Wilmington Office Market
| Average Asking Rent (Price/SF) | $26.25 |
| Vacancy Rate (%) | 17.3% |
| Net Absorption (SF) | 70,094 |
The New Castle County office market, which encompasses Wilmington, Delaware, began 2022 hampered by the Omicron variant. As the quarter ended, the market rebounded nicely as evidenced by increased absorption and occupancy rates. According to Kastle Systems’ data, the Philadelphia Metro office occupancy rate of 37.4% is barely higher than the 37.2% figure recorded at the end of the fourth quarter of 2021, but it shows the resiliency of the office sector as the recent COVID-19 surge caused occupancy to decline to sub 20% levels in January. This is still lower than the major metro average of 40.5%. With the pandemic waning, more employees will return to the office as employers implement return policies.