Wilmington Office Market
|Average Asking Rent (Price/SF)||$26.04|
|Vacancy Rate (%)||18.1%|
|Net Absorption (SF)||-50,797|
The New Castle County office market, which encompasses Wilmington, Delaware, continues to face return-to-work issues related to the COVID-19 Omicron variant. According to Kastle System’s occupancy data, 37.2% of the Philadelphia metropolitan statistical area’s (MSA) workforce has made a return to the office, which is lower than the current major metro average of 39.8%. Due to the recent spike in COVID cases, significant numbers of employees will not be returning to the office at the beginning of January as was hoped. However, per CNBC, some researchers say Omicron could actually hasten the virus’ transition from pandemic to endemic; this lends hope to the notion that this disruptive nightmare may be coming to an end.
Download Wilmington Office Market Report 4Q21