Office occupancy up in downtown Wilmington
Financial services, legal, and chemical sectors have helped grow office occupancy in Wilmington’s central business district in 2017, according to CBRE.
Occupancy grew by more than 280,000 square feet in the central business district. The vacancy rate stands at 19.1 percent with no buildings currently under construction. The 2017 net absorption was 280,470 square feet, and the asking lease rate was $24.36 or $26.14 for Class A buildings.
In contrast, CBRE said the vacancy rate was 21 percent in northern New Castle County, and the asking lease rate was $22.69 or $24.06 for Class A.
In southern New Castle County, the vacancy rate was 17.8 percent, with an asking lease rate of $21.90, or $22.79 for Class A.
And, in the western part of the county, the vacancy rate was a much lower 9.7 percent, with higher asking rates of $25.11, or $25.42 for Class A buildings.