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Demand for Office Space strong in Delaware

Good piece in the News Journal on Regus' opening of a second location in New Castle County, Delaware. The real story is the strength in the office market in New Castle County. We are watching this area closely and looking for more opportunities to get into good office investments with great tenants.

From the article:

The area is ideal for Regus’ new space, Patichel said, citing abundant startup companies, small businesses and entrepreneurs, along with the county’s status as a major hub for financial, credit and insurance industries.

The Luxembourg-based company opened in Wilmington about eight years ago in the 23,000-square-foot space 12th floor of Brandywine Building downtown on North West Street.

Demand for rentable office space in the county has spiked at the same time labor officials say unemployment has fallen.

The county recorded an unemployment rate of 4.4 percent in May, compared to a high of 6.1 percent last year and 7.3 percent in 2013.

Meanwhile, companies filled 326,000 square feet of previously unoccupied office space in the county last year, according to a survey by commercial real estate firm Jones Lang LaSalle.

Those new leases represented about 2.3 percent of the 14.1 million square feet of office space in the county – compared to the 0.3 percent newly leased in 2013.

The recent demand has helped drive up prices. Class A office space in the county leased for an average of $25.42 per square foot in 2014 compared to $23.79 in 2013, according to Jones Lang LaSalle.

Entire article can be viewed here:

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Prudent Growth Partners, LLC  (2017)    1829 E. Franklin St, Suite 800-F, Chapel Hill, NC 27514  (919) 590-4119