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Jones Lang LaSalle’s Skyline Review analyzes 25 premier buildings in Wilmington’s Central Business District (CBD) larger than 90,000 square feet in size and delivered since 1930—the buildings that truly move the market. The traditional CBD office core sprawls across two submarkets from the Downtown’s historic Rodney Square, while public funds and private investment have expanded the commercial core through Lower Market Street to the revitalized Wilmington Riverfront. Since 1995, historic restorations and ground-up developments have transformed the Riverfront—a former industrial site—into a growing mixed-use destination. Fifty-seven percent of the Skyline’s 6.5 million square feet is owned by Delaware-based, private investors. While the market benefitted from increased financial services demand in 2012, law firm deal flow rose to the forefront in 2013 year-to-date, spurring positive net absorption: Expanding small- to mid-sized firms and new entrants provided new sources of demand for the CBD’s tepid office recovery.
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