Wilmington Commercial Space:

Wilmington, Delaware is the largest city in the state, with 72,592 people (a decline of 0.1% since 2000). It seems to be maintaining the status quo in terms of creating new office space; there is no current construction underway, and a 13 story office building, originally estimated to open in 2007, is still listed as “proposed”. But with an office space vacancy rate of 19.8% at an asking price of $25.87, perhaps it’s for the best. The low demand and high property supply is lowering rental rates and allowing for favorable terms for both new and existing tenants. Prior to any move in, a thorough search for a Wilmington executive suite or commercial property should be conducted followed by tough negotiating.

Wilmington Economy/Crime:

Although not without problems (unemployment is pushing 9%, and the crime rate is 60 per 1,000 residents), Wilmington continues to occupy the niche created long ago by its proximity to Philadelphia and the state of Delaware’s popular finance regulations. As the major credit card center in the country, Wilmington is host to a number of issuers, which include Bank of America and Chase. Two foreign banks (Holland’s ING and China’s HSBC) have their U.S. headquarters there. The city is also the home to more than 60% of the Fortune 500 corporations and roughly half of all public corporations, thanks to Delaware’s favorable statutes. For more news on commercial real estate markets like New York, Chicago, or Philadelphia, checkout our office space articles.

Downtown Wilmington / Development:

Much of downtown Wilmington (Center City) was leveled in the 50’s and 60’s, but there is still plenty of history in and around the city. There are nine historic districts: Quaker Hill (with nearby meeting house), Baynard Boulevard, Rockford Park, Market Street, Kentmere Parkway, Old Swede’s Church/Eastside/St. Mary’s, Cool Spring/Tilton Park, Delaware Avenue, and Trinity (with many homes from the late nineteenth century). The city operates more than 50 parks, and there are four state parks as well. The zoo is located in one of the state parks (Brandywine). Although there is an admission fee to enter the zoo, all of the other parks are free. An effort begun in the 90’s to revitalize the defunct shipyard district is still in progress. The Wilmington Riverfront features a one mile Riverwalk lined with restaurants and retail stores, and luxury apartment towers have been built in recent years.

Wilmington History/Culture:

Also noteworthy is the Delaware History Center, consisting of several components. The main museum includes toys and clothing among its exhibitions; Old Town Hall, built in 1798, served as jail and library as well as city hall; Willingtown Square is comprised of buildings built between 1748 and 1801; a research library that includes maps and documents of interest to genealogists; and the Read House and Gardens, built by the son of one of the signers of the Declaration of Independence. At the time of its construction, its 22 rooms and 14,000 square feet area made it the largest in the state. (During Prohibition, the house was owned by a bootlegger who operated a speakeasy out of the basement.)