • Meet the Reporters
  • About/Contact

Vacancies are up, rents are down in Wilmington’s Q1 office market report

May 14, 2021 by Staff Reporter

The Newmark Q1 2021 Wilmington Office Report shows an economy in recovery, even as the definition of office space continues to evolve.

The report looks at commercial real estate trends in greater Wilmington during the quarter that marks one full year since the beginning of the COVID-19 pandemic.

Wilmington maintained the highest use of office space in the Greater Philadelphia region, with 25% actual occupancy in Q1 2021. Vacancies went up from 16.7% to 18.4% year-over-year, while the overall size of the office market got slightly smaller, with two obsolete office properties on Foulkstone Road demolished. The Wilmington Central Business District had the highest vacancy rate at 26.4%.

Office rent per square foot has gone down by 56 cents, from $25.97 to $25.41. The declines were primarily in the B/C Class office space sector, while rates in the A sector remained about the same.

A shift to remote work has had a small effect on suburban vacancies, with DuPont Sustainable Solutions, formerly on Chestnut Road in Wilmington West, vacating 5,302 square feet of office space as it made the permanent shift to remote work.

Download the report -30-

Originally Appeared On: https://technical.ly/delaware/2021/05/10/wilmington-office-report-q1/

Filed Under: REAL ESTATE

Primary Sidebar

More to See

Google suffers setback in UK over abuse of ad tech dominance

The UK’s antitrust watchdog started a new investigation of Alphabet Inc.’s Google, over suspicions it may have abused its dominant position across its … [Read More...] about Google suffers setback in UK over abuse of ad tech dominance

Nvidia’s bounce could be a hint that the market has fallen enough for now

This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics. Dip-buyers have … [Read More...] about Nvidia’s bounce could be a hint that the market has fallen enough for now

For New York Tech, a new marketing campaign

New York Tech has launched a new integrated marketing campaign, appearing on Long Island and in New York City. The “A Place for You” campaign includes … [Read More...] about For New York Tech, a new marketing campaign

Privacy Policy | Terms and Conditions | About/ Contact
Copyright © 2022 · PRESSLED · As Amazon Associates we earn commissions from qualifying purchases · Log in

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT