Tenants have slowly been filling office space in downtown Wilmington over the past seven years. As a result, the city’s office vacancy rate in 2015 hit an all-time low since 2009.
According to an update from the Buccini/Pollin Group, Inc., Wilmington’s downtown central business district (CBD) ended 2015 with a 15.2% vacancy rate. The figure is based off of research from JLL.
“The delivery of new housing stock and restaurants on Market Street is creating a more vibrant downtown, which is attracting employers and energizing workers,” Rick Kingery, a vice president at Colliers International said in a Delaware Business Now article. “A real live-work-play atmosphere is developing as the city sees a diversification of employers and the dynamics of a once ‘company town’ are changing. A FinTech [Financial Technology] cluster and entrepreneurial community have emerged while the banking and legal anchors are still thriving.”
Downtown Wilmington’s growing innovative environment is reflected in all 11 counties of Greater Philadelphia, with developments such as Schuylkill Yards in University City and a region-wide office vacancy rate of approximately 11% demonstrating that Greater Philadelphia is the now more than ever the best place to start and grow a business.