Newmark Releases Q3 Report Wilmington Office Market
Newmark Real Estate (Newmark) is pleased to release its third-quarter Wilmington, Delaware office market report.
“The New Castle County office market, which encompasses Wilmington, Delaware, continues to face issues related to COVID-19 and the Delta variant. The expected migration of workers back to the office after Labor Day didn’t come to fruition as many large employers pushed return dates out to early 2022. According to Kastle Systems, 34.2% of the Philadelphia Metropolitan Statistical Area (MSA) has made a return to the office as of the third quarter.
Space consolidations by larger tenants, particularly in the Central Business District (CBD), appear to be a current trend, as some notable Delaware employers have reevaluated their space needs in order to accommodate their remote workforce. Activity in the Suburban Wilmington office market is slightly better than the Wilmington CBD, which remains largely dormant. Leasing velocity remains slow, although new leases and renewals are being signed, but they are generally smaller and short-term in nature. There has also been an increase of office-to-apartment building conversions in the CBD market, including the 121,000-square-foot property at 901 North Market Street which Westover purchased in 2017 and is now finally under construction to be converted to 82 apartments.”
You can read the full report here: Wilmington Office Market Report – Q3