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Delaware
Commercial Real Estate Listings
BuildingSearch.com has a wide variety of Delaware commercial real estate listings ranging from office space and retail to industrial properties. Delaware has a population of 843,524 people, making it the 45th most populated state. However, Delaware is ranked seventh for most densely populated state with 320 people per square mile because it is the second smallest state behind Rhode Island. The gross state product in 2003 was $49 billion, which makes the income per capita $34,199 making it the ninth highest in the nation. The economy in Delaware mainly relies on the agricultural industry, which produces everything from poultry to nursery stock to soybeans to dairy products to corn. Delaware also relies on the industrial output of chemical products, processed foods, paper, and rubber/plastic products. The government, education, and pharmaceutical companies are the three largest employers in the state. The commercial real estate market in Delaware has been in constant climb for the last seven quarters, producing positive bet absorption totaling 30,739 square feet in urban areas for office space. Average rental rates stayed normal in the downtown area of Wilmington, which is the largest city in Delaware, at about $25.50 per square foot per year. However, the vacancy rates have shot up over 2 percent in the Delaware market because of Bank of America’s building, consisting of over 440,000 square feet, was not completely leased when it was relinquished. In general, the commercial real estate market in Delaware is still seeing high absorption, but it is struggling with the vacancy rates rising. The Delaware commercial real estate market will eventually turn around to produce all positives once the national economy becomes more stable.
Delaware commercial real estate provides homes for companies in a variety of industries including agriculture, government, education, chemical and pharmaceutical companies, banking, automotive manufacturing, and more. Some companies that have homes thanks to Delaware commercial real estate include E.I. du Pont de Nemours & Co., Sygenta, AstraZeneca, Hercules, Inc., Bank of America, JPMorgan Chase, AIG, Citigroup, Deutsche Bank, General Motors and Chrysler.
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