A report from Newmark Knight Frank (NKF) showed gains in the downtown Wilmington office leasing market. NKF operates an office in Wilmington.
Overall vacancy rates were down in other suburban markets in the Philadelphia area, with occupancy growth stalled in New Jersey as two big employers moved to new space in Camden.
The vacancy rate declined for a second consecutive quarter in the Wilmington Central Business District (CBD), but rose in some of the suburban submarkets.
Chemours’ occupied 59,680 square feet of temporary space at the Nemours building while its space in the former DuPont Building on Rodney Square undergoes renovations.
The downtown Wilmington vacancy rate fell by 160 basis points from the first quarter to 19.6 percent. In north Wilmington, BNY Mellon’s departure from 30,119 square feet at 400 Bellevue Parkway increased vacancy by 150 basis points to 12.2 percent.
Downtown Wilmington received some good news when Capital One announced it would renew its 240,000-square-foot lease at 802 Delaware Avenue and expand into 90,000 square feet at neighboring 800 Delaware Avenue. NKF acted as listing agents for the deal on behalf of the property owners Equity Commonwealth and Delle Donne & Associates.
Neal Dangello, NKF senior managing director, stated, “Capital One confirmed its commitment to Wilmington and plans to consolidate its other area offices in the city.”
NKF’s 14,100 professionals operate from more than 400 offices.
