Delaware Office Market
Net absorption: There was a net absorption of 41,122 square feet in Q3, with Wilmington South and Wilmington CBD leading demand at 30,539 SF and 20,231 SF, respectively. Office pipeline: The pipeline remained stable with no new office deliveries in Q2. In Q3, around 129,000 square feet of leases were signed, aligning with the trend of the last five years. Vacancy rates increased slightly by 50 basis points to 18.8%. This rise is primarily attributed to higher vacancies in the Wilmington CBD (20.3%) and Wilmington North (20.9%) submarkets.