New Castle County’s economic identity is shifting – and by extension, so is its office market.
The County’s economic base has a legacy of advanced manufacturing and financial services. In the past few years this base has witnessed retractions, yet has also witnessed growth through innovation and diversification, driving an increase in office-using jobs. As such, the overall office vacancy rate fell to a 10-year low of 17.6% in Q1 2017.
This paper examines the connections between shifting dynamics in the County’s economy and office market.